Welcome to our dedicated page for Plains All Amer SEC filings (Ticker: PAA), a comprehensive resource for investors and traders seeking official regulatory documents including 10-K annual reports, 10-Q quarterly earnings, 8-K material events, and insider trading forms.
Plains All American Pipeline, L.P.'s SEC filings document the partnership's midstream asset base, MLP governance and capital structure. The filings identify PAA common units as limited partner interests listed on Nasdaq and include proxy materials for annual meeting matters, governance disclosures and shareholder voting procedures.
Material-event filings cover operating results, credit facility amendments, senior note issuances by PAA and PAA Finance Corp., and acquisition records for the EPIC/Cactus III crude oil pipeline system. Related 8-K and 8-K/A disclosures include material agreements, debt obligations, acquired business financial statements and pro forma financial information tied to completed transactions.
Plains All American Pipeline (PAA) reported first-quarter 2026 net income attributable to PAA of $152 million, down from $443 million a year earlier, as discontinued operations and tax items weighed on GAAP results. Diluted net income per common unit was $0.14 versus $0.49.
On a non-GAAP basis, Adjusted EBITDA attributable to PAA was $730 million, a 3% decline from $754 million, while total revenues increased to $12,470 million. Crude Oil Adjusted EBITDA rose 4% to $582 million, partially offsetting a 23% drop in NGL Adjusted EBITDA to $145 million.
The company raised full-year 2026 Adjusted EBITDA guidance midpoint by $130 million to $2.880 billion +/- $75 million and now targets full-year 2026 Adjusted Free Cash Flow of approximately $1.850 billion. PAA paid a quarterly distribution of $0.4175 per unit (10% higher year-over-year), implying a stated yield of about 7.5%, with a common unit distribution coverage ratio of 1.46x. Pro forma leverage was 4.1x at quarter-end, and management expects leverage to trend toward the midpoint and then lower end of its 3.25x–3.75x target range after closing the Canadian NGL business divestiture.
Plains All American Pipeline, L.P. is asking unitholders to vote on directors, auditor ratification and executive pay while highlighting major 2025 strategic moves. The 2026 Annual Meeting is scheduled for May 20, 2026 in Houston for common and Series A preferred unitholders of record as of March 23, 2026.
The board seeks election of four Class I directors through 2029, ratification of PricewaterhouseCoopers LLP as auditor for 2026, and a non-binding advisory approval of 2025 named executive officer compensation. Votes are passed through to Plains GP Holdings via Class C shares that PAA owns.
Management underscores a $3.75 billion sale of its Canadian NGL business, a $2.9 billion acquisition of the EPIC crude system (Cactus III), about $800 million of bolt-on deals, a cost-savings program targeting approximately $100 million by 2027, and a $0.15 per unit (10%) annualized distribution increase in February 2026.
Plains All American Pipeline, L.P. entered into third amendments to its main revolving credit facility and its hedged inventory credit facility with Bank of America and other lenders. These amendments primarily substitute Plains Canada Liquid Pipelines ULC as a borrower in place of Plains Midstream Canada ULC.
In connection with this change, commitments to extend credit to Plains Midstream Canada ULC were terminated, that entity was released from its obligations and related collateral liens were released, while Plains Canada Liquid Pipelines ULC agreed to be bound by the existing credit agreements and, for the hedged inventory facility, granted new collateral. The company states that aggregate lender commitments, maturity dates, pricing, covenants and other material economic terms of both facilities remain unchanged.
Plains All American Pipeline, L.P. provides a detailed 2025 annual overview focused on its crude oil and NGL midstream business and a major strategic portfolio shift. The partnership operates about 20,405 miles of crude pipelines and 76 million barrels of commercial storage across key North American basins, led by the Permian.
A central development is a definitive agreement to sell its Canadian NGL Business to Keyera for approximately $5.15 billion CAD (about $3.75 billion USD). These assets are classified as held for sale and discontinued operations, with closing expected around the end of the first quarter of 2026, subject to customary approvals.
Management emphasizes an investment‑grade balance sheet, targeting long‑term leverage of 3.25x–3.75x (debt plus 50% of preferred units to Adjusted EBITDA attributable to PAA) and debt‑to‑capitalization of roughly 50–60%. Since its IPO, the partnership reports over $17.5 billion of acquisitions, $18.7 billion of capital projects and about $21.0 billion returned to equity holders, largely via distributions.
For 2026, PAA plans about $440 million of investment capital ($350 million net), roughly half in Permian JV projects, plus $185 million of maintenance capital ($165 million net). The business is increasingly positioned as a crude‑oil‑focused midstream platform, with extensive risk‑management programs, joint ventures, and regulatory and safety compliance spending. As of February 20, 2026, 705,531,683 common units were outstanding.
Plains All American Pipeline reported strong fourth-quarter and full-year 2025 results and outlined a 2026 outlook focused on crude oil infrastructure. Net income attributable to PAA was $342 million for the quarter and $1.435 billion for 2025, with net cash provided by operating activities of $785 million in Q4 and $2.936 billion for the year.
Full-year 2025 Adjusted EBITDA attributable to PAA reached $2.833 billion, while the pro forma leverage ratio was 3.9x at year-end. Management expects leverage to move back toward the 3.25–3.75x target range after the pending Canadian NGL business divestiture, expected to close toward the end of the first quarter of 2026.
For 2026, Plains targets an Adjusted EBITDA midpoint of $2.75 billion and approximately $1.80 billion of Adjusted Free Cash Flow (excluding changes in assets and liabilities and proceeds from the NGL sale). The partnership announced a $0.15 annualized distribution increase to $1.67 per unit, a 10% rise versus 2025, and lowered its distribution coverage ratio threshold from 160% to 150%, signaling confidence in more predictable cash flows and multi‑year distribution growth.
Plains All American Pipeline, L.P. filed an amended current report to add detailed financial information related to its recently completed EPIC Pipeline acquisitions. A wholly owned subsidiary bought a 55% non-operated equity interest in EPIC Crude Holdings, LP and a 55% interest in its general partner from subsidiaries of Diamondback Energy, Inc. and Kinetik Holdings Inc., then purchased the remaining 45% interests from an Ares Management LLC subsidiary. As a result, Plains All American now indirectly owns 100% of EPIC Crude Holdings and its general partner and will serve as operator of record of the EPIC Crude Oil Pipeline.
The amendment supplies audited financial statements of EPIC Crude Holdings for 2023 and 2024, unaudited financials for the nine months ended September 30, 2025, and unaudited pro forma condensed combined financial information for Plains All American. These statements are intended to help investors understand how full ownership of the EPIC Pipeline business affects Plains All American’s consolidated financial position and results.
Plains All American Pipeline LP reported an amended insider equity award for its EVP, General Counsel & Secretary. On 08/14/2025, the officer received 112,650 phantom units under the company’s Long-Term Incentive Plan, with each phantom unit tied to the future delivery of one common unit upon vesting and including distribution equivalent rights payable in cash.
The amendment corrects an earlier Form 4 filed on August 18, 2025 that had overstated the grant by 10,000 phantom units. The award is split into three tranches: Tranche 1 of 56,325 units vests on the August 2028 distribution date based on continued service. Tranche 2 of 28,162 units and Tranche 3 of 28,163 units may vest on the August 2028 distribution date based on total shareholder return versus a peer group and cumulative distributable cash flow per unit over a three‑year period ending June 30, 2028, with payouts ranging from 0% to 200% of target under specified performance conditions.
Plains All American Pipeline LP received an updated ownership report showing that ALPS Advisors, Inc. and Alerian MLP ETF each report beneficial ownership of 76,051,589 common units, representing 10.78% of the outstanding class. The units are common units representing limited partner interests.
Both ALPS Advisors and Alerian MLP ETF report zero sole voting or dispositive power and shared voting and dispositive power over the same 76,051,589 units. ALPS Advisors explains that, as an investment adviser to registered funds including Alerian MLP ETF, it may be deemed a beneficial owner under Section 13(d), but it disclaims beneficial ownership because the securities are owned by the funds. The filing states the holdings are in the ordinary course of business and not for changing or influencing control.
Plains All American Pipeline, L.P. (PAA) completed a public debt offering of $750 million, consisting of $300 million of 4.700% Senior Notes due 2031 and $450 million of 5.600% Senior Notes due 2036. These are additional issuances to notes first issued on September 8, 2025, and form a single series with identical terms.
Following this add-on, each series now has $1 billion aggregate principal amount outstanding. The 2031 notes mature on January 15, 2031, and the 2036 notes on January 15, 2036, with interest payable on January 15 and July 15, starting January 15, 2026. The notes are senior unsecured obligations, pari passu with existing senior debt and effectively subordinated to secured debt. The indenture includes customary covenants limiting sale-leasebacks, liens, mergers, and asset sales, subject to exceptions, and customary events of default.
The offering was conducted under an effective Form S-3, with an underwriting agreement entered on November 10, 2025.