Plains All American Pipeline Stock Falls After Q4 Revenue Miss: Retail Stays Bearish

Plains All American Pipeline (PAA) shares fell 2.7% after the company’s fourth-quarter revenue missed Wall Street estimates.

According to Koyfin data, the company reported quarterly revenue of $12.40 billion, compared to the average analysts’ estimate of $13.76 billion.

Its adjusted earnings of $0.42 per share for the three months ended Dec. 31 was in line with estimates.

Plains expects full-year 2025 adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) to be between $2.80 billion and $2.95 billion.

The company’s net income slumped 88% to $36 million due to the write-off of a receivable for Line 901 insurance proceeds and $140 million of non-cash charges related to the write-down of two U.S. natural gas liquid terminals.

In the fourth quarter, the midstream firm’s crude oil segment adjusted EBITDA rose by 1% compared to the year-ago quarter, driven by increased volumes on its pipelines, tariff hikes, and contributions from acquisitions.

Plains’ crude oil volumes rose 1.4% as gains in the Permian Basin were slightly offset by declines in the Mid-Continent and the Gulf Coast.

However, its fourth-quarter NGL segment adjusted EBITDA fell 9% due to a lower frac spread.

Frac spread is the difference between the selling price of NGL and natural gas. This metric is used to gauge the profitability of natural gas processors.

Retail sentiment on Stocktwits moved further into the ‘bearish’ (34/100) territory compared to a day ago, while retail chatter was ‘low.’

Earlier this week, midstream peer Enterprise Products Partners had beaten revenue estimates.

Over the past year, Plains All American stock has gained 26.8%.

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