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Plains All American Pipeline

PAA Q1 2026 Earnings

Reported May 8, 2026 at 8:48 AM ET · SEC Source

Q1 26 EPS

$0.39

Q1 26 Revenue

$12.47B

Did PAA Beat Earnings? Q1 2026 Results

Plains All American Pipeline delivered a mixed first quarter for 2026, posting adjusted diluted earnings of $0.39 per unit on revenue of $12.47 billion, with adjusted EPS holding flat year-over-year even as GAAP net income tumbled 66% to $152 million… Read more Plains All American Pipeline delivered a mixed first quarter for 2026, posting adjusted diluted earnings of $0.39 per unit on revenue of $12.47 billion, with adjusted EPS holding flat year-over-year even as GAAP net income tumbled 66% to $152 million, weighed down by a $103 million loss from discontinued operations tied to the pending sale of its Canadian NGL business to Keyera Corp. That divestiture, expected to close in May 2026, also triggered roughly $216 million in current income tax expense during the quarter, casting a shadow over reported results. Beneath those charges, the Crude Oil segment showed genuine underlying strength, with Adjusted EBITDA climbing 4% year-over-year to $582 million on higher pipeline volumes and contributions from the recently acquired Cactus III pipeline. Looking ahead, management raised its full-year 2026 Adjusted EBITDA guidance midpoint by $130 million to $2.88 billion, citing a constructive crude oil environment, while targeting adjusted free cash flow of approximately $1.85 billion and a leverage ratio that returns toward its 3.25 to 3.75 times target range following the NGL sale.

Key Takeaways

  • • Crude Oil Adjusted EBITDA increased 4% YoY driven by contributions from bolt-on acquisitions including Cactus III pipeline and higher pipeline volumes
  • • NGL Adjusted EBITDA decreased 23% YoY due to lower weighted average frac spreads and reduced sales volumes from warmer weather
  • • Permian Basin crude oil pipeline tariff volumes increased to 7,774 thousand barrels per day from 6,869 in Q1 2025
  • • Total crude oil pipeline tariff volumes grew to 10,039 thousand barrels per day from 9,086 in Q1 2025
  • • Certain Permian long-haul pipeline contract rate resets partially offset crude oil segment gains

PAA Forward Guidance & Outlook

PAA raised its full-year 2026 Adjusted EBITDA guidance midpoint by $130 million to $2.880 billion (+/- $75 million), reflecting a strong oil macro environment and NGL contribution into May 2026. Full-year 2026 Adjusted Free Cash Flow guidance was increased to approximately $1.850 billion (excluding changes in assets & liabilities and anticipated cash proceeds from NGL divestiture). Growth capital remains at $350 million with maintenance capital increasing to $185 million reflecting ownership of NGL assets into May 2026. The company expects its pro forma leverage ratio to return toward the midpoint of the 3.25-3.75x target range following NGL divestiture closing and migrate toward the lower end by year-end. Management targets $100 million of contribution between Cactus III synergies and capturing efficiencies across the system.

24/7 Wall St

PAA YoY Financials

Q1 2026 vs Q1 2025, source: SEC Filings

24/7 Wall St

PAA Revenue by Segment

With YoY comparisons, source: SEC Filings

Q1 25 Q4 25

“Global events this year illustrate the importance of reliable, secure and responsibly produced energy and have accelerated the timing of our view for a more constructive crude oil market. Our integrated business model and asset base connecting U.S. crude production to the global markets are critical to meeting global energy demand. As a result, we are increasing the midpoint of our 2026 Adjusted EBITDA guidance by $130 million to reflect a constructive oil macro environment and extended ownership of our Canadian NGL business into May. The closing of the NGL divestiture will mark a transition to a premier pure play crude oil midstream provider. We remain focused on executing key initiatives in 2026, including closing the pending NGL sale and realizing $100 million of contribution between Cactus III synergies and capturing efficiencies across our system. The combination of these internal initiatives coupled with a healthy oil macro backdrop positions Plains with momentum into 2027 and beyond. Finally, we remain committed to financial discipline and maintaining a strong balance sheet, while continuing to return capital to unit holders.”

— Willie Chiang, Q1 2026 Earnings Press Release

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