Plains All American Pipeline, L.P.

PAA

$25.53

-0.76%

2026-09-03 16:00:00 EDT-$0.20

Energy

Oil & Gas Midstream

NASDAQ

Active Trading

Plains All American Pipeline, L.P., through its subsidiaries, engages in the pipeline transportation, terminalling, storage, and gathering of crude oil and natural ...

Price Action of PAA

$25.53

-0.76%-$0.20

High—

Low—

52W High-1.7%

Rel. vol—

Interval

Range6.5h

Volume—SMA5SMA10

—

Plains All American Pipeline, L.P. (PAA) is a publicly traded master limited partnership that plays a crucial role in the North American energy supply chain. Founded in 1981 and headquartered in Houston, Texas, the company specializes in midstream operations, connecting crude oil and natural gas liquids (NGL) supply basins to ...Plains All American Pipeline, L.P. (PAA) is a publicly traded master limited partnership that plays a crucial role in the North American energy supply chain. Founded in 1981 and headquartered in Houston, Texas, the company specializes in midstream operations, connecting crude oil and natural gas liquids (NGL) supply basins to key demand centers. PAA operates through two primary segments: Crude Oil and NGL. The Crude Oil segment gathers and transports crude oil via pipelines, trucks, barges, and railcars, offering terminalling, storage, and merchant activities. The NGL segment handles natural gas processing, NGL fractionation, storage, transportation, and terminalling, providing products like ethane, propane, and butane. As of 2025, PAA employs approximately 3,900 full-time workers and moves over nine million barrels per day. The company is led by CEO Willie Chiang, who also serves as Chairman. Financially, PAA demonstrates robust operational performance with a market capitalization of $16.09 billion, a price-to-earnings ratio of 6.05, and a dividend yield of 7.2%. It maintains a strong balance sheet with a low debt-to-equity ratio of 0.014 and a current ratio of 35.021, indicating high liquidity. The company focuses on long-term contracts and fee-based services to mitigate commodity price volatility, ensuring stable cash flows. PAA is committed to safety and environmental stewardship, investing in technology and pipeline integrity. With a history of growth and asset optimization, Plains All American Pipeline remains a key infrastructure provider, fostering energy independence and economic development. Its comprehensive network spans key producing regions in the Permian Basin, Eagle Ford, and Canadian oil sands, enabling efficient delivery to refineries and export terminals.ExpandCollapse

Founded

1981

Employees

3900

CEO

Willie Chiang

Full Name

Plains All American Pipeline, L.P.

Sector

Energy

Industry

Oil & Gas Midstream

ROE

27.46%

Market Cap

$18.01B

Current Ratio

1.12

WACC

5.67%

ROIC

10.18%

Contact Information

http://www.plains.com

713 646 4100

333 Clay Street, Houston, TX 77002

Key Metrics of PAA

Snapshot

Latest / TTM · 6 periods

Market Cap

$18.01B

ROCE

6.4%

EV / EBITDA

8.35x

+0.7% YoY

FCF Yield

13.1%

-5.0% YoY

Cash Conversion Cycle

1.3d

Current Ratio

1.12

Quick take

TTM —

Positive CCC

Financial Highlights of PAA

Profitability trend

Latest / TTM · 6 periods

Gross Margin

4.5%

Net Margin

5.3%

P/E Ratio

7.11x

n/a

Debt / Equity

0.78

n/a

Current Ratio

1.12

Dividend Yield

6.4%

Understanding

TTM —

No major balance sheet stress in these headline ratios.

Calendar of PAA

Upcoming

Dec 31, 2026
FY2026 · Estimated annual results
Est. EPS $1.68 · Revenue $58.72B · 5 analysts
Sep 30, 2027
Q3 FY2027 · Estimated results
Est. EPS $0.47 · Revenue $16.92B · 3 analysts
Dec 30, 2027
Q4 FY2027 · Estimated results
Est. EPS $0.46 · Revenue $17.07B · 3 analysts
Dec 31, 2027
FY2027 · Estimated annual results
Est. EPS $1.72 · Revenue $61.26B · 7 analysts

Recent history

Aug 14, 2026
Dividend payment
$1.63 per share
Aug 10, 2026
Q2 FY2026 · Results reported
EPS $2.51 · Revenue $17.69B
View filing
Jul 31, 2026
Ex-dividend date
$1.63 per share
May 8, 2026
Q1 FY2026 · Results reported
EPS $0.14 · Revenue $12.38B
View filing
Feb 27, 2026
FY2025 · Annual results
EPS $1.66 · Revenue $44.26B
View filing
Nov 7, 2025
Q3 FY2025 · Results reported
EPS $0.55 · Revenue $11.58B
View filing

Financial Statements of PAA

5Y Trend (Revenue, Earnings, FCF)

Metric	Latest	YoYYoY means Year-over-Year. It compares the latest annual value with the previous annual value to show long-term trend strength.	QoQQoQ means Quarter-over-Quarter. It compares the latest quarter with the immediately previous quarter to show short-term momentum changes.
RevenueThe total money that came through the front door from selling things, before paying a single bill. Think of it as the grand total of every credit card swipe from customers. (YoY compares this year to last year's performance, while QoQ compares the current three months to the previous three).	$44.3B	-11.6%	+42.9%
Net IncomeThe absolute bottom line. If the company paid every single supplier, employee, banker, and tax collector, this is the actual money left in their pocket at the end of the day.	$1.4B	+85.9%	+1103.9%
Gross MarginThe basic markup. If they sell a $100 pair of sneakers, this percentage tells you how much of that price tag is profit right after paying for the rubber and shoelaces, but before paying for things like store rent or TV commercials.	+6.0%	+76.0%	+63.6%
Operating MarginThe 'day job' efficiency score. Out of every dollar a customer spends, this shows how many cents the company keeps after making the product AND paying for all the everyday corporate overhead (like salaries, marketing, and keeping the lights on).	+3.2%	+37.7%	+5.1%
Net MarginThe final take-home percentage. When you strip away every conceivable cost, tax, and interest payment, this is the exact number of cents the company truly gets to keep from every dollar in sales.	+3.2%	+110.3%	+742.6%
Free Cash FlowThe holy grail of corporate cash. It's the spendable, physical money left over after the business pays for its daily operations AND buys the big, expensive upgrades (like new factories or servers) it needs to survive. This is the 'free' money they can use to pay dividends or buy back stock.	$2.3B	+22.6%	+183.7%
FCF MarginThe ultimate cash conversion rate. It shows how good the company is at turning regular sales directly into cold, hard, spendable cash. A high percentage means the business is an absolute cash-printing machine.	+5.2%	+38.6%	+98.5%
Debt / EquityThe financial risk gauge. It compares how much of the company's empire was built using borrowed money (loans) versus the owners' own money (shareholders). A high number means they are heavily leveraged and playing a riskier game; a low number means they are playing it safe.	114.9%	+42.1%	-35.4%
Current RatioThe 12-month survival check. It simply compares the cash they have right now (plus things they can quickly turn into cash) against the immediate bills they absolutely must pay this year. A score above 1 means they have enough in the wallet to cover the upcoming bills without panicking.	0.96x	-1.1%	+18.5%
Total AssetsThe absolute size of the company's empire. It bundles together absolutely everything of value they own—from the cash in the register and the inventory in the warehouse, to the software patents in the vault and the factories on the ground.	$30.2B	+13.6%	-7.6%

Actual vs Estimate

A Dec 31Q Sep 30

Metric	Annual (A vs E)	Annual Surprise	Quarter (A vs E)	Quarter Surprise
EPS Surprise	1.66 vs 1.66	-0.2%	2.51 vs 0.47	+430.2%
Revenue Surprise	$44.3B vs $47.3B	-6.5%	$17.7B vs $16.9B	+4.6%

Insider Transactions of PAA

Acquisitions (A)

Since Aug 14, 2026

Disposals (D)

Since Aug 14, 2026

Monthly shares of acquisitions/disposals with close price trend (shared daily price source)

Insider Trading Snapshot

Date	Executive	Title	Security	Side	Shares	Price
Aug 14, 2026	Herbold Chris	officer: Sr. VP Finance & CAO	Common Units	A	40,609	—
Aug 14, 2026	Herbold Chris	officer: Sr. VP Finance & CAO	Common Units	A	100,000	—
Aug 14, 2026	Herbold Chris	officer: Sr. VP Finance & CAO	Common Units	D	54,241	$23.45
Aug 14, 2026	Herbold Chris	officer: Sr. VP Finance & CAO	Phantom Units	D	40,609	—
Aug 14, 2026	Swanson Al	officer: EVP & CFO	Common Units	A	109,165	—

Earnings Call Transcript of PAA

1 transcript segments

Q2 2026

Unknown Speaker

Operator: Good day, and thank you for standing by. Welcome to the PAA and PAGP Second Quarter 2026 Earnings Conference Call. [Operator Instructions] Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Blake Fernandez, Vice President of Investor Relations. Please go ahead. Blake Fernandez: Thank you, Danny. Good morning. Welcome to Plains All American Second Quarter 2026 Earnings Call. Today's slide presentation is posted on the Investor Relations website under the News and Events section at ir.plains.com. An audio replay will also be available following today's call. Important disclosures regarding forward-looking statements and non-GAAP financial measures are provided on Slide 2. An overview of today's call is provided on Slide 3. A condensed consolidated balance sheet for PAGP and other reference materials are in the appendix. Today's call will be hosted by Willie Chiang, Chairman, CEO and President; Al Swanson, Executive Vice President and CFO; and other members of the management team. With that, I'll turn the call over to Willie. Wilfred Chiang: Thank you, Blake. Good morning, everyone, and thank you for joining us. This morning, we reported second quarter adjusted EBITDA attributable to Plains of $738 million, which puts us on track to deliver our full year EBITDA guidance of $2.88 billion, plus or minus $75 million for 2026. Al will cover more details on our results in his portion of the call. The conflict in the Middle East and supply disruptions from the Strait of Hormuz illustrate the importance of reliable, secure and responsibly produced energy. We believe this increases the value of existing infrastructure, and we are well positioned to help play a critical role in meeting global energy demand well into the future. While the macro environment has been volatile, we are successfully executing on our 3 key initiatives for the year. In May, we closed on the sale of our Canadian NGL business, bringing our leverage down to 3.3x. Additionally, we have captured our targeted Cactus III synergies, which will enhance our connectivity to the Corpus Christi market and oil exports longer term. Finally, we expect to realize $50 million of efficiencies across the organization by year-end 2026, along with an additional $50 million by the end of 2027. Strong producer activity and customer demand, coupled with our premier crude oil footprint are creating new organic investment opportunities. As we outlined in our June press release and detailed on Slide 5, we increased our growth capital spending for 2026 from $350 million to a range of $400 million to $450 million. These are predominantly quick hit projects that will contribute to the 2027 EBITDA and will generate a rate of return above our hurdle rate. This includes a further build-out of our Permian gathering system to service additional dedicated acreage in the Midland and Delaware Basins. The acreage is backed by several …

Leadership Team of PAA

10 executives

Name	Title	Compensation	Gender	Year Born	Status
Wilfred Chiang	President, Chief Executive Officer & Chairman of Plains All American GP LLC	USD 3,859,340	Male	1961	Active
Christopher R. Chandler	Executive Vice President & Chief Operating Officer of Plains All American GP LLC	USD 1,870,590	Male	1972	Active
Jeremy L. Goebel	Executive Vice President & Chief Commercial Officer of Plains All American GP LLC	USD 1,870,590	Male	1978	Active
Richard Kelly McGee	Executive Vice President, General Counsel & Secretary of Plains All American GP LLC	USD 1,761,840	Male	1961	Active
Al Swanson	Executive Vice President & Chief Financial Officer of Plains All American GP LLC	USD 1,711,840	Male	1964	Active
Harry N. Pefanis	Senior Advisor to Chief Executive Officer & Director of Plains All American GP LLC	USD 461,424	Male	1957	Active
Gregory L. Armstrong	Senior Advisor to the Chief Executive Officer & Director of Plains All American GP LLC	USD 345,340	Male	1958	Active
Scott Sill	Senior Vice President of Operations - Plains Midstream Canada Ulc - Plains All American Gp Llc-General Partner	—	Male	1963	Active
Blake Michael Fernandez	Vice President of Investor Relations	—	Male	—	Active
Chris Herbold	Senior Vice President of Finance & Chief Accounting Officer of Plains All American GP LLC	—	Male	1972	Active

Recent News of PAA

Zacks Investment Research8/4/2026Neutral

Plains All American to Report Q2 Earnings: Key Factors to Watch

PAA's Q2 results may reflect its crude oil midstream shift, cost efficiencies and stronger pipeline activity, offset by NGL divestiture effects.

Seeking Alpha8/3/2026Neutral

Two 7%+ Yielding ETFs You Can Hold Through Anything

AI is characterized as risky and highly leveraged across the board. Recent market actions, including the Situational Awareness issue showcase how fragile the AI-run is. In this kind of market environment, I prefer switching on extra defense.

247 Wallst7/27/2026Neutral

How to Build $2,000 a Month in Dividend Income Starting From Zero

The yield on your dividend portfolio determines how much capital you actually need, and the gap between the cheapest and most expensive paths to $2,000 a month will surprise most income investors.

247 Wallst7/26/2026Neutral

A $550,000 Portfolio That Quietly Pays a 62-Year-Old $3,400 a Month Until Social Security Kicks In

Stopping work at 62 while waiting for a bigger Social Security check sounds clean on paper, but the math gets complicated fast when a portfolio has to carry the entire household for years. Here is how much capital different yield strategies actually require, and which tradeoffs could quietly wreck the plan.

247 Wallst7/24/2026Neutral

How Much of a $12,000 Monthly Dividend Paycheck Do You Actually Keep After Taxes?

A $144,000 annual dividend paycheck sounds like financial freedom, but the tax character of every security you own quietly decides how much of that money you ever touch. Before you target the yield, find out what state you live in and what your holdings are actually classified as.

Historical Employee Count of PAA

Current

3,900

Change

-7.14%

Minimum

3,900

Maximum

4,200

Recent Filings

Report Date	Employees	Form Type	Filing Date	SEC Filing
Dec 31, 2025	3,900	10-K	Feb 27, 2026	View
Dec 31, 2024	4,200	10-K	Feb 28, 2025	View
Dec 31, 2023	4,200	10-K	Feb 29, 2024	View
Dec 31, 2022	4,100	10-K	Mar 1, 2023	View
Dec 31, 2021	4,100	10-K	Mar 1, 2022	View

Related stocksOil & Gas Midstream

Browse all US stocks →

About UsPrivacy PolicyTerms of ServiceDisclaimerStock DirectoryETFsIndices13F HoldingsAnalyst TargetsFree ToolsTechnology MapJoin our Slack

Plutux is not an investment adviser. Market data and AI-generated analysis are for information and education only, not investment advice. Disclaimer

Plains All American Pipeline, L.P.