Plains All American reported second quarter 2026 revenue of $17.69 billion, significantly exceeding analyst estimates. The partnership successfully completed the divestiture of its Canadian NGL business for approximately $3.75 billion, transitioning to a pure-play crude oil midstream entity and using proceeds to substantially deleverage the balance sheet.

Key Highlights

  • GAAP net income reached $1.83 billion, primarily driven by a one-time $1.6 billion gain from the NGL business sale.
  • Adjusted EBITDA attributable to PAA was $738 million, supported by Cactus III contributions and increased pipeline throughput.
  • Total debt was reduced by approximately $2.9 billion, bringing the pro forma leverage ratio down to 3.3x, the low end of the target range.
  • Organic growth capital guidance for FY 2026 was raised to $400-$450 million to fund Permian gathering projects and the Cactus III expansion.