DivestmentMay 8, 2026, 04:52 PM
Plains All American Q1 Net Income $152M; Canadian NGL Divestment
AI Summary
Plains All American Pipeline, L.P. reported a significant decrease in net income attributable to PAA for the three months ended March 31, 2026, to $152 million, down from $443 million in the prior year. This decline was largely impacted by a $103 million loss from discontinued operations, primarily related to the pending sale of its Canadian NGL Business for approximately $3.75 billion, which is expected to close in May 2026. The company also recognized a $216 million current income tax expense from continuing operations due to restructuring activities related to the divestment, though this was largely offset by a deferred tax benefit.
Key Highlights
- Plains All American to divest Canadian NGL Business for approximately $3.75 billion.
- Net income attributable to PAA decreased to $152 million from $443 million year-over-year.
- Basic and diluted net income per common unit fell to $0.14 from $0.49 year-over-year.
- Loss from discontinued operations was $103 million, compared to a $136 million gain year-over-year.
- Total revenues increased to $12,470 million from $11,477 million year-over-year.
- Operating income rose to $405 million from $356 million year-over-year.
- Current income tax expense of $216 million from continuing operations due to restructuring.
- Total assets increased to $31,636 million as of March 31, 2026, from $30,169 million.