Plains All American Pipeline, L.P. reported strong results for the quarter and six months ended June 30, 2026, driven by the divestiture of its Canadian NGL Business and solid crude oil operations. Net income was $1,925 million for the quarter and $2,156 million year-to-date, compared with $297 million and $813 million in the prior-year periods. Income from continuing operations was $276 million for the quarter and $608 million year-to-date, similar to 2025, while discontinued operations contributed $1,649 million and $1,548 million.
The sale of the Canadian NGL Business to Keyera closed May 12, 2026 for approximately CAD$5.328 billion (about $3.883 billion) in cash, generating a gain on sale of about $1.637 billion in the quarter. Proceeds were used in part to redeem $750 million of 4.50% senior notes due December 2026 and repay a $1.1 billion term loan, reducing total debt to $8.441 billion from $11.259 billion at year-end.
Operating cash flow was robust at $1,373 million for the first half, while cash and cash equivalents increased to $1,059 million. The company replaced its prior credit facilities with a new $2.7 billion senior unsecured revolving credit facility maturing in June 2031. Common unitholders received quarterly distributions of $0.4175 per unit, and preferred distributions continued as scheduled. Management highlights the divestiture as a strategic shift to focus on crude oil, with U.S. NGL assets retained.
Plains All American Pipeline reported strong second-quarter 2026 results driven by the sale of its Canadian NGL Business. Net income attributable to PAA was $1.830 billion, including a net gain of approximately $1.6 billion on the divestiture, and net cash provided by operating activities was $956 million. Non-GAAP Adjusted EBITDA attributable to PAA reached $738 million, up 10% from the prior-year quarter, while adjusted net income attributable to PAA was $348 million and diluted adjusted net income per common unit was $0.41. Crude oil Adjusted EBITDA rose 19% to $690 million, partly offset by lower NGL contributions following the sale.
The Canadian NGL Business sale to Keyera closed May 12, 2026 and is reported as discontinued operations. It generated a net cash inflow of approximately $3.483 billion, enabling about $2.9 billion of debt reduction. Pro forma leverage was 3.3x, and total debt fell to $8.44 billion, lowering total debt-to-total book capitalization to 43% from 53% at year-end 2025.
PAA paid a quarterly cash distribution of $0.4175 per unit (10% higher year over year, $1.67 annualized), representing a current yield of roughly 7%, with a common unit distribution coverage ratio of 1.69x. Second-quarter Adjusted Free Cash Flow after Distributions was $3.842 billion. For 2026, management increased organic growth capital to $400–$450 million, reduced maintenance capital guidance to $175 million, and highlighted progress on capturing $50 million of Cactus III synergies and $50 million of targeted cost reductions.
Plains All American Pipeline LP director Lawrence Michael Ziemba sold his remaining stake in the partnership. On June 29, 2026, he executed an open-market sale of 2,346 Common Units at $21.95 per unit, leaving him with 0 Common Units held directly after the transaction.
PAA: Notice of proposed open-market purchases of Common Units by Morgan Stanley Smith Barney LLC. The filing lists multiple cash open-market purchase trades dated in 2018. Examples include purchases of 323, 103, and 845 Common Units on 03/13/2018, 03/14/2018, and 11/12/2018 respectively. The record shows a data row with 51494.70 and a date of 06/29/2026.
Plains All American Pipeline, L.P. entered into a new senior unsecured Revolving Credit Agreement providing committed borrowing capacity of $2.7 billion. Up to $800 million is available for letters of credit and up to $225 million for swing line loans, with an option to increase total commitments to $4.0 billion subject to additional lender commitments.
The facility matures on June 12, 2031 and allows one or more one-year extensions with lender approval. It permits certain Canadian subsidiaries to borrow in U.S. or Canadian dollars and obtain letters of credit up to the U.S. dollar equivalent of $1.0 billion. A quarterly-tested financial covenant limits the ratio of Consolidated Funded Indebtedness to adjusted Consolidated EBITDA to 5.00 to 1.00, increasing to 5.50 to 1.00 during an Acquisition Period. In connection with this agreement, the partnership repaid in full and terminated its prior revolving credit agreement and Hedged Inventory Facility.
Plains All American Pipeline, L.P. announced a planned leadership transition in its accounting function. Effective September 1, 2026, Russ Montgomery will become Vice President, Accounting and Chief Accounting Officer of the general partners of both PAA and Plains GP Holdings, L.P.
Chris Herbold, who has been Senior Vice President, Finance and Chief Accounting Officer of PAA and PAGP, will retire from the company on August 31, 2026. Montgomery, age 50, has held progressively senior accounting roles at PAA since 2002, including serving as Vice President, Controller since 2019, and earlier experience with Arthur Andersen LLP.
Plains All American Pipeline, L.P. reported the results of its 2026 annual meeting of common and Series A Convertible Preferred unitholders. Out of 530,943,161 units entitled to vote, 441,976,013 units were represented, an 83.2% participation rate. Unitholders instructed Plains All American on how to vote its Class C shares of Plains GP Holdings, L.P. for three items: electing four Class I directors, ratifying PricewaterhouseCoopers LLP as independent auditor for 2026, and approving 2025 named executive officer compensation on a non-binding advisory basis. All four director nominees received between 97.7% and 98.3% of votes cast. Auditor ratification passed with 437,632,921 votes for, or 99.0% of votes cast. The advisory say-on-pay resolution passed with 188,931,812 votes for, or 60.5% of votes cast.
PLAINS ALL AMERICAN PIPELINE LP director reports no holdings
Cindy B. Taylor, a director of Plains All American Pipeline LP, filed an initial Form 3 reporting her beneficial ownership of the company’s Common Units. The filing shows she held 0 Common Units directly following the reported date, indicating no current equity position.
Plains All American Pipeline, L.P. has appointed Cynthia B. Taylor as an independent Class III member of the board of PAA GP Holdings LLC, which manages the business and affairs of PAA and Plains GP Holdings, L.P. She will also serve on the Compensation Committee and the Health, Safety, Environmental and Sustainability Committee.
Taylor brings over 30 years of energy industry experience, including serving as Chief Executive Officer and President of Oil States International, Inc. from May 2007 until her retirement in May 2026, as well as prior senior finance roles. Consistent with the company’s non‑employee director compensation program, she will receive a $120,000 annual cash retainer and an annual grant of phantom Class A Shares of Plains GP Holdings with a grant-date market value of approximately $160,000, vesting in one year with associated distribution equivalent rights.
Plains All American Pipeline completed the sale of its Canadian natural gas liquids business, Plains Midstream Canada ULC, to Keyera Corp. for approximately CAD $5.13 billion (about USD $3.76 billion). Net cash proceeds of roughly $3.3 billion, after taxes and expenses, will be used to reduce debt, including repayment of commercial paper, a term loan and 4.50% senior notes due December 2026, and for other general partnership purposes.
The company plans to terminate and fully repay its $1.1 billion senior unsecured term loan shortly after closing. Management describes this divestiture as completing Plains’ shift to a pure-play crude oil midstream business, with leverage expected to trend toward the middle of its targeted 3.25 to 3.75x range.