PAA · Plains All American Pipeline LP
Price & Indicators
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Metrics snapshot
Useful current figures from the complete screener profile.
AI Brief
Q2 FY26 earnings call · Aug 7, 2026TL;DR. Plains All American raised 2026 growth capital to $400–$450M and lifted Permian exit-to-exit production growth to 100–200 Mbbl/d, while closing the Canadian NGL sale, expanding Cactus III by 75 Mbbl/d, and reiterating full-year adjusted EBITDA guidance of $2.88B (±$75M).
- + Raised 2026 growth capital to $400–$450M from $350M on quick-hit Permian/Canadian/Cactus III projects earning above the hurdle rate
- + Lifted 2026 Permian exit-to-exit production growth outlook to 100–200 Mbbl/d from prior 'relatively flat' view
- + Closed Canadian NGL divestiture in May, reducing leverage to 3.3x and removing ~$2.9B of debt
- + Cactus III 75 Mbbl/d expansion sanctioned, bringing total line capacity to 725 Mbbl/d and coming online by month-end
- + Targeting $50M of efficiencies by year-end 2026 plus an additional $50M by end of 2027
- − Permian production ramp-up creates momentum into 2027 but has minimal impact to 2026 EBITDA
- − Pipeline loss allowance revenue hedged only ~70% for the balance of 2026 at average WTI ~$62, capping upside if prices rise
AI-generated from the earnings call and 8-K · may contain errors · not investment advice
Equibles Rating
blended score · not investment adviceBlended from price, momentum, positioning, fundamentals & volatility · daily-close · not investment advice. Market backdrop is context, not part of the score.
Guidance & track record
Guidance from company 8-Ks · delivered figures from as-reported statements · no analyst estimates involved.
Technicals
trend & momentum for long-term holders NeutralIllustrative technical + ownership context — a signal mix, not investment advice.
Key metrics
the company's own KPIs, from written earnings releases and filings| Metric | Latest | Period | YoY |
|---|---|---|---|
| Adjusted EBITDA attributable to PAA non-GAAP | $738M | Three Months Ended June 30, 2026 filing | — |
GAAP → non-GAAP reconciliationGAAP Adjusted EBITDA $879M
-$141M Adjusted EBITDA attributable to noncontrolling interests
= Adjusted EBITDA attributable to PAA $738M
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| Implied DCF non-GAAP | $550M | Three Months Ended June 30, 2026 filing | — |
| Implied DCF Available to Common Unitholders non-GAAP | $498M | Three Months Ended June 30, 2026 filing | — |
GAAP → non-GAAP reconciliationGAAP Implied DCF $550M
-$52M Preferred unit distributions
= Implied DCF Available to Common Unitholders $498M
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| Investment and acquisition capital expenditures | $155M | Three Months Ended June 30, 2026 filing | -28.9% |
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| Maintenance capital expenditures | $38M | Three Months Ended June 30, 2026 filing | -13.6% |
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| Segment Adjusted EBITDA non-GAAP | $694M | Three Months Ended June 30, 2026 filing | +21.8% |
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Figures exactly as the company stated them in writing · click a metric with a to chart its history · period links open the stating document · "filing" marks figures stated in the 10-K/10-Q · YoY needs an exactly comparable prior-year period
Versus peers
Oil & Gas Midstream — same industry group| Company | Mkt cap | YTD | Rev growth Y/Y | P/E | Short % shares |
|---|---|---|---|---|---|
|
PAA
this stock
Plains All American Pipeline LP
|
$17.23B | +32.1% | -9.5% | — | 2.6% |
|
ENB
Enbridge Inc
|
$102.08B | -2.8% | — | — | 0.8% |
|
WMB
Williams Companies, Inc.
|
$84.72B | +13.1% | +13.8% | 27.6 | 2.0% |
|
EPD
Enterprise Products Partners L.P.
|
$79.36B | +11.1% | -6.4% | 12.7 | 0.8% |
|
ET
Energy Transfer LP
|
$69.52B | +19.9% | +3.5% | — | 0.9% |
Peers by industry group · P/E from as-reported trailing EPS · short % is of shares outstanding
At a glance
key data from every sectionPerformance
| 5D | 20D | 120D | MTD | YTD | |
|---|---|---|---|---|---|
| PAA | -3.0% | -8.3% | +8.4% | -7.5% | +32.1% |
| SPY | -0.7% | +0.1% | +12.2% | -0.6% | +11.8% |
| vs SPY | -2.3% | -8.4% | -3.8% | -6.9% | +20.2% |
Capital returns
Dividends per share over the trailing 365 days by ex-date · buyback figures as last reported in SEC filings ("spent" derived as authorized − remaining; when several programs run concurrently, authorized is their combined total per the newest filing) · components shown separately — trailing-year buyback spend isn't tracked, so no combined shareholder yield is derived.