Every 8-K that PLAINS ALL AMRN UT PFD A (PAAPU) has filed with the SEC in the last 24 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 8-K covers material events a company has to report between its quarterly reports, so if you follow PAAPU and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full PAAPU filings page.
Plains All American Pipeline, L.P. (PAA) and Plains GP Holdings announced Dean Liollio’s appointment as Executive Vice President and Chief Operating Officer of their respective general partners, effective October 2, 2026. He will replace Chris Chandler, who gave notice on September 25, 2026, that he will resign effective October 2, 2026, to pursue other interests; the company stated the resignation is not due to a disagreement over its operations, policies or practices.
Liollio, 67, had served as Senior Vice President, Special Projects, since June 2024 and previously held leadership roles at Plains businesses. As EVP and COO, he will receive a $625,000 annual base salary, an annual bonus target equal to 150% of base salary, and a time-based promotional LTIP grant of 150,000 phantom units vesting in August 2029.
Plains All American Pipeline, L.P. (PAA) completed a public debt offering of $700 million 6.750% Series A Junior Subordinated Notes due 2056 and $800 million 7.000% Series B Junior Subordinated Notes due 2056, for a total of $1.5 billion in new junior subordinated debt.
The Notes are unsecured obligations that rank junior and subordinate to PAA’s existing and future senior indebtedness and are not guaranteed by subsidiaries. They mature on December 15, 2056, with interest paid semi-annually starting June 15, 2027, and feature rate resets every five years after December 15, 2031 (Series A) and December 15, 2036 (Series B), based on the Five-Year U.S. Treasury Rate plus a spread, with a floor at the initial coupon. PAA may redeem the Notes in the 90 days before the first reset dates and on subsequent interest payment dates, as well as at certain other times specified in the Indenture.
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, 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, 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.
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 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.