PAA

Plains All American is one of the largest crude-oil midstream operators in North America, with a pipeline, storage and gathering network concentrated in the prolific Permian Basin. FY2025 net income attributable to PAA jumped 85.9% to $1.44B from $772M, and operating income rose 65.2% to $1.43B, even as revenue declined 9.5% to $44.3B — a reminder that PAA's revenue is a high-volume, low-margin pass-through (5.2% gross margin) and that fee-based earnings, not the top line, drive value. Operating cash flow of $2.94B (+17.9%) against just $643M of capex underpins the partnership's stated strategy of 'generating meaningful multi-year free cash flow' and 'increasing returns of capital to equity holders, primarily through increased distributions.'

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