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Plains All American Pipeline 8-K Report, Acquisition Completed (Aug 7, 2026)

Reports
Acquisitions & Dispositions·Regulation FD·Exhibits & Filings
Filing Date
Filed August 7, 2026
Period End
August 7, 2026
Securities
PAAPAAPU
In the record · 2016–202610-K1110-Q328-K168

PAA filed 11 annual reports (10-K), 32 quarterly reports (10-Q) and 168 current reports (8-K) between 2016 and 2026.

  1. Leadership change8-K · Aug ’17Aug ’17
  2. Leadership change8-K · Sep ’19Sep ’19
  3. Deal closed8-K · Oct ’21Oct ’21
  4. Material agreement8-K · Sep ’25Sep ’25

01—Abstract

Summary

Summary of the 8-K filed August 7, 2026. Cited figures are marked; the original filing is the authoritative source.

Plains All American Pipeline, L.P.

(Nasdaq: PAA) and Plains GP Holdings (Nasdaq: PAGP) reported second-quarter 2026 results on August 7, 2026. The headline GAAP figure is net income attributable to PAA of $1.830 billiona for the quarter, versus $210 million a year earlier, driven by a net gain of approximately $1.6 billion from the sale of the Canadian NGL Business to Keyera Corp., which closed on May 12, 2026. Net cash provided by operating activities was $956 million, and Adjusted EBITDA attributable to PAA was $738 million, up from $672 million.

Management states that Adjusted EBITDA from Crude Oil rose 19% year over year, while Adjusted EBITDA from NGL fell 54% due to the divestiture. Management reports pro forma leverage of 3.3x at quarter-end after roughly $2.9 billionb of debt reduction funded with divestiture proceeds, near the low end of its 3.25x to 3.75x target range. The quarterly distribution was $0.4175 per unit ($1.67 annualized), which the company describes as a current yield of about 7%.

Management also raised 2026 organic growth capital to $400 to $450 millionc from $350 million, including a 75 Mb/d expansion of the Cactus III pipeline, and cut maintenance capital guidance by $10 million to $175 million. The company reiterated that it is on track to meet full-year Adjusted EBITDA guidance and to capture $50 million of Cactus III synergies and $50 million of targeted cost reductions through year-end 2026. The filing notes that results include discontinued operations for the Canadian NGL Business, and the release identifies the bulk of second-quarter Adjusted EBITDA attributable to PAA as coming from crude oil.

02—Key points

Key Highlights

  1. GAAP net income attributable to PAA of $1.830 billion for Q2 2026, including a net gain of approximately $1.6 billion from the Canadian NGL Business divestiture, versus $210 million in Q2 2025.
  2. Adjusted EBITDA attributable to PAA of $738 million for Q2 2026, compared with $672 million in Q2 2025.
  3. Net cash provided by operating activities of $956 million in Q2 2026, compared with $694 million in Q2 2025.
  4. Pro forma leverage ratio of 3.3x at June 30, 2026 after about $2.9 billion of debt reduction, within the 3.25x to 3.75x target range.
  5. Quarterly distribution of $0.4175 per unit ($1.67 annualized), described as a current distribution yield of about 7%.
  6. 2026 organic growth capital raised to $400 to $450 million from $350 million; maintenance capital guidance reduced by $10 million to $175 million.
  7. Cactus III acquisition synergies of $50 million captured to date, with $50 million of targeted cost reductions through year-end 2026.

03—Questions

Frequently Asked Questions

  1. What drove the large increase in GAAP net income this quarter?

    The filing attributes the increase to a net gain of approximately $1.6 billion from the sale of the Canadian NGL Business to Keyera Corp., which closed on May 12, 2026. Income from discontinued operations was $1.649 billion for the quarter.

  2. How did core operating results compare with last year?

    Adjusted EBITDA attributable to PAA rose to $738 million from $672 million. Adjusted EBITDA from Crude Oil increased 19% to $690 million, while Adjusted EBITDA from NGL decreased 54% to $40 million, primarily due to the divestiture.

  3. What is the company's leverage position after the divestiture?

    Pro forma leverage was 3.3x at quarter-end, reflecting about $2.9 billion of debt reduction funded with proceeds from the Canadian NGL Business sale, and near the low end of the company's 3.25x to 3.75x target range.

  4. Did management change its 2026 capital guidance?

    Yes. Organic growth capital was increased to a range of $400 to $450 million from $350 million, including a 75 Mb/d expansion of the Cactus III pipeline, Canadian gathering systems and Permian gathering projects. Maintenance capital guidance was reduced by $10 million to $175 million.

  5. Is the distribution covered and is it changing?

    The quarterly distribution is $0.4175 per unit, the same as the amount paid in the quarter, and up from $0.3800 in the second quarter of 2025. The filing reports a Common Unit Distribution Coverage Ratio of 1.69x for the quarter.

04—Continue

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