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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.