Plains All American Reports Third-Quarter 2026 Results
Key Highlights
- ➤Q3 net income attributable to PAA $363 million, down 18% year over year
- ➤Q3 Adjusted EBITDA attributable to PAA $711 million, up 6% year over year
- ➤2026 Adjusted EBITDA guidance remains $2.880 billion +/- $50 million
- ➤Balance sheet actions expected to add ~$60 million annually to common unitholder DCF
- ➤Permian JV adding ~270,000 Midland Basin acres under 10-year agreements
Expert Statements
Willie Chiang, Chairman, CEO and President of Plains All American Pipeline
“Our company delivered solid operational performance year-to-date with continued execution across the organization on our key initiatives for the year. We are driving efficient growth through multiple avenues including a further expansion of our Permian gathering footprint to service additional acreage in the Midland Basin with a large integrated producer. The recent acquisition of Silver Creek provides Plains with immediate scale in the Powder River Basin, where we expect significant production growth over the coming years, and enhanced integration with our existing downstream assets. The recent junior subordinated notes offering and corresponding redemption of preferred securities is expected to generate distributable cash flow accretion to common unitholders. Finally, the oil macro environment remains volatile, yet constructive, and we see multiple tailwinds for our business as we build momentum into 2027. We remain focused on a disciplined growth strategy, maintaining financial flexibility and increasing return of capital to our unitholders”
HOUSTON, Nov. 06, 2026 (GLOBE NEWSWIRE) -- Plains All American Pipeline, L.P. (Nasdaq: PAA) and Plains GP Holdings (Nasdaq: PAGP) today reported third-quarter 2026 results and provided the following highlights:
Third-Quarter 2026 Results * Third-quarter Net income attributable to PAA of $363 million and Net cash provided by operating activities of $669 million * Delivered strong third-quarter Adjusted EBITDA attributable to PAA of $711 million * Pro forma leverage ratio at quarter-end was ~3.6x reflecting the issuance of $1.5 billion of Junior Subordinated notes and redemption of $2.3 billion of Series A and Series B Preferred Units (includes all announced transactions); recent balance sheet optimization is expected to generate ~$60 million ($0.09/unit) of distributable cash flow accretion to common unitholders annually * Paid a quarterly cash distribution of $0.4175 per unit ($1.67 per unit annualized), representing a current distribution yield of ~7% Highlights and Recent Announcements * Expanding the Permian JV gathering system adding ~270,000 dedicated acres in the Midland Basin supported by 10-year agreements with a large integrated producer with estimated gross volumes of ~225mbbl/d commencing in the fourth quarter of 2027 with opportunity for future growth * Closed the previously announced acquisition of a Powder River Basin gathering system and related assets (“Silver Creek”) from subsidiaries of Tailwater Capital and The Energy & Minerals Group on October 1(st), for aggregate cash consideration of approximately $585 million * On track to deliver full-year 2026 Adjusted EBITDA guidance attributable to PAA of $2.880 billion +/- $50 million * Crude Oil growth estimated ~$370 million in 2026 versus 2025, or ~16% (includes full year contribution from Cactus III acquisition)
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