Plains All American Pipeline, L.P. operates through subsidiaries in the pipeline transportation, terminalling, storage, and gathering of crude oil and natural gas liquids (NGL) in the United States and Canada. It has two segments: Crude Oil and NGL. The Crude Oil segment gathers and transports crude oil via pipelines, trucks, barges, and railcars, and provides terminalling, storage, and related services along with merchant activities. The NGL segment handles natural gas processing and NGL fractionation, storage, transportation, and terminalling, including ethane, propane, normal butane, iso-butane, and natural gasoline used in heating, engine, and industrial fuels. Founded in 1981 and headquartered in Houston, Texas, the company operates as a subsidiary of Plains GP Holdings, L.P.
Plains Appoints Dean Liollio as Executive Vice President and Chief Operating Officer
Plains All American Pipeline and Plains GP Holdings announced that Dean Liollio has been appointed Executive Vice President and Chief Operating Officer of Plains, effective October 2, 2026. Liollio, age 67, replaces Chris Chandler, the current EVP and COO, who is resigning to pursue other interests and not due to any disagreement relating to the company's operations, policies or practices. Liollio has served as Senior Vice President, Special Projects, of Plains since June 2024, and previously served as President of Plains Midstream Canada from 2020 until 2024, as President of PAA Natural Gas Storage from 2008 until 2020 and as President of Plains Gas Solutions from 2016 until 2020. Chairman, CEO and President Willie Chiang said Liollio is immensely qualified for the role, citing his membership on the executive committee and his role in executing on recent initiatives, and thanked Chandler for his contributions. PAA is a publicly traded master limited partnership that owns and operates midstream energy infrastructure and provides logistics services for crude oil, while PAGP owns an indirect, non-economic controlling general partner interest in PAA and an indirect limited partner interest in PAA.
Plains All American prices $1.5B debt offering to redeem preferred units
Plains All American Pipeline announced Wednesday that it priced a $1.5 billion public offering of junior subordinated notes, split into $700 million of 6.750% Series A Notes and $800 million of 7.000% Series B Notes, both due in 2056. The notes were priced at 100% of face value, with interest rates resetting every five years after the first reset dates in 2031 and 2036, based on the five-year U.S. Treasury rate plus a spread, with a floor at the initial rates. The offering is expected to close on September 14, 2026, subject to customary conditions. The company plans to use the net proceeds, along with cash on hand and commercial paper borrowings, to redeem all outstanding Series A preferred units around September 14 and Series B preferred units around October 9, including accrued and unpaid distributions.
PAA · Capital · Neutral Plains priced a $1.5B junior subordinated notes offering to redeem its Series A and B preferred units, a refinancing/liability-management move.
Plains All American Pipeline beats Q2 estimates, raises Permian growth capital
Plains All American Pipeline reported second-quarter 2026 revenue of US$17.69 billion and net income of US$1.83 billion, exceeding analyst expectations and reaffirming full-year guidance. Management credited cost efficiencies and Cactus III pipeline synergies for the earnings strength, while the sale of the Canadian NGL business reduced leverage and freed up capital. The company increased its 2026 growth capital toward Permian gathering and a 75,000 barrel per day Cactus III expansion, funded in part by the Canadian NGL sale. This reinforces the investment case around higher-return crude projects and export connectivity, though it also amplifies risk from a more concentrated crude footprint if Permian activity softens.
Plains All American Pipeline declares $0.42 dividend with payout ratio above 1.0
Plains All American Pipeline LP announced a total dividend of $0.42 per share, with the ex-dividend date set for 2026-07-31 and payment on 2026-08-14. The company has a 12-month trailing dividend yield of 6.43% and a forward yield of 6.58%, but its dividend payout ratio stands at 1.10 as of 2026-03-31, indicating distributions exceed net income. Over the past three years, annual dividend growth was 22.20%, yet the 10-year growth rate is negative 7.90%, and recent revenue and earnings growth rates are also negative. While Plains All American Pipeline LP has maintained consistent quarterly dividends since 1999 and holds a profitability rank of 7 out of 10, the high payout ratio and declining growth metrics raise concerns about long-term dividend sustainability.
Plains All American Pipeline shares surge 36% year to date as crude oil prices climb 49%
Plains All American Pipeline shares have risen 36% year to date, outperforming the S&P Energy Sector Index's 31.4% gain, as West Texas Intermediate crude prices jumped 49%. The midstream operator raised its 2026 capital spending forecast to between $400 million and $450 million, up from a prior estimate of $350 million, citing strength in its Canadian and Permian Basin operations. The company offers a 6.8% dividend yield and has more than doubled its trailing-12-month payout over the past five years. It also raised $3.3 billion from the May sale of its Canadian midstream business to reduce leverage and improve dividend coverage. CEO Willie Chiang noted that tight global crude supplies are boosting demand for North American oil and the company's transportation and storage services.
Plains All American Pipeline and Plains GP Holdings declare Q2 2026 distributions, set earnings date
Plains All American Pipeline and Plains GP Holdings declared their second-quarter 2026 cash distributions. PAA common units and PAGP Class A shares will each receive $0.4175 per unit or share, unchanged from the prior distribution, payable on August 14, 2026 to holders of record as of July 31. PAA Series A preferred units will receive $0.61524 per unit, while Series B preferred units will receive $20.50 per unit based on a floating rate, payable on August 17 to holders of record as of August 3. The companies also announced they will release second-quarter 2026 earnings before market open on Friday, August 7, 2026, followed by a conference call at 9:00 a.m. Central Time.
Plains All American Pipeline Raises 2025 Capital Spending Guidance to $450 Million
Plains All American Pipeline has raised its 2025 capital spending guidance to between $400 million and $450 million, up from a previous estimate of $350 million, as it pursues multiple growth projects across its Permian long-haul, Canadian gathering, and Permian gathering businesses. The company affirmed its commitment to these projects on June 15, while maintenance capital is expected to remain at $185 million. The increased spending aims to capitalize on strong demand for North American hydrocarbons amid tightening global crude oil supply, with a portion directed toward expanding the Permian system to accommodate additional gathering volumes in the New Mexico Delaware Basin. Plains All American Pipeline expects the projects to generate higher returns and contribute to its EBITDA profile in 2027.
PAA · Capital · Positive Company raised 2025 capital spending guidance, indicating investment in growth projects expected to generate higher returns and boost EBITDA.
UBS Reiterates Buy Rating on Plains All American, Raises Growth Capex Estimate
UBS restated its Buy rating and $25 price target for Plains All American Pipeline on June 16, following the company's disclosure of enhanced capital expenditure for 2026. Plains All American estimates growth capital spending will increase to $400 million to $450 million net to PAA this year, up from around $350 million. The additional budget is driven by expansion plans in the company's Permian long-haul, Canadian gathering, and Permian gathering operations. UBS noted that the global oil setting has strengthened since the start of the year, enabling the company to advance many high-return projects, and sees the increased growth capital as a positive that will drive incremental profitability at a competitive rate of return.
The Alerian MLP ETF, trading under the ticker AMLP, is delivering a 7.79% yield and a 15.3% one-year return, nearly doubling Shell's 4.08% dividend yield. The ETF's $14.1 billion portfolio consists of 15 midstream Master Limited Partnerships that earn fixed fees per barrel for transporting and storing oil and gas, insulating revenues from commodity price swings. Top holdings include Plains All-American Pipeline, Western Midstream Partners, and Sunoco, each representing over 13% of assets. AMLP collects partnership revenues into a C-Corp structure, issuing 1099 forms to shareholders instead of K-1s for simpler tax filing. The fund has returned 13% year-to-date and 19.66% over three years, with an expense ratio of 1.01%.
PAA · Demand · Positive Plains All-American Pipeline is a top holding in the AMLP ETF, which benefits from stable fee-based revenues and strong performance.
SUN · Demand · Positive Sunoco is a top holding in the AMLP ETF, which benefits from stable fee-based revenues and strong performance.
WES · Demand · Positive Western Midstream Partners is a top holding in the AMLP ETF, which benefits from stable fee-based revenues and strong performance.
SHEL.LSE · Capital · Negative Shell's dividend yield is compared unfavorably to the AMLP ETF's higher yield, but Shell is not the focus of the article.
Plains All American Pipeline Holds Edge Over Energy Transfer on Key Metrics
Plains All American Pipeline appears better positioned than Energy Transfer to deliver stronger returns, according to a Zacks Investment Research analysis. Plains All American Pipeline's return on equity stands at 12.17% versus Energy Transfer's 9.77%, and its debt-to-capital ratio is lower at 47.02% compared with 58.23% for Energy Transfer. Plains All American Pipeline's 2027 earnings estimates have risen 2.48% over the past 60 days, while Energy Transfer's 2027 estimates have fallen 4.4%. Plains All American Pipeline units have gained 20.7% in the past six months, outpacing Energy Transfer's 15.5% rally, and its cash distribution yield is 7.83% with five-year annualized distribution growth of 20.92%, slightly above Energy Transfer's 7.2% yield and 19% growth. Both stocks carry a Zacks Rank #3 (Hold).
ET · Capital · Negative Energy Transfer has lower ROE, higher debt, falling earnings estimates, and lower distribution growth compared to Plains All American.
ETP · Capital · Negative Energy Transfer Partners L.P. is likely the same entity as Energy Transfer LP; same negative metrics apply.
PAA · Capital · Positive Plains All American has higher ROE, lower debt, rising earnings estimates, and better distribution yield and growth.
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