Key Highlights

  • Third-quarter 2026 Net Income attributable to PAA was $363 million, against $441 million in the third quarter of 2025.
  • Adjusted EBITDA attributable to PAA was $711 million, against $669 million a year earlier.
  • Net cash provided by Operating Activities was $669 million, against $817 million in the same quarter of 2025.
  • The Partnership paid a quarterly cash distribution of $0.4175 per unit, or $1.67 per unit annualized.
  • Full-year 2026 Adjusted EBITDA attributable to PAA guidance is $2.880 billion, plus or minus $50 million.

Plains All American Pipeline (NASDAQ:PAA), the Houston-based Crude Oil Midstream partnership, reported third-quarter 2026 results on Friday before the market opened. Net income attributable to PAA was $363 million, compared with $441 million a year earlier. Diluted net loss per common unit was $0.06, against net income of $0.55 per unit in the third quarter of 2025, and diluted adjusted net loss per common unit was $0.04. Market estimates had pointed to Earnings of $0.41 per share and Revenue of $15.21 billion, and revenue was $15.17 billion.

Adjusted EBITDA was $847 million, against $806 million, and Adjusted EBITDA attributable to PAA was $711 million, against $669 million. Implied distributable Cash Flow per common unit was $0.67, against $0.61. Adjusted free cash flow was $458 million, against $303 million.

Capital Structure Changes and Pro Forma Leverage

Pro forma Leverage at quarter-end was approximately 3.6x, reflecting the issuance of $1.5 billion of junior subordinated notes and the Redemption of $2.3 billion of Series A and Series B preferred units, including all announced transactions. The partnership said the Balance Sheet changes are expected to generate approximately $60 million, or $0.09 per unit, of annual distributable cash flow accretion to common unitholders.

Plains paid a quarterly distribution of $0.4175 per unit, or $1.67 per unit annualized, which it described as a current distribution Yield of approximately 7%. The distribution declared for the period compares with $0.3800 per unit a year earlier.

Permian Expansion, Silver Creek Acquisition and Portfolio Changes

Plains is expanding its Permian JV gathering system by about 270,000 dedicated acres in the Midland Basin, supported by 10-year agreements with a large integrated producer. Estimated gross volumes are approximately 225 thousand barrels per day, commencing in the fourth quarter of 2027.

On Oct. 1, the company closed its acquisition of the Silver Creek Powder River Basin gathering system and related Assets for aggregate cash consideration of approximately $585 million. In May, it completed the sale of its Canadian NGL Business to Keyera, which is presented as discontinued operations. In the third quarter, Plains also combined its Crude Oil and NGL segments into one reportable segment.

Full-Year Guidance and Initiatives Under Way

The partnership said it is on track to deliver full-year 2026 Adjusted EBITDA attributable to PAA of $2.880 billion, plus or minus $50 million. Crude oil growth is estimated at approximately $370 million in 2026 versus 2025, which includes a full year of contribution from the Cactus III acquisition. Plains reported capturing $50 million of synergies on Cactus III and said it is on track to deliver $50 million of efficiencies across the organization in 2026.

For the nine months, net income attributable to PAA was $2.345 billion, against $1.093 billion a year earlier, and Adjusted EBITDA attributable to PAA was $2.179 billion, against $2.095 billion.