Quarterly ResultMay 8, 2026, 07:32 AM
Plains All American Q1 Adj. EBITDA $730M; Raises 2026 Guidance
AI Summary
Plains All American Pipeline, L.P. reported first-quarter 2026 results, including $730 million in Adjusted EBITDA attributable to PAA and $152 million in Net income attributable to PAA. The company also raised its full-year 2026 Adjusted EBITDA guidance midpoint by $130 million to $2.880 billion, citing a strong oil macro environment and extended NGL contribution. The pending divestiture of its Canadian NGL business is on track to close in May 2026, marking a transition to a pure-play crude oil midstream provider.
Key Highlights
- Q1 Adjusted EBITDA attributable to PAA was $730 million, a 3% decrease year-over-year.
- Q1 Net income attributable to PAA was $152 million, a 66% decrease year-over-year.
- Q1 Net cash provided by operating activities was $418 million, a 35% decrease year-over-year.
- Raised full-year 2026 Adjusted EBITDA guidance midpoint by $130 million to $2.880 billion +/- $75 million.
- Increased full-year 2026 Adjusted Free Cash Flow guidance to approximately $1.850 billion.
- Paid a quarterly cash distribution of $0.4175 per unit, a 10% increase year-over-year.
- Pro forma leverage ratio was 4.1x at quarter-end, with a target range of 3.25 to 3.75x.
- Divestiture of Canadian NGL business is expected to close in May 2026.