PLAINS ALL AMERICAN PIPELINE LP

Plains All American Pipeline completed the strategic divestment of its Canadian NGL Business for approximately $3.88 billion in cash, resulting in a significant gain of $1.64 billion from discontinued operations. This transaction heavily contributed to a substantial increase in net income attributable to PAA, reaching $1.83 billion for the second quarter of 2026. The company also reported strong performance in its continuing operations, with revenues and operating income showing notable growth, alongside a significant reduction in both short-term and long-term debt.

Plains All American Pipeline reported strong second-quarter 2026 results, with net income attributable to PAA reaching $1.830 billion, significantly boosted by a $1.6 billion net gain from the Canadian NGL Business divestiture. The company achieved an Adjusted EBITDA attributable to PAA of $738 million and reduced its pro forma leverage ratio to 3.3x. Plains All American also increased its 2026 organic growth capital to $400-$450 million and reduced maintenance capital guidance.

Plains All American Pipeline reported strong second-quarter 2026 results, with Net income attributable to PAA reaching $1.830 billion, significantly boosted by a $1.6 billion gain from the Canadian NGL Business divestiture. The company also achieved Adjusted EBITDA attributable to PAA of $738 million and reduced its debt by approximately $2.9 billion, bringing its pro forma leverage ratio to 3.3x. Additionally, Plains All American increased its 2026 organic growth capital to $400-$450 million, reflecting strategic investments and operational efficiencies.

Plains All American Pipeline, L.P. (PAA) and Plains GP Holdings (PAGP) announced their quarterly cash distributions for the second quarter of 2026. PAA Common Units and PAGP Class A Shares will each receive $0.4175 per unit/share, consistent with the prior quarter. Additionally, PAA declared distributions of $0.61524 per Series A Preferred Unit and $20.50 per Series B Preferred Unit. The companies also scheduled their second quarter 2026 earnings release for August 7, 2026, followed by a conference call.

Plains All American Pipeline LP (PAA) has entered into a new Senior Unsecured Revolving Credit Facility, replacing its previous credit agreement. The new facility provides a committed borrowing capacity of $2.7 billion, with an option to increase it to $4.0 billion. The agreement matures on June 12, 2031, and includes covenants related to liens, indebtedness, asset sales, and affiliate transactions, as well as a financial covenant limiting leverage to 5.00 to 1.00.

Plains All American Pipeline, L.P. has updated its 2026 capital spending guidance, increasing growth capital from approximately $350 million to a range of $400 to $450 million net to PAA. This increase is driven by multiple high-return growth projects in its Permian long-haul, Canadian gathering, and Permian gathering businesses, including investments in the New Mexico Delaware Basin. Maintenance capital is expected to remain at $185 million, and these new projects are anticipated to enhance the company's EBITDA profile in 2027.

Plains All American Pipeline, L.P. announced that Russ Montgomery will be promoted to Vice President, Accounting and Chief Accounting Officer, effective September 1, 2026. He will assume the role for both Plains All American GP LLC and PAA GP Holdings LLC. This promotion follows the retirement of Chris Herbold, who previously served as Senior Vice President, Finance and Chief Accounting Officer and will depart on August 31, 2026. Montgomery, 50, has been with PAA since 2002, holding various accounting roles including Vice President, Controller since 2019.

Plains All American Pipeline completed the previously announced sale of its Canadian NGL Business to Keyera Corp. for approximately $3.3 billion in net cash proceeds. The company plans to use these proceeds to repay outstanding indebtedness and for general partnership purposes, expecting its leverage ratio to trend toward the middle of its targeted range of 3.25 to 3.75x. This divestment marks Plains' transformation into a pure-play crude oil midstream company, aiming for increased durability, reduced commodity price volatility, and lower maintenance capital and corporate taxes.

Plains All American Pipeline, L.P. and Plains GP Holdings announced the appointment of Cynthia B. Taylor as an independent member of the Board of Directors of PAA GP Holdings LLC. Ms. Taylor will also serve on the Compensation Committee and the Health, Safety, Environmental and Sustainability Committee. She brings over 30 years of energy sector experience, including 19 years as CEO and President of Oil States International, Inc., and currently serves as a director for AT&T Inc.

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.