Plains All American Pipeline, L.P. (PAA)
NASDAQ (NGS) NASDAQ (NGS) Primary Summary
PAA Chart
Plains All American: Right Call, Wrong Math, Still Bullish
Plains All American raised FY'26 EBITDA guidance midpoint to $2.88B, reflecting improved crude macro but highlighting only modest sensitivity to oil price increases. PAGP's earnings base has stabilized, with fee-based operations now dominating and opportunistic trading exposure significantly reduced versus the volatile mid-2010s. Permian volumes were flat or down in most pipeline segments, as upstream producers showed discipline despite higher oil prices and geopolitical disruptions.
PAA vs. ET: Which Pipeline Stock Can Deliver Stronger Returns Now?
PAA's lower debt use, higher ROE, stronger 2027 estimate movement and six-month gains give it an edge over ET among pipeline stocks.
Plains All American: Pipeline Gem With A 7% Yield
Plains All American is executing a strategic pivot to become a pure-play crude oil midstream operator, focusing on the Permian Basin. PAA expects record adjusted EBITDA of $2.7B this year, driven by the EPIC (Cactus III) pipeline acquisition last year and organic growth, supporting strong distribution increases. Units yield 7.6% and, despite trading above peer EV/EBITDA multiples, offer a favorable risk profile for investors seeking a high yield and consistent growth.
Plains All American Pipeline, L.P. Investors
| Name | Quantity | Cost | Value | Profit ($) | Gain (%) |
|---|---|---|---|---|---|
| CE Curtis Ellergodt Rothschild Investment LLC | 17,600 | $295,126.4 | $415,976 | $120,849.6 | 40.95% |
| PB Patricia Buchholtz ECLECTIC ASSOCIATES Inc. /ADV | 11,918 | $127,515.1 | $281,681.93 | $154,166.83 | 120.9% |
| JD Jim Dushek HARBOUR INVESTMENTS Inc. | 36,035 | $801,590.98 | $849,885.47 | $48,294.49 | 6.02% |
| YA Yinka Akinsola Blue Trust Inc. | 1,000 | $17,797.1 | $23,650 | $5,852.9 | 32.89% |
 Jeff Ameen Spire Wealth Management | 29,907 | $524,318.66 | $706,403.34 | $182,084.68 | 34.73% |
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Plains All American Pipeline, L.P. Profile
| Oil, Gas & Consumable Fuels Industry | Energy Sector | Willie Chiang CEO | NASDAQ (NGS) Exchange | 726503105 CUSIP |
| US Country | 3,900 Employees | 31 Jul 2026 Last Dividend | 2 Oct 2012 Last Split | 17 Nov 1998 IPO Date |
Overview
Plains All American Pipeline, L.P., a pivotal entity in the energy infrastructure sector, operates extensively within the United States and Canada. Specializing in the transport, terminaling, storage, and gathering of crude oil and natural gas liquids (NGLs), the company has carved a niche in facilitating essential services for the oil and gas industry. It was established in 1981 and has since developed a comprehensive network to support the complex logistics involved in energy distribution. Based in Houston, Texas, Plains All American Pipeline functions under the broader umbrella of Plains GP Holdings, L.P., indicating a significant backing and financial foundation. Operating through two main segments – Crude Oil and NGL – the company embodies a critical link in the energy supply chain, connecting producers with markets efficiently and securely.
Products and Services
- Gathering and Transporting Crude Oil:
Under its Crude Oil segment, Plains All American Pipeline specializes in the collection and transportation of crude oil. Utilizing a combination of pipelines, gathering systems, trucks, barges, and railcars, the company ensures a flexible and reliable delivery process. This includes traversing extensive geographical areas to reach various processing plants, refineries, and export terminals, essentially facilitating the movement from extraction sites to areas of processing and use.
- Terminaling and Storage Services:
Offering comprehensive terminaling and storage solutions, the company plays an integral role in the crude oil and NGL supply chains. These services include the safekeeping and handling of petroleum products within extensive storage facilities. Furthermore, terminal operations ensure these commodities are efficiently transferred to and from transportation modes, such as pipelines and ships, securing a seamless link in the distribution chain.
- Merchant Activities:
Alongside its primary operations, Plains All American engages in merchant activities within the Crude Oil segment. This aspect covers the buying, selling, and trading of crude oil and other petroleum products, leveraging market conditions to facilitate commerce and support client needs across various industries.
- Natural Gas Processing and NGL Fractionation:
The NGL segment delves into more specialized operations, including the processing of natural gas to separate and collect NGL components. This process, crucial for the production of cleaner energy sources, involves fractionating the raw stream of natural gases to extract valuable elements like ethane, propane, and butane, which find extensive use across different industries.
- NGL Storage, Transportation, and Terminaling:
Similar to its crude oil operations, Plains All American Pipeline provides essential services for the storage, transport, and terminaling of NGLs. This includes developing infrastructure to support the handling of these products, ensuring their safe and efficient delivery from production points to markets or for further processing, reflecting the company’s versatility in managing both crude oil and NGL logistics.
- Industrial and Heating Fuels:
The products derived from the company's NGL operations, such as ethane, propane, normal butane, iso-butane, and natural gasoline, are integral to various applications. They serve as vital components in heating, engine fuels, and industrial processes, demonstrating the essential role Plains All American plays in supporting a wide range of energy needs.
