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. 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.