Plains All American Pipeline, L.P. operates as a publicly traded master limited partnership focused on midstream energy infrastructure and logistics for crude oil and natural gas liquids. Its network includes pipeline gathering and transportation systems, terminals, storage, processing, fractionation and related assets serving producing basins, transportation corridors, market hubs and export outlets in the United States and Canada.
Recurring PAA news covers operating and financial results, quarterly cash distributions on common and preferred units, capital-structure updates, material agreements and portfolio actions. Company updates also include developments tied to crude oil systems such as EPIC/Cactus III, NGL infrastructure, credit and debt financing activity, and coordination with Plains GP Holdings on distribution and earnings announcements.
Plains All American Pipeline (PAA) and Plains GP Holdings (PAGP) declared unchanged quarterly distributions payable November 13, 2026.
For the third quarter of 2026, PAA common units and PAGP Class A shares will each receive $0.4175, or $1.67 annualized, unchanged from August 2026. Holders of record at the close of business October 30, 2026, qualify.
Following the NGL asset sale closing, PAGP said it may report positive current earnings and profits for Tax Year 2026, making part of its distribution taxable as a dividend. It does not estimate a material change to its previous forecast for when routine distributions become taxable dividends or PAGP becomes a taxpaying entity.
Both companies will release third-quarter earnings before market open November 6, 2026, followed by an analyst and investor call at 9:00 a.m. CT.
Plains All American Pipeline (PAA) and Plains GP Holdings (PAGP) appointed Dean Liollio chief operating officer, effective October 2, 2026.
Liollio will also serve as executive vice president, replacing Chris Chandler. Plains said Chandler is resigning to pursue other interests, not because of any disagreement over operations, policies or practices. Liollio has served as senior vice president, special projects, since June 2024. His previous roles include president of Plains Midstream Canada from 2020 to 2024 and president of PAA Natural Gas Storage from 2008 to 2020.
Plains All American Pipeline (PAA) and Plains GP Holdings (PAGP) agreed to acquire SCM PR II, LLC (“Silver Creek”) for approximately $585 million in cash. Silver Creek operates a large integrated crude oil gathering system in the Powder River Basin that already connects to Plains’ Rockies infrastructure via the Guernsey and Fort Laramie hubs.
The acquired assets include about 600 miles of crude oil gathering and transmission pipelines, more than 350,000 barrels per day of operating capacity, roughly 1.2 million barrels of operational storage, and a 49% non‑operated interest in the Powder River Gateway joint venture, including Iron Horse and Powder River Express. The system currently handles around 125,000 barrels per day of throughput.
The footprint is supported by 915,000 dedicated acres across long‑term dedications and minimum volume commitments, with a weighted‑average contract tenor of more than eight years. The transaction is expected to close in the fourth quarter of 2026, subject to customary conditions including Hart‑Scott‑Rodino clearance. Plains said the deal meets its internal return thresholds of 300‑500 basis points above its cost of capital.
Plains All American (PAA) priced a $1.5 billion underwritten public offering of junior subordinated notes, consisting of $700 million 6.750% Series A Notes due 2056 and $800 million 7.000% Series B Notes due 2056.
Both series are offered at 100% of face value. Their interest rates will reset based on the Five-Year U.S. Treasury Rate plus a spread on December 15, 2031 for Series A and December 15, 2036 for Series B, and every five years thereafter, with floors at their initial coupons. PAA may redeem each series in the 90 days before its first reset date and on subsequent interest payment dates. Closing is expected on September 14, 2026, subject to customary conditions. Net proceeds, together with cash and commercial paper, are intended to redeem all outstanding Series A Preferred Units around September 14, 2026 and Series B Preferred Units around October 9, 2026, plus accrued distributions.
Plains All American Pipeline (Nasdaq: PAA) reported second-quarter 2026 net income attributable to PAA of $1.83 billion, including an estimated $1.6 billion gain from the sale of its Canadian NGL Business. Net cash provided by operating activities was $956 million, and Adjusted EBITDA attributable to PAA was $738 million.
PAA used sale proceeds to reduce debt by about $2.9 billion, resulting in a pro forma leverage ratio of 3.3x, near the low end of its 3.25x–3.75x target. The partnership paid a quarterly cash distribution of $0.4175 per unit (10% higher year over year), or $1.67 annualized, implying a distribution yield of roughly 7%.
Second-quarter Adjusted EBITDA from crude oil rose 19% year over year to $690 million, helped by the Cactus III acquisition, higher pipeline volumes and optimization. Adjusted EBITDA from NGL fell 54% to $40 million, mainly due to the Canadian NGL divestiture completed on May 12, 2026.
PAA increased its 2026 organic growth capital budget from $350 million to $400–$450 million, including a planned 75 Mbbl/d expansion of the Cactus III pipeline and additional Canadian and Permian gathering projects. Maintenance capital guidance was reduced by $10 million to $175 million, largely reflecting timing tied to the NGL divestiture.
Plains All American Pipeline (Nasdaq:PAA) and Plains GP Holdings (Nasdaq:PAGP) declared second quarter 2026 distributions and set earnings timing.
PAA and PAGP will pay $0.4175 per common unit/Class A share on August 14, 2026, and release Q2 2026 earnings on August 7, 2026.
Plains All American (Nasdaq:PAA) announced that its 2025 Schedule K-3, covering items of international tax relevance, is now available online for unitholders.
Access is via www.taxpackagesupport.com/plainsallamerican, with email copies available through Tax Package Support at (866) 872-2829.
Plains All American Pipeline (Nasdaq:PAA) and Plains GP Holdings (Nasdaq:PAGP) updated 2026 capital spending guidance. Growth capital is now expected at $400–$450 million net to PAA, up from about $350 million, while maintenance capital remains near $185 million.
The higher budget funds Permian and Canadian gathering projects, including the New Mexico Delaware Basin, which are expected to support Plains’ EBITDA profile in 2027 and align with stronger oil market conditions and plans to return more capital to unitholders.
Plains All American Pipeline (Nasdaq:PAA) and Plains GP Holdings completed the sale of Plains Midstream Canada, which held most of PAA’s Canadian NGL business, to Keyera.
The deal generated about $3.3 billion in net cash, to be used mainly for debt repayment, and is expected to move leverage toward the middle of Plains’ 3.25–3.75x target range.
Plains All American Pipeline (Nasdaq:PAA) and Plains GP Holdings (Nasdaq:PAGP) appointed Cynthia B. Taylor as an independent Class III director of PAA GP Holdings.
She will serve on the Compensation and Health, Safety, Environmental and Sustainability committees and brings 30+ years of energy-sector and public company leadership experience.