[Management View]
Plains All American Pipeline reported a solid Q3 2025 with an adjusted EBITDA of $669 million, driven by strategic acquisitions and tariff escalations. The company is focused on becoming a premier North American crude midstream provider, optimizing its portfolio, and maintaining capital discipline.

[Outlook]
The company narrowed its full-year 2025 adjusted EBITDA guidance to $2.84 billion–$2.89 billion, reflecting commodity pricing and transaction effects. Plains plans to increase distributions by $0.15 annually until reaching a 1.6x DCF coverage ratio. Future plans include further integration and expansion of the EPIC Crude Pipeline.

[Financial Performance]
The crude oil segment reported an adjusted EBITDA of $593 million, benefiting from higher volumes and acquisitions. The NGL segment saw a sequential decrease to $70 million due to third-party downtime and LNG Canada startup. Growth capital spending for 2025 is projected at $490 million, with maintenance capital trending towards $215 million.

[Q&A Highlights]
Question 1: Can you detail the synergy capture from the EPIC deal, including cost savings and commercial synergies?
Answer: The EPIC acquisition allows for significant cost structure savings and commercial synergies, with immediate benefits expected in 2026. The integration with existing systems offers multiple ways to optimize costs and expand capacity as market demands evolve.

Question 2: With the EPIC acquisition and Canadian NGL sale, how does this affect capital return expectations?
Answer: Plains plans to continue increasing distributions by $0.15 until reaching the target coverage. The EPIC acquisition is expected to be significantly DCF accretive, supporting continued growth in 2026 and beyond.

Question 3: How will the Canadian NGL sale and EPIC acquisition impact distribution growth?
Answer: Management will look through any noise related to the timing of the NGL sale and focus on run-rate DCF. The goal is to maintain a 1.6x DCF coverage ratio, with a focus on long-term cash returns to unitholders.

Question 4: What are the capital requirements for optimizing the EPIC system?
Answer: Near-term capital spending will focus on synergy capture, with modest investments expected for system connections and optimization. The guidance for 2025 and beyond incorporates these activities.

Question 5: What is the outlook for Permian growth in 2026?
Answer: While near-term visibility is challenging, Plains remains bullish on long-term Permian growth, supported by global energy demand and underinvestment in organic oil supply growth.

Question 6: How is Plains managing FX risks related to the Kiara sale?
Answer: The company has fully hedged FX risk to protect transaction value from adverse currency movements.

[Sentiment Analysis]
Analysts and management maintained a positive tone, focusing on strategic growth and synergy capture. Management expressed confidence in achieving long-term growth and maintaining capital discipline.

[Quarterly Comparison]
| Metric | Q3 2025 | Q2 2025 | YoY Change |
|-------------------------------|---------|---------|------------|
| Adjusted EBITDA | $669M | $650M | +2.9% |
| Crude Oil Segment EBITDA | $593M | $580M | +2.2% |
| NGL Segment EBITDA | $70M | $75M | -6.7% |

[Risks and Concerns]
Key risks include potential delays in the NGL divestiture, market volatility affecting crude prices, and integration challenges with recent acquisitions. Regulatory approvals for the NGL sale remain pending.

[Final Takeaway]
Plains All American Pipeline is strategically positioned for growth through its recent acquisitions and focus on synergy capture. The company is committed to maintaining a strong capital discipline while optimizing its portfolio for long-term value creation. Despite near-term market uncertainties, Plains remains confident in its ability to deliver sustainable growth and returns to unitholders.