Plains All American buys remaining EPIC Crude Holdings stake, takes full ownership of Cactus III pipeline operator
PAA•Pro forma 2025 financial impact
Pro forma results for 2025 included $1.9 billion of financing, adding $94 million of interest expense for the full year.
Pro forma net income attributable to Plains All American Pipeline fell to $975 million from $1.05 billion.
Plains All American takes full ownership of EPIC Crude Holdings
Plains All American Pipeline bought 100% of EPIC Crude Holdings, taking over as operator of the Cactus III crude oil pipeline.
The deal closed in two steps: a 55% stake on Oct. 31, 2025, followed by the remaining 45% effective Nov. 1, 2025.
The seller group for the 55% included subsidiaries of Diamondback Energy and Kinetik Holdings; the 45% stake was acquired from an Ares Management subsidiary.
