Plains ALL American Pipeline LP (PAA)

Key figures

The last twelve months reported, with the latest price and balance sheet.

Revenue, last twelve months

$52.3B

Revenue growth

12.2%

Net income, last twelve months

$2.8B

Gross margin

8.3%

Operating margin

3.1%

Net margin

5.3%

Market value

$18.8B

Cash

$1.1B

Debt

$8.4B

Shares outstanding

705.6M

Financial statements

Revenue, profit and cash flow by fiscal year, each year linked to its annual report.

By quarter

What the company said with its results

From the Not stated. The documents do not include a quarterly results release for the quarter filed on 9 September 2026. [A] presents pro forma information for the year ended December 31, 2025, and [P] is the first-quarter 2026 release. results, filed 9 September 2026.

• PAA bought 55% of EPIC. A PAA subsidiary bought a 55% non-operated interest in EPIC Crude Holdings from Diamondback and Kinetik subsidiaries, under an August 30, 2025 agreement, completed October 31, 2025.
• Remaining 45% bought from Ares. A separate transaction effective November 1, 2025 bought the remaining 45% equity interest from a subsidiary of Ares Management LLC.
• PAA now owns all of EPIC. PAA indirectly owns 100% of EPIC Crude Holdings and EPIC GP, and is operator of record of the Cactus III Pipeline.
• Both purchases reported as one. The two purchases are reported as one Transaction because EPIC Crude Holdings is managed by a common management team despite varying equity ownership.
• Pro forma revenue near $44.5 billion. Pro forma 2025 revenues were $44,464 million, against PAA historical $44,262 million and EPIC historical $202 million, as if the Transaction occurred January 1, 2025.
• Operating income rises with EPIC. Pro forma operating income was $1,524 million against PAA historical $1,434 million, with EPIC adding $96 million before a $6 million pro forma adjustment.
• Interest expense rises on new debt. Pro forma interest expense was $721 million against $554 million historical, including a $94 million pro forma adjustment for acquisition financing.
• Net income attributable to PAA lower. Pro forma net income attributable to PAA from continuing operations was $975 million against $1,052 million historical, after a $100 million pro forma adjustment.
• Pro forma per unit income lower. Pro forma basic and diluted net income per common unit from continuing operations was $1.01 against $1.12 historical, on 704 million weighted average common units.
• Cash distributions may differ. Management states the partnership agreement requires distributing available cash rather than reported earnings, so actual cash distributions may vary significantly from pro forma per unit income.
• No securities issued for deal. The Transaction involved no issuance or redemption of securities. Pro forma per unit income assumes distributions equal to historical PAA distributions.
• $1.9 billion of financing assumed. Pro forma interest reflects $1,901 million of financing as if it were obtained on or before January 1, 2025 and outstanding for all of 2025.
• Rate set at SOFR plus 1.125%. The assumed rate was one-month SOFR plus 1.125% as of the Closing Date. Amortization of debt issuance costs is not considered material to the pro forma.
• Depreciation and amortization adjusted. Pro forma adds $47 million of depreciation over a blended 47-year life and $55 million of intangible amortization, and removes EPIC's historical $96 million of depreciation and amortization.

Revenue by segment

As the company reports it in the segment note of its annual report.

By business, FY2025

By product, FY2025

By region, FY2025

Company events

The newest 8-K filings of 438 held.

Every filing

The newest filings with the SEC of 841 held.

Insider trades

Form 4 trades by officers, directors and 10% owners, last 12 months.

Planned insider sales

Form 144 notices, filed when the sell order goes to the broker.

Large holders

Schedule 13D and 13G filings by holders of more than 5% of the voting shares.

Trades by members of the House

From each member's periodic transaction report.

Short interest

Shares sold short and not yet bought back, on each FINRA settlement date.

Funds that hold it

From each fund's latest Form 13F.

452 funds held it at 30 Jun 2026: 153 added and 105 trimmed in the quarter. The largest:

Peers

Companies in the same industry.

• Enbridge Inc. (ENB): revenue $83.5B, market value $106.1B
• Mplx LP (MPLX): revenue $13.2B, market value $59.7B
• HF Sinclair Corp. (DINO): revenue $34.8B, market value $19.2B
• Plains GP Holdings LP (PAGP): revenue $52.3B, market value $5.7B
• Delek Logistics Partners, LP (DKL): revenue $1.2B, market value $3.0B
• Genesis Energy LP (GEL): revenue –, market value $1.7B

What the company does

Plains All American Pipeline, L.P. is a publicly traded Delaware limited partnership whose common units trade on the Nasdaq Global Select Market under the symbol PAA. It gathers, transports, stores and markets crude oil and natural gas liquids (NGL) in the United States and Canada, and describes itself as one of the largest crude oil midstream service providers in North America. At 31 December 2025 its Crude Oil segment included 20,405 miles of active pipelines and gathering systems and 76 million barrels of commercial crude oil storage capacity. About 3,900 people work for the business.

How the business works

The company reports two segments, Crude Oil and NGL. It describes its model as combining supply aggregation with the ownership and operation of infrastructure that links producing regions to refineries and export terminals. As a limited partnership it has no employees of its own. Plains All American GP LLC manages it, and the Canadian staff are employed by its subsidiary Plains Midstream Canada ULC.

- Transportation: tariffs, pipeline capacity agreements and other transportation fees. - Terminals and processing: month-to-month and multi-year agreements covering storage, throughput and loading and unloading fees. - Merchant activities: buying crude oil and moving it on its own or third-party assets to terminals, connecting carriers, regional hubs or refineries.

The company says its policy is to structure purchases and sales so that price changes do not materially affect operating income, and it uses derivatives to hedge margins. Its interstate liquids pipelines file tariffs with the Federal Energy Regulatory Commission.

What it owns

The crude oil pipelines fall into three types. Gathering lines move oil from the wellhead to regional hubs. Intra-basin lines connect those hubs. Long-haul lines carry oil to major hubs such as Cushing, Oklahoma, or to export facilities such as Corpus Christi.

Beyond pipelines, the segment includes: - five marine facilities in the United States; - eight crude oil rail terminals; - 375 railcars; - 675 trucks and 1,200 trailers; - a condensate processing facility in La Salle County, Texas, with capacity of 120,000 barrels per day.

Its largest terminals are at Cushing, Oklahoma (27 million barrels of commercial storage), St. James, Louisiana (15 million), Patoka, Illinois (7 million) and Midland, Texas. The Cushing terminal is a NYMEX approved delivery location.

Where it operates

The Permian Basin is its largest asset presence. The Permian JV, in which the company holds 65%, owns all of its Permian gathering pipelines (over 5,600 miles) and most of its intra-basin pipelines. The company also holds interests in long-haul lines out of the basin, including: - Basin Pipeline (about 87% undivided joint interest); - Cactus II Pipeline (70%); - BridgeTex Pipeline (40%); - Wink to Webster Pipeline (about 17%).

The Gulf Coast includes a 54% interest in the Capline Pipeline from Patoka to St. James. The Western region includes the Line 2000 and Line 63 pipelines. The company is party to more than 25 joint venture and joint ownership arrangements, with partners such as Enterprise Products, Enbridge, Valero and ONEOK.

The NGL segment and the Keyera sale

NGL includes ethane, propane, normal butane, iso-butane and natural gasoline. The segment earns fees for storage and terminalling and also transports, stores and sells specification NGL products. Its largest piece is the Canadian NGL Business, with: - four natural gas processing plants; - six fractionation plants with usable capacity of about 180,000 barrels per day; - NGL storage of about 24 million barrels; - about 1,785 miles of NGL pipelines; - 14 NGL rail terminals.

In June 2025 the company agreed to sell Plains Midstream Canada ULC, which owns substantially all of this business, to Keyera Corp. The sale covers substantially all of its NGL assets, and the assets it keeps are in the United States. The company says it expects the sale to close around the end of the first quarter of 2026 and that it is moving toward becoming a crude oil pure play business.

Customers and competition

ExxonMobil Corporation and its subsidiaries accounted for approximately 31% of revenues in 2025. The filing says most of that comes from Crude Oil segment merchant activities. No other customer reached 10%.

Pipelines compete on transportation charges, access to producing areas and end-user demand. The company says it continues to face heightened competition for uncommitted barrels and contract renewals, especially in the Permian Basin. Its competitors include other pipeline and terminalling companies, major integrated oil companies and their marketing affiliates, independent gatherers, private equity backed entities, banks with trading platforms, and brokers and marketers.

Its people

At 31 December 2025 the company's employers had approximately 3,900 people in North America, about 2,800 in the United States and about 1,100 in Canada. About 70% are field employees, including about 550 in the trucking division. Employees are based in 23 states and four Canadian provinces. About 200 employees, all in the Canadian NGL Business, are covered by six collective bargaining agreements. Part of annual bonus pay is tied to safety and environmental targets.

*From Plains All American's annual report on Form 10-K for the year ended 31 December 2025. [The filing](https://www.sec.gov/Archives/edgar/data/1070423/000107042326000014/paa-20251231.htm)*

From the company's 10-K.