Plains All American Reports Third-Quarter 2026 Results
PLAINS ALL AMERICAN PIPELINE LP (PAA) filed an SEC Form 8-K — Results of Operations and Financial Condition. Exhibit 99.1 Plains All American Reports Third-Quarter 2026 Results Houston, TX – November 6, 2026 – 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-Quart
Facts are quoted from the filing text and checked against it. Details that could not be matched to the text are left out.
How this was made
The 30-second read
Why it matters
The earnings beat and issued guidance are likely to attract buying interest in the midstream sector.
Market read
Strong quarterly results and issued guidance provide a fresh catalyst for the stocks and may influence related midstream equities.
What to watch
The $1.5B junior subordinated notes issuance could increase leverage risk.
Q3 2026 Adjusted EBITDA attributable to PAA rose 6% to $711 million while GAAP net income attributable to PAA fell 18% to $363 million
Adjusted EBITDA attributable to PAA (+6%), adjusted net income (+12%), Implied DCF per unit (+10%) and the distribution (+10%) all rose, and adjusted free cash flow rose 51%. GAAP net income attributable to PAA fell 18%, operating cash flow fell 18%, and Q3 GAAP net loss per unit was $(0.06) against $0.55, with a $(68) million impairment of investments in unconsolidated entities in the quarter.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Revenues, Q3 2026GAAP | $15.17B | – | – |
| Purchases and related costs, Q3 2026GAAP | $14.03B | – | – |
| Field operating costs, Q3 2026GAAP | $306M | – | – |
| General and administrative expenses, Q3 2026GAAP | $78M | – | – |
| Depreciation and amortization, Q3 2026GAAP | $235M | – | – |
| (Gains)/losses on asset sales, asset impairments and other, net, Q3 2026GAAP | $8M | – | – |
| Total costs and expenses, Q3 2026GAAP | $14.66B | – | – |
| Operating income, Q3 2026GAAP | $516M | – | – |
| Equity earnings in unconsolidated entities, Q3 2026GAAP | $85M | – | – |
| Gain on/(impairment of) investments in unconsolidated entities, net, Q3 2026GAAP | −$68M | – | – |
| Interest expense, net, Q3 2026GAAP | −$131M | – | – |
| Other income, net, Q3 2026GAAP | $19M | – | – |
| Income from continuing operations before tax, Q3 2026GAAP | $421M | – | – |
| Current income tax benefit/(expense) from continuing operations, Q3 2026GAAP | $4M | – | – |
| Deferred income tax benefit/(expense) from continuing operations, Q3 2026GAAP | −$12M | – | – |
| Income from continuing operations, net of tax, Q3 2026GAAP | $413M | – | – |
| Income from discontinued operations, net of tax, Q3 2026GAAP | $40M | – | – |
| Net income, Q3 2026GAAP | $453M | – | – |
| Net income attributable to PAA, Q3 2026GAAP | $363M | – | (18)% |
| Diluted net income/(loss) per common unit, Q3 2026GAAP | $(0.06) | – | (111)% |
| Adjusted net income attributable to PAA, Q3 2026non-GAAP | $373M | – | 12% |
| Diluted adjusted net income/(loss) per common unit, Q3 2026non-GAAP | $(0.04) | – | (110)% |
| Adjusted EBITDA, Q3 2026non-GAAP | $847M | – | 5% |
| Adjusted EBITDA attributable to PAA, Q3 2026non-GAAP | $711M | – | 6% |
| Implied DCF per common unit, Q3 2026non-GAAP | $0.67 | – | 10% |
| Adjusted Free Cash Flow, Q3 2026non-GAAP | $458M | – | 51% |
| Adjusted Free Cash Flow after Distributions, Q3 2026non-GAAP | $81M | – | not meaningful (**) |
| Adjusted Free Cash Flow (Excluding Changes in Assets & Liabilities), Q3 2026non-GAAP | $569M | – | 152% |
| Adjusted Free Cash Flow after Distributions (Excluding Changes in Assets & Liabilities), Q3 2026non-GAAP | $192M | – | not meaningful (**) |
| Net cash provided by operating activities, Q3 2026GAAP | $669M | – | (18)% |
| Distribution per common unit declared, Q3 2026GAAP | $0.4175 | – | 10% |
| Total Investment and Maintenance capital expenditures, net to PAA, Q3 2026other | $124M | – | – |
| Total crude oil pipeline tariff volumes, Q3 2026other | 10,507 thousand barrels per day | – | – |
| Permian Basin crude oil pipeline tariff volumes, Q3 2026other | 8,071 thousand barrels per day | – | – |
| Revenues, nine months 2026GAAP | $45.33B | – | – |
| Purchases and related costs, nine months 2026GAAP | $42.08B | – | – |
| Field operating costs, nine months 2026GAAP | $934M | – | – |
| General and administrative expenses, nine months 2026GAAP | $270M | – | – |
| Depreciation and amortization, nine months 2026GAAP | $721M | – | – |
| Total costs and expenses, nine months 2026GAAP | $44.02B | – | – |
| Operating income, nine months 2026GAAP | $1.32B | – | – |
| Equity earnings in unconsolidated entities, nine months 2026GAAP | $263M | – | – |
| Gain on/(impairment of) investments in unconsolidated entities, net, nine months 2026GAAP | −$68M | – | – |
| Interest expense, net, nine months 2026GAAP | −$451M | – | – |
| Income from continuing operations before tax, nine months 2026GAAP | $1.13B | – | – |
| Current income tax benefit/(expense) from continuing operations, nine months 2026GAAP | −$319M | – | – |
| Deferred income tax benefit/(expense) from continuing operations, nine months 2026GAAP | $210M | – | – |
| Income from continuing operations, net of tax, nine months 2026GAAP | $1.02B | – | – |
| Income from discontinued operations, net of tax, nine months 2026GAAP | $1.59B | – | – |
| Net income, nine months 2026GAAP | $2.61B | – | – |
| Net income attributable to PAA, nine months 2026GAAP | $2.35B | – | 115% |
| Diluted net income per common unit, nine months 2026GAAP | $2.59 | – | 107% |
| Adjusted net income attributable to PAA, nine months 2026non-GAAP | $1.05B | – | 3% |
| Diluted adjusted net income per common unit, nine months 2026non-GAAP | $0.75 | – | (34)% |
| Adjusted EBITDA, nine months 2026non-GAAP | $2.58B | – | 3% |
| Adjusted EBITDA attributable to PAA, nine months 2026non-GAAP | $2.18B | – | 4% |
| Implied DCF per common unit, nine months 2026non-GAAP | $1.99 | – | 3% |
| Adjusted Free Cash Flow, nine months 2026non-GAAP | $4.73B | – | not meaningful (**) |
| Adjusted Free Cash Flow after Distributions, nine months 2026non-GAAP | $3.66B | – | not meaningful (**) |
| Net cash provided by operating activities, nine months 2026GAAP | $2.04B | – | (5)% |
| Distribution per common unit declared, nine months 2026GAAP | $1.2525 | – | 10% |
| Total Investment and Maintenance capital expenditures, net to PAA, nine months 2026other | $363M | – | – |
| Total crude oil pipeline tariff volumes, nine months 2026other | 10,382 thousand barrels per day | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Consolidated (single reportable segment after Q3 2026 reorganization of Crude Oil and NGL)The filing states that Crude Oil and NGL were combined into one consolidated segment in Q3 2026 and that prior periods were recast. No segment-level revenue table is printed. The company attributes the 6% rise in Q3 Adjusted EBITDA attributable to PAA to Cactus III contributions, pipeline volume growth driven largely by Permian production, and market opportunities and optimization initiatives. It partly offset this with Permian long-haul contract rates resetting to market in 2025, higher operating costs driven by environmental remediation and property tax expense, and 2025 contributions from the Canadian NGL Business, sold in May 2026. | $15,173 million (Q3 2026 revenues) | – | – |
FY2026 outlook
- NoteAdjusted EBITDA attributable to PAA of $2.880 billion +/- $50 million (company states it is on track to deliver this)
- NoteCrude Oil growth estimated ~$370 million in 2026 versus 2025, or ~16% (includes full year contribution from Cactus III acquisition)
Capital returns
- Quarterly cash distribution of $0.4175 per unit paid in Q3 2026 ($1.67 per unit annualized), described by the company as a current distribution yield of ~7%
- Distribution per common unit declared: $0.4175 (Q3 2026) vs $0.3800 (Q3 2025), 10%
- Common unit cash distributions: $295 million (Q3 2026) vs $267 million (Q3 2025); Implied DCF Excess $181 million vs $164 million
- Common Unit Distribution Coverage Ratio: 1.61x (Q3 2026) vs 1.61x (Q3 2025); 1.59x (nine months 2026) vs 1.69x (nine months 2025)
- Cash distributions paid to preferred and common unitholders: $377 million (Q3 2026) vs $321 million (Q3 2025); $1,070 million (nine months 2026) vs $973 million (nine months 2025)
- On September 14, 2026, PAA repurchased all 58.4 million Series A preferred units for approximately $1.687 billion
- On October 9, 2026 (after quarter-end), PAA repurchased all 0.8 million Series B preferred units for approximately $800 million
- Company states the balance sheet optimization (junior subordinated notes issuance and preferred unit redemptions) is expected to generate ~$60 million ($0.09/unit) of distributable cash flow accretion to common unitholders annually
What drove it
- Company attributes the 6% rise in Q3 Adjusted EBITDA attributable to PAA to contributions from the Cactus III acquisition (completed Q4 2025), volume growth across pipeline systems largely driven by increased Permian Basin production, and market opportunities and optimization initiatives
- Company states these favorable items were partially offset by Permian long-haul contract rates resetting to market in 2025, higher operating costs driven by environmental remediation expenses and property tax expense, and 2025 contributions from the Canadian NGL Business sold in May 2026
- Q3 2026 total crude oil pipeline tariff volumes were 10,507 thousand barrels per day vs 9,883 thousand barrels per day, with Permian Basin at 8,071 vs 7,490 and Western at 353 vs 283
- Nine-month GAAP income from discontinued operations of $1,588 million reflects the Canadian NGL Business; the filing prints $(1,645) million of gains on asset sales and other in discontinued operations for the nine months 2026
- Selected items impacting comparability reduced Q3 2026 GAAP-to-adjusted net income by $(10) million (a $10 million add-back in the reconciliation) and nine-month selected items added $(1,298) million to net income attributable to PAA as printed in the reconciliation
- Company states Q3 2026 Adjusted Free Cash Flow of $458 million was $111 million of favorable changes in assets and liabilities (Adjusted Free Cash Flow Excluding Changes in Assets & Liabilities: $569 million)
Concerns
- GAAP net income attributable to PAA fell 18% to $363 million and diluted net income per common unit was $(0.06) in Q3 2026 vs $0.55
- Q3 2026 included a $(68) million impairment of investments in unconsolidated entities, net, a line with no equivalent charge in the prior-year quarter as printed
- Net cash provided by operating activities fell 18% to $669 million in Q3 2026
- Q3 2026 interest expense, net was $(131) million, and nine-month interest expense rose to $(451) million from $(395) million
- Pro forma leverage at quarter-end was ~3.6x per the company, and long-term debt to total book capitalization was 51%
- Company describes the oil macro environment as volatile, and the risk factors list includes geopolitical events, Permian production and competition with overbuild and rate pressure
- Adjusted Free Cash Flow after Distributions was $81 million in Q3 2026 vs $(18) million, and was $(95) million in the prior-year quarter when excluding changes in assets and liabilities, a helpful comparison that still depends on nine-month divestiture proceeds
What to watch
- Delivery of full-year 2026 Adjusted EBITDA attributable to PAA of $2.880 billion +/- $50 million, which the company says it is on track to achieve
- Crude oil growth of ~$370 million in 2026 versus 2025 (~16%), including full-year Cactus III contribution
- Permian JV gathering expansion adding ~270,000 dedicated acres in the Midland Basin under 10-year agreements with a large integrated producer, with estimated gross volumes of ~225 mbbl/d commencing in Q4 2027
- Integration and production growth from the Silver Creek Powder River Basin system, closed October 1, 2026
- Realization of the ~$60 million ($0.09/unit) annual distributable cash flow accretion from the balance sheet optimization
- Delivery of $50 million of efficiencies across the organization in 2026, following $50 million of Cactus III synergies captured to date per the company
- Pro forma leverage of ~3.6x and the reduction path after the Series A and Series B preferred unit repurchases
- Environmental remediation and property tax expenses cited by the company as drivers of higher operating costs
Balance sheet and cash flow
- Cash and cash equivalents: $879 million at September 30, 2026 vs $328 million at December 31, 2025 (as printed in the current assets caption)
- Total assets: $29,474 million at September 30, 2026 vs $30,169 million at December 31, 2025
- Total partners' capital: $12,652 million at September 30, 2026 vs $13,080 million at December 31, 2025
- Total debt: $9,920 million at September 30, 2026 vs $11,262 million at December 31, 2025 (Debt Capitalization Ratios table)
- Long-term debt: $9,911 million at September 30, 2026 vs $10,696 million at December 31, 2025 on the balance sheet, and $10,698 million in the Debt Capitalization Ratios table (the filing prints two different December 31, 2025 figures)
- Senior notes, net: $8,375 million vs $9,118 million; Junior subordinated notes, net: $1,479 million vs nil
- Long-term debt-to-total book capitalization: 51% (September 30, 2026) vs 52% (December 31, 2025); total debt-to-total book capitalization, including short-term debt: 51% vs 53%
- Pro forma leverage ratio at quarter-end: ~3.6x, which the company states includes 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 (includes all announced transactions)
- Net cash provided by operating activities: $2,042 million (nine months 2026) vs $2,150 million (nine months 2025); continuing operations $1,883 million vs $1,836 million
- Net cash provided by investing activities: $3,003 million (nine months 2026), including approximately $3.527 billion of net proceeds from the sale of the Canadian NGL Business; continuing operations used $(477) million vs $(1,680) million
- Net cash used in financing activities: $(4,477) million (nine months 2026) vs $500 million (nine months 2025)
- Cash and cash equivalents and restricted cash, end of period: $879 million vs $1,180 million (September 30, 2025)
- Total Investment and Maintenance capital expenditures, consolidated: $163 million (Q3 2026) vs $201 million (Q3 2025); nine months $461 million vs $654 million
- Silver Creek acquisition (Powder River Basin gathering system) closed October 1, 2026 for aggregate cash consideration of approximately $585 million (after quarter-end)
Analysis
Plains reported third-quarter 2026 results with a mixed picture. On the company's non-GAAP measures, the quarter was up: Adjusted EBITDA attributable to PAA rose 6% to $711 million, adjusted net income attributable to PAA rose 12% to $373 million, Implied DCF per common unit rose 10% to $0.67, and Adjusted Free Cash Flow rose 51% to $458 million. The company attributes the EBITDA improvement to Cactus III, Permian-driven volume growth and optimization, partly offset by Permian long-haul rate resets, higher environmental remediation and property tax costs, and the Canadian NGL Business sold in May 2026. Q3 tariff volumes were 10,507 thousand barrels per day against 9,883 thousand barrels per day in the prior-year quarter, with Permian Basin volumes at 8,071 against 7,490.
GAAP results moved the other way. Net income attributable to PAA fell 18% to $363 million, and diluted net income per common unit was $(0.06) against $0.55. Operating income rose to $516 million from $484 million, but income from continuing operations before tax fell to $421 million from $459 million, with the Q3 line for gain on/(impairment of) investments in unconsolidated entities printing $(68) million against nil in the prior-year quarter. Net cash provided by operating activities fell 18% to $669 million. The filing describes segment reporting changes: Crude Oil and NGL were combined into a single consolidated segment in Q3 2026, and the filing prints no segment-level revenue table.
The balance sheet and capital allocation show the largest movements. Nine-month GAAP net income attributable to PAA was $2,345 million, but this is driven by $1,588 million of income from discontinued operations tied to the Canadian NGL Business sale, which closed May 12, 2026, and the filing prints about $3.527 billion of net proceeds from that sale. Cash ended the quarter at $879 million against $328 million at year-end. Total debt fell to $9,920 million from $11,262 million, and the company issued $1.5 billion of junior subordinated notes while repurchasing all 58.4 million Series A preferred units for about $1.687 billion on September 14 and all Series B preferred units for about $800 million on October 9. The company states pro forma leverage was about 3.6x at quarter-end.
Distributions rose 10% to $0.4175 per unit, with distribution coverage printed at 1.61x for the quarter. The filing's forward guidance is a full-year 2026 Adjusted EBITDA attributable to PAA of $2.880 billion, plus or minus $50 million, and crude oil growth of about $370 million versus 2025. No prior-period guidance was supplied, so no guidance comparison is made. The points to track are whether the EBITDA guide is met given the nine-month figure of $2,179 million, the cost pressures the company cites, and the Permian JV and Silver Creek volume ramps.
Management, verbatim
Our company delivered solid operational performance year-to-date with continued execution across the organization on our key initiatives for the year.
Willie Chiang, Chairman, CEO and President
the oil macro environment remains volatile, yet constructive, and we see multiple tailwinds for our business as we build momentum into 2027.
Willie Chiang, Chairman, CEO and President
Not in the filing
stated, not guessed- Previous quarter (Q2 2026) figures for all metrics were not printed, so all qoq_change and prior_quarter fields are null
- Year-over-year percentage changes were not printed for revenues, cost lines, operating income, interest expense, tax lines, operating cash flow components, tariff volumes and capital expenditures; these are null
- Gross margin was not printed as a figure
- No segment-level revenue, EBITDA or volume breakdown by business line was printed beyond the consolidated single segment and tariff volumes by region
- Prior-period outlook (previous release) was not provided, so vs_prior_guidance is empty
- Guidance for revenue, gross margin, operating expenses and tax rate was not printed
- Analyst consensus estimates and expectations were not provided
- Share price reaction was not provided
- Third-quarter Adjusted EBITDA for the nine months ended September 30 2025 and other ** entries show variance as not meaningful; no percentage is printed for those lines
- Dec 31, 2025 long-term debt is printed as $10,696 million on the balance sheet and $10,698 million in the Debt Capitalization Ratios table; both are reported as printed without reconciliation
- Detailed reconciliation of Q3 2026 selected items beyond the printed totals was not provided in a form that supports per-line changes
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure is checked against the filing text, and a metric the filing does not print, or whose value, prior period and change do not add up, is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
Plains All American Pipeline and its GP entity filed a Form 8‑K reporting Q3 2026 financials and guidance.
Ticker impact
Plains All American reported Q3 2026 net income of $363M, adjusted EBITDA of $711M and provided full-year EBITDA guidance of $2.88B.
likely upward pressure as investors price in robust results and cash flow generation
Quarterly earnings beat prior period, cash distribution increase and guidance in line with expectations drive buying interest.
Plains GP Holdings, listed alongside PAA, disclosed the same Q3 2026 results and guidance in the filing.
likely upward pressure alongside PAA as market views the group favorably
Combined reporting reinforces the strength of the overall Plains business.
Market effects
Energy infrastructure earnings beat may lift midstream and pipeline peers.
U.S. energy stocks could see modest gains following the strong results.
Positive U.S. midstream data supports broader commodity‑linked market sentiment.
Counterpoint
If oil price volatility persists, cash flow may be pressured despite current guidance.
Key entities
- CompanyPlains All American Pipeline LP
U.S. midstream energy infrastructure operator.
- CompanyPlains GP Holdings
Parent GP of Plains All American.
