Plains All American Pipeline, L.P. ( PAA ) shares are trading lower on Friday. The company reported first-quarter revenue of $12.011 billion, missing the consensus of $14.26 billion.

Adjusted EPS was 39 cents, missing the consensus of 43 cents.

The adjusted EBITDA attributable to PAA rose 5% Y/Y to $754 million. The Crude Oil Segment Adjusted EBITDA grew 1% Y/Y to $559 million on higher tariff volumes, escalations, and contributions from acquisitions.

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NGL segment Adjusted EBITDA upped 19% YoY to $189 million, led by higher weighted average frac spreads and NGL sales volumes.

The company ended the year with a 3.3x leverage ratio. PAA’s operating cash flow for the quarter was $639 million compared to $419 million.

2025 Outlook: Plains All American continues to see adjusted EBITDA attributable to PAA of $2.80 billion to $2.95 billion, with adjusted free cash flow of $1.095 billion.

Plains All American expects the leverage target range of 3.25x to 3.75x. The company targets annual growth capital expenditure of around $300 million to $400 million.

Willie Chiang, Chairman and CEO of Plains, said, “Substantial cash flow generation from our integrated Crude Oil and NGL footprints coupled with a strong balance sheet positions us well through a time of market volatility and uncertainty.”

“Our focus on efficient growth remains consistent with the addition of two new bolt-on acquisitions and our Fort Saskatchewan fractionation complex debottleneck project now in service.”

Investors can gain exposure to the stock via InfraCap MLP ETF ( AMZA ) and Alerian MLP ETF ( AMLP ) .

Price Action: PAA shares are down 1.59% to $16.67 at the last check on Friday.

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