Plains All American Pipeline reported third-quarter 2026 results slightly below revenue estimates, though the partnership maintained its full-year Adjusted EBITDA guidance midpoint of $2.88 billion. Performance was characterized by volume growth in the Permian Basin and synergies from the Cactus III acquisition, offset by a significant non-cash impact on common unit EPS related to the redemption of preferred units.

Key Highlights

  • Adjusted EBITDA attributable to PAA rose 6% year-over-year to $711 million, supported by Permian volume growth and market optimization.
  • The partnership completed a major balance sheet overhaul, repurchasing all Series A and B preferred units for approximately $2.5 billion, which is expected to generate $60 million in annual DCF accretion.
  • PAA closed the $585 million acquisition of the Silver Creek gathering system in the Powder River Basin on October 1st to enhance regional scale.
  • Pro forma leverage was reduced to approximately 3.6x, maintaining significant financial flexibility under the 4.0x long-term target.