Plains All American Pipeline, L.P. (NASDAQ: PAA) and Plains GP Holdings (NASDAQ: PAGP) today reported first-quarter 2026 results.
First-quarter net income attributable to PAA of $152 million and net cash provided by operating activities of $418 million
The company also delivered first-quarter Adjusted EBITDA attributable to PAA of $730 million
What’s more, it paid a quarterly cash distribution of $0.4175 per unit ($1.67 per unit annualized), representing a current distribution yield of ~7.5%
The company’s updated outlook features increasing midpoint of full-year 2026 Adjusted EBITDA guidance attributable to PAA by $130 million to $2.880 billion +/- $75 million (reflecting a strong oil macro environment and NGL contribution into May 2026). Growth capital remains $350 million with maintenance capital increasing to $185 million, reflecting ownership of NGL assets into May 2026
Full-year 2026 Adjusted Free Cash Flow guidance increased to approximately $1.850 billion (excluding changes in Assets & Liabilities and anticipated cash proceeds from the NGL divestiture).
Last June, the company entered into a definitive agreement to sell substantially all of its NGL business in Canada to Keyera Corp. This transaction is expected to close in May. As part of the sale, we will divest the Canadian NGL Business, which includes substantially all of our NGL assets; the NGL assets that we will retain are located in the United States.
PAA shares began Friday in the red 50 cents, or 2.3%, to $21.59, while those for PAGP lost 58 cents, or 2.5%, to $23.04.
