Plains All American Pipeline, L.P. ( PAA ) shares are trading lower on Wednesday after the oil and natural gas company reported its third-quarter financial results.

PAA is trading near recent lows. Get the complete analysis here

Plains All American reported third-quarter revenue of $11.58 billion, missing the consensus of $12.40 billion.

Adjusted EPS was 39 cents, beating the consensus of 36 cents.

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The adjusted EBITDA attributable to PAA rose 2% Y/Y to $669 million. The Crude Oil Segment Adjusted EBITDA grew 3% Y/Y to $593 million on higher tariffs and volumes, along with contributions from acquisitions.

NGL segment Adjusted EBITDA declined 4% Y/Y to $70 million, owing to weak sales volumes.

The company ended the year with a 3.3x leverage ratio. PAA's operating cash flow for the quarter was $817 million compared to $692 million in the prior year quarter.

The distribution per common unit (declared for the period) was $0.38, up 20% year-over-year.

2025 Outlook

Plains All American sees adjusted EBITDA attributable to PAA of $2.84 billion to $2.89 billion.

Plains All American expects the leverage target range of 3.25x to 3.75x.

Willie Chiang, Chairman and CEO of Plains, said, "We have made significant progress in our journey of becoming the premier crude oil midstream provider. The pending divestiture of our NGL business, acquisition of EPIC, and streamlining efforts across the broader organization will provide tailwinds for the business despite near-term macro volatility." 

PAA Price Action: Plains All American shares were down 0.79% at $16.30 at the time of publication on Wednesday, according to Benzinga Pro data.

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