v3.25.4
Acquisitions, Divestitures and Other Transactions (Tables)
 12 Months Ended
Dec. 31, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Schedule of Business Combination, Consideration Transferred, Equity Interest
The EPIC acquisition was accounted for as a business combination using the acquisition method of accounting. The following table presents the fair value of the consideration in the EPIC acquisition (in millions):

Consideration:
Recognized Amount
Cash consideration$1,901 
Contingent consideration115 
Total consideration$2,016 
Schedule of Assets Acquired and Liabilities Assumed The following table reflects our preliminary determination of the fair value of the assets acquired and liabilities assumed in connection with the EPIC acquisition (in millions):
Identifiable Assets Acquired and Liabilities Assumed:Estimated Useful Lives
(in years)		Recognized Amount
Working capital and other assets, net
N/A
$160 
Property and equipment, net
472,737 
Intangible assets
5 - 10
267 
Other long-term debt, net
N/A
(1,114)
Long-term operating lease liability
N/A
(34)
Total$2,016 
The following table reflects our preliminary determination of the fair value of the Ironwood Midstream acquisition assets and liabilities (in millions):
Identifiable Assets Acquired and Liabilities Assumed:Estimated Useful Lives
(in years)		Recognized Amount
Property and equipment
3 - 30
$435 
Intangible assets
1627 
Working capital and other assets and liabilitiesN/A19 
$481 
The following table reflects our determination of the fair value of the assets acquired and liabilities assumed in connection with the transaction (in millions):
Identifiable Assets Acquired and Liabilities Assumed:Estimated Useful Lives
(in years)		Recognized Amount
Property and equipment
3 - 30
$484 
Intangible assets1034 
Working capital and other assets and liabilitiesN/A14 
$532 
Schedule of Amortization Expense Amortization expense was approximately $15 million for the year ended December 31, 2025, and the future amortization expense through 2030 is estimated as follows (in millions):
2026$67 
2027$53 
2028$34 
2029$29 
2030$21 
. Amortization expense was approximately $4 million for the year ended December 31, 2025, and the future amortization expense through 2030 is estimated as follows (in millions):
2026$5 
2027$4 
2028$3 
2029$3 
2030$2 
Amortization expense was approximately $10 million, $8 million and $4 million during the years ended December 31, 2025, 2024 and 2023, respectively, and the future amortization expense through 2028 is estimated as follows (in millions):
2026$4 
2027$3 
2028$2 
Schedule of Business Combination, Pro Forma Information These results are not necessarily indicative of the results that might have actually occurred had the acquisition taken place on January 1, 2024; furthermore, this financial information is not intended to be a projection of future results (in millions, except per unit amounts):
Year Ended December 31,
20252024
Total revenues
$44,464 $49,124 
Net income attributable to PAA from continuing operations
$979 $347 
Net income allocated to common unitholders from continuing operations
$713 $89 
Basic and diluted net income per common unit from continuing operations
$1.01 $0.13