Plains All American Pipeline, L.P.'s SEC filings document the partnership's midstream asset base, MLP governance and capital structure. The filings identify PAA common units as limited partner interests listed on Nasdaq and include proxy materials for annual meeting matters, governance disclosures and shareholder voting procedures.
Material-event filings cover operating results, credit facility amendments, senior note issuances by PAA and PAA Finance Corp., and acquisition records for the EPIC/Cactus III crude oil pipeline system. Related 8-K and 8-K/A disclosures include material agreements, debt obligations, acquired business financial statements and pro forma financial information tied to completed transactions.
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 LP: Two reporting persons disclose a shared beneficial position of 73,107,070 common units, representing 10.36% of the class. The filing states ALPS Advisors, Inc. and Alerian MLP ETF each report shared voting and dispositive power over those units. The signatures date the disclosure 04/06/2026.
Plains All American Pipeline, L.P. reports first‑quarter 2026 results with continued growth in its core crude oil business and ongoing exit from its Canadian NGL operations. Total revenues were $12.47 billion, up from $11.48 billion a year earlier, driven mainly by higher crude oil product sales. Income from continuing operations, net of tax, was $334 million versus $380 million in 2025, reflecting higher interest expense and lower equity earnings.
Including discontinued operations tied to the pending Canadian NGL sale, net income attributable to PAA fell to $152 million from $443 million, as discontinued operations swung to a $103 million loss from $136 million income. The Canadian NGL business, classified as held for sale, is being sold to Keyera for approximately CAD$5.15 billion (about $3.75 billion), with closing expected in May 2026.
Operating cash flow was $418 million, down from $639 million, after lower earnings and working capital shifts. Total assets were $31.64 billion and total debt $11.38 billion as of March 31, 2026. Common unitholders received quarterly cash distributions of $0.4175 per unit, with total common distributions of $295 million for the quarter.
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, 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. entered into third amendments to its main revolving credit facility and its hedged inventory credit facility with Bank of America and other lenders. These amendments primarily substitute Plains Canada Liquid Pipelines ULC as a borrower in place of Plains Midstream Canada ULC.
In connection with this change, commitments to extend credit to Plains Midstream Canada ULC were terminated, that entity was released from its obligations and related collateral liens were released, while Plains Canada Liquid Pipelines ULC agreed to be bound by the existing credit agreements and, for the hedged inventory facility, granted new collateral. The company states that aggregate lender commitments, maturity dates, pricing, covenants and other material economic terms of both facilities remain unchanged.
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.