Plains All American Pipeline and Plains GP Holdings Announce Quarterly Distributions and Timing of First Quarter 2026 Earnings

Rhea-AI Summary

Plains All American Pipeline (Nasdaq: PAA) and Plains GP Holdings (Nasdaq: PAGP) declared quarterly cash distributions for Q1 2026 payable May 15, 2026, to holders of record May 1, 2026. PAA and PAGP distributions are $0.4175 per common/unit; PAA Series A is $0.61524; Series B quarterly floating distribution is $19.84.

The companies warned part of PAGP’s 2026 distributions may be taxable as dividends due to a pending NGL assets sale and said Form 8937 will clarify tax treatment. Q1 2026 earnings release is scheduled pre-market May 8, 2026, with a 9:00 a.m. CT earnings call.

Positive

• Quarterly cash distributions maintained at $0.4175 per PAA common unit
• Distribution payment date set for May 15, 2026; record date May 1, 2026
• Clear earnings timing announced: Q1 2026 results pre-market May 8, 2026

Negative

• PAGP dividend tax risk possible for 2026 due to pending NGL assets sale
• Taxable portion uncertainty until Form 8937 clarifies distribution characterization

News Market Reaction – PAA

+1.88%

+1.88% Session close to close

In the Apr 7 session, PAA gained 1.88%, reflecting a mild positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

Market Context

This announcement reiterates steady first‑quarter 2026 payouts of $0.4175 per PAA common unit and PA...

Analysis

This announcement reiterates steady first‑quarter 2026 payouts of $0.4175 per PAA common unit and PAGP Class A share, plus unchanged preferred distributions, and sets a May 8, 2026 earnings release and call. It also highlights potential 2026 tax implications from the pending NGL assets sale and future Form 8937 disclosure. Investors may watch how upcoming earnings, progress on the NGL transaction, and any tax characterization updates interact with this stable distribution framework.

Key Figures

PAA common unit distribution: $0.4175 per unit PAA common annualized: $1.67 per unit PAGP Class A distribution: $0.4175 per share +5 more

8 metrics

PAA common unit distribution $0.4175 per unit First quarter 2026; unchanged vs February 2026

PAA common annualized $1.67 per unit Annualized rate implied by Q1 2026 distribution

PAGP Class A distribution $0.4175 per share First quarter 2026; unchanged vs February 2026

PAGP Class A annualized $1.67 per share Annualized rate implied by Q1 2026 distribution

PAA Series A preferred $0.61524 per unit Quarterly distribution; ≈$2.46 annualized

PAA Series B preferred $19.84 per unit Quarterly distribution based on floating rate for Q1 2026

Payment date May 15, 2026 Payable date for all declared Q1 2026 distributions

Record date May 1, 2026 Holders of record date for Q1 2026 distributions

Previous Earnings Reports

5 past events · Latest: Jan 05 (Positive)

Same Type Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
Jan 05	Distributions & Q4 timing	Positive	-1.3%	Raised common/Class A payouts and set Q4 2025 earnings release schedule.
Oct 02	Distributions & Q3 timing	Neutral	-0.8%	Maintained Q3 2025 distributions and outlined Q3 earnings release and call.
Jul 02	Distributions & Q2 timing	Neutral	+0.5%	Reaffirmed Q2 2025 payouts and disclosed Q2 earnings release timing.
May 09	Q1 2025 results	Positive	-3.0%	Reported strong Q1 2025 earnings and stable leverage with asset additions.
Apr 02	Distributions & Q1 timing	Neutral	-5.1%	Kept Q1 2025 distributions steady and confirmed Q1 earnings release date.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

Earnings-related and distribution-timing announcements have often coincided with flat-to-negative next-day moves, even when fundamentals or payouts looked constructive.

Recent Company History

Recent history shows a steady cadence of quarterly distribution and earnings-timing releases. Prior earnings-tagged events on Apr 2, 2025, Jul 2, 2025, Oct 2, 2025, and Jan 5, 2026 largely focused on maintaining or modestly increasing payouts for common, Class A, and preferred units, and confirming earnings release dates and calls. Price reactions around these updates ranged from modest gains to declines above 5%, indicating that similar news has not consistently driven positive trading days.

Key Terms

form 8937, treasury regulation section 1.1446, capital gain

3 terms

form 8937 regulatory

"Plains will publish Form 8937, Report of Organizational Actions Affecting Basis of Securities"

Form 8937 is a U.S. Internal Revenue Service disclosure companies file to explain how a corporate action—like a merger, spin-off, or stock split—changes the tax cost (tax basis) of an investor’s shares. It matters because that tax cost determines how much profit or loss you report when you sell, so the form is like an instruction sheet showing how to split or adjust the original purchase price for tax reporting.

treasury regulation section 1.1446 regulatory

"Qualified Notices under Treasury Regulation Section 1.1446 with respect to the PAA Common Unit distribution"

Treasury Regulation section 1.1446 sets the U.S. tax rules for withholding on income that flow through partnerships and is effectively connected to a U.S. trade or business when some owners are foreign. For investors, it matters because it can require a partnership or withholding agent to hold back tax from distributions to foreign partners, reducing cash received and adding compliance cost and timing uncertainty—think of it like a required tax “reserve” taken before you get paid.

capital gain financial

"to the extent any cash distribution exceeds a Class A Shareholder’s tax basis, it should be taxable as a capital gain"

A capital gain is the profit an investor earns when they sell an asset — such as a stock, bond, or property — for more than they originally paid. Think of it like selling a used car for more than you bought it: the difference is your gain. Capital gains matter because they increase an investor’s overall return and can affect taxable income, which influences net profit from an investment.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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HOUSTON, April 06, 2026 (GLOBE NEWSWIRE) -- Plains All American Pipeline, L.P. (Nasdaq: PAA) and Plains GP Holdings (Nasdaq: PAGP) announced today their quarterly distributions with respect to the first quarter of 2026 and also announced timing of first quarter 2026 earnings.

First Quarter Distribution Declaration

PAA and PAGP announced the following quarterly cash distributions, each of which will be payable on May 15, 2026, to holders of the respective securities at the close of business on May 1, 2026:

• PAA Common Units – $0.4175 per Common Unit ($1.67 per unit on an annualized basis), which is unchanged from the distribution paid in February 2026.
• PAGP Class A Shares – $0.4175 per Class A Share ($1.67 per Class A Share on an annualized basis), which is unchanged from the distribution paid in February 2026.
• PAA Series A Preferred Units – $0.61524 per Series A Preferred Unit (approximately $2.46 per unit on an annualized basis).
  

For its Series B Preferred Units, PAA announced a quarterly distribution of $19.84 per Series B Unit (based on the applicable quarterly floating rate), which will be payable on May 15, 2026, to holders of record at the close of business on May 1, 2026.

Although equity holders should consult their own tax advisor regarding their particular circumstances, due to the pending NGL assets sale, it is possible that PAGP will report positive current earnings and profits for the Tax Year 2026, making part of its Class A Share cash distribution taxable as a dividend. The transaction is not estimated to result in a material change in the previous forecast regarding when routine PAGP distributions will shift from being a return of capital to being taxed as dividends or when PAGP will become a taxpaying entity. After the transaction closes, and upon payment of quarterly distributions throughout 2026, Plains will publish Form 8937, Report of Organizational Actions Affecting Basis of Securities to clarify the expected portion of the quarterly distribution that will be taxed as a dividend. In addition, to the extent any cash distribution exceeds a Class A Shareholder’s tax basis, it should be taxable as a capital gain. Qualified Notices under Treasury Regulation Section 1.1446 with respect to the PAA Common Unit distribution and PAA Series B Preferred Unit distribution will be posted on the Plains website under “Investor Relations – Unit Information.” 

First Quarter 2026 Earnings Timing
PAA and PAGP also announced that they will release first quarter 2026 earnings before market open on Friday, May 8, 2026. Following the announcement, PAA and PAGP will host a conference call at 9:00 a.m. CT (10 a.m. ET) with analysts and investors to discuss earnings. The call will be webcast live on the internet and may be accessed through the "Investors Relations” section of the website at www.plains.com. An audio replay will be available on the website after the call.

About Plains
PAA is a publicly traded master limited partnership that owns and operates midstream energy infrastructure and provides logistics services for crude oil and natural gas liquids (NGL). PAA owns an extensive network of pipeline gathering and transportation systems, in addition to terminalling, storage, processing, fractionation and other infrastructure assets serving key producing basins, transportation corridors and major market hubs and export outlets in the United States and Canada. On average, PAA handles approximately nine million barrels per day of crude oil and NGL. 

PAGP is a publicly traded entity that owns an indirect, non-economic controlling general partner interest in PAA and an indirect limited partner interest in PAA, one of the largest energy infrastructure and logistics companies in North America. 

PAA and PAGP are headquartered in Houston, Texas. More information is available at www.plains.com.

Investor Relations Contacts:
Blake Fernandez
Ross Hovde
PlainsIR@plains.com
(866) 809-1291

FAQ

What quarterly distribution did Plains (PAA) declare for Q1 2026 and when is it payable?

PAA declared a $0.4175 per common unit distribution payable on May 15, 2026. According to Plains, the distribution applies to holders of record at the close of business on May 1, 2026 and matches the February 2026 payment amount.

Will Plains GP Holdings (PAGP) Q1 2026 distributions be taxable as dividends for shareholders?

Part of PAGP’s 2026 distributions may be taxable as dividends due to a pending NGL assets sale. According to Plains, the company expects to publish Form 8937 after closing to clarify the portion treated as dividends versus return of capital.

What are the PAA preferred unit distributions announced for Q1 2026?

PAA announced a Series A distribution of $0.61524 per unit and a Series B quarterly floating distribution of $19.84. According to Plains, both are payable May 15, 2026 to holders of record May 1, 2026.

When will PAA and PAGP release first quarter 2026 earnings and how can investors join the call?

PAA and PAGP will release Q1 2026 results before market open on May 8, 2026, with a 9:00 a.m. CT earnings call. According to Plains, the call will be webcast live and archived on the company’s investor relations website.

How will Plains inform shareholders about the taxable portion of 2026 distributions after the NGL sale?

Plains will publish a Form 8937 to clarify expected taxable portions of quarterly distributions after the transaction closes. According to Plains, this report will explain changes in character of distributions for Tax Year 2026.