Plains All American Pipeline, L.P.; Plains GP Holdings: Plains to Acquire Powder River Basin Assets from Silver Creek Midstream

Jefferies initiated coverage of Plains All American Pipeline (PAA, PAGP) with a Buy rating and $27 price target, citing upside pricing potential. The stock rose 0.8% on Monday.

Plains All American Pipeline LP (PAA) filed an amended Schedule 13G, revealing that ALPS Advisors, Inc. and Alerian MLP ETF each reported owning approximately 9.8% of PAA's common units as of September 30, 2026. Both entities hold shared voting and dispositive power over their respective stakes, according to the filing.

Midstream energy sector sees increased deal activity due to high demand for infrastructure, particularly in natural gas. Recent acquisitions include ONEOK's $4.42B purchase of Brazos Midstream's Permian Basin assets and Williams' $5.5B acquisition of Momentum Midstream. A bipartisan infrastructure bill could further expedite energy projects, benefiting the AI boom.

Plains GP Holdings LP (PAGP) announced Dean Liollio will become EVP & COO on October 2, 2026, replacing Chris Chandler, who is resigning to pursue other interests. Liollio, 67, previously held senior roles at Plains and other energy companies.

Plains All American Pipeline (PAA) appointed Dean Liollio as EVP & COO effective October 2, 2026, replacing Chris Chandler, who resigned to pursue other interests. Liollio, 67, previously held senior roles at Plains and other energy companies. He will receive a $625,000 base salary, 150% bonus target, and 150,000 phantom units vesting in 2029.

Plains All American (PAA) agreed to buy SCM Crude II LLC from Silver Creek Midstream for $585MM, gaining a 49% stake in the Powder River Gateway system and full ownership of its gathering system. The deal includes 600 miles of pipelines and 1.2 MMbbl of storage, potentially allowing PAA to redirect crude flows away from Pony Express. PAA paid a premium, with the transaction valued at 19.2x trailing 12-month EBITDA, according to East Daley.