Quarterly ResultMay 8, 2026, 08:52 AM
Plains All American Raises 2026 Guidance; Q1 Adj. EBITDA $730M
AI Summary
Plains All American reported its first-quarter 2026 results and raised its full-year 2026 Adjusted EBITDA guidance. The company's Q1 2026 Net income attributable to PAA decreased to $152 million, while Adjusted EBITDA attributable to PAA was $730 million. The full-year 2026 Adjusted EBITDA guidance midpoint was increased by $130 million to $2.880 billion, reflecting a strong oil macro environment and NGL contribution. The divestiture of the Canadian NGL business is expected to close in May 2026, transitioning Plains to a pure-play crude oil midstream provider.
Key Highlights
- Raised full-year 2026 Adjusted EBITDA guidance midpoint by $130M to $2.88B.
- Reported Q1 2026 Adjusted EBITDA attributable to PAA of $730M, down 3% YoY.
- Q1 2026 Net income attributable to PAA was $152M, down 66% YoY.
- Q1 2026 Net cash provided by operating activities was $418M, down 35% YoY.
- Increased full-year 2026 Adjusted Free Cash Flow guidance to approximately $1.85B.
- Declared quarterly cash distribution of $0.4175 per unit, up 10% YoY.
- Crude Oil Adjusted EBITDA increased 4% to $582M in Q1 2026.
- Canadian NGL business divestiture expected to close in May 2026.