Business Context and Reporting Period
Company: Plains All American Pipeline LP (PAA)
Filing Type: Form 8-K (Current Report)
Date of Report: September 8, 2026
Context: The filing discloses unaudited pro forma financial information for the year ended December 31, 2025. This data reflects the full consolidation of the Cactus III Pipeline (formerly EPIC Crude Oil Pipeline) as if the acquisition had occurred on January 1, 2025.
Key Financial Metrics
The filing text does not provide specific numerical values for revenue, profit, cash flow, margins, debt, or liquidity. It references an attached exhibit (Exhibit 99.1) containing the "Unaudited Pro Forma Condensed Statement of Combined Operations" where these figures are detailed.
Material Changes and Transactions
The pro forma adjustments are based on two completed transactions regarding EPIC Crude Holdings, LP and EPIC Crude Holdings GP, LLC:
- EPIC 55% Transaction: Completed on October 1, 2025, involving the purchase of a 55% non-operated equity interest.
- EPIC 45% Transaction: Effective November 1, 2025, involving the purchase of the remaining 45% equity interest.
- Pro Forma Basis: The financial statements treat these transactions as consummated on January 1, 2025, to show the combined entity's performance for the full year.
Guidance, Outlook, and Risks
The filing does not contain forward-looking guidance, management commentary on future outlook, specific risk factors, or contingencies beyond the disclosure of the pro forma adjustments. The document serves strictly to provide the pro forma financial statement referenced in Item 8.01.
Investor Verification Checklist
- Review Exhibit 99.1 for the actual numerical values of the Unaudited Pro Forma Condensed Statement of Combined Operations.
- Verify the specific impact of the EPIC Crude Holdings acquisition on PAA's consolidated revenue and EBITDA for 2025.
- Confirm the treatment of the 55% and 45% transaction dates in the pro forma adjustments versus actual historical reporting.