Plains All American Pipeline Q2 Earnings Call Highlights

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MarketBeat

Fri, August 7, 2026 astatine 11:04 AM CDT 6 min read

Key Points

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Plains All American Pipeline reported second-quarter adjusted EBITDA of $738 cardinal and reaffirmed its 2026 guidance of $2.88 billion, positive oregon minus $75 million. The Canadian NGL merchantability reduced pro forma leverage to 3.3 times.
Plains raised its 2026 maturation superior outlook to $400 million-$450 million, chiefly for Permian and Canadian gathering expansions. It besides sanctioned a 75,000-barrel-per-day Cactus III expansion, bringing full capableness to 725,000 barrels per time and supporting increasing Corpus Christi exports.
The institution present expects Permian lipid accumulation to emergence by 100,000-200,000 barrels per time successful 2026, strengthening its outlook into 2027. Management expects astir $1.75 cardinal successful 2026 escaped currency travel portion targeting organisation increases, ratio savings and continued balance-sheet flexibility.

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Plains All American Pipeline (NASDAQ:PAA) reported second-quarter adjusted EBITDA attributable to Plains of $738 cardinal and said it remains connected way to conscionable its full-year 2026 adjusted EBITDA guidance of $2.88 billion, positive oregon minus $75 million.

Chairman, CEO and President Willie Chiang said the institution is executing connected its priorities for 2026, including reducing leverage pursuing the merchantability of its Canadian NGL business, capturing synergies from the Cactus III acquisition, and streamlining operations. The Canadian NGL merchantability closed successful May and reduced Plains' pro forma leverage ratio to 3.3 times, according to Executive Vice President and CFO Al Swanson.

Capital Spending Rises arsenic Permian Outlook Improves

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Plains accrued its 2026 maturation superior spending outlook to a scope of $400 cardinal to $450 million, from $350 cardinal previously. Chiang said the projects are predominantly "quick-hit" investments expected to lend to EBITDA successful 2027 and make returns supra the company's hurdle rate.

The expanded programme includes further build-out of Plains' Permian gathering strategy successful the Midland and Delaware basins. The projects service acreage backed by shaper commitments and bring the company's POP associated task dedicated Permian acreage to astir 5.1 cardinal acres.

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The institution is besides expanding Canadian gathering systems supporting projects successful the Clearwater and Duvernay formations. Jeremy Goebel, enforcement vice president and main commercialized officer, said Plains continues to spot enactment astir its Rainbow, Rangeland and Manitou assets. He said capableness additions astir Rainbow person filled arsenic they person been added and described the contracts arsenic agelong term.

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