The guidance raise is the key catalyst — the market will focus on the $130M increase to $2.88B midpoint and the $1.85B Adjusted FCF target. Watch for NGL divestiture closing in May 2026, which will simplify the story to a pure-play crude midstream and likely drive leverage below 3.75x. The GAAP EPS miss is noise from one-time tax items; the underlying crude oil business is strengthening.
Price Chart
Executive Summary
Plains All American reported Q1 2026 GAAP net income of $152M ($0.14/unit), down 66% YoY from $443M ($0.49/unit), driven by a $216M tax charge related to the pending NGL divestiture and a $103M loss from discontinued operations. However, the company raised its full-year 2026 Adjusted EBITDA guidance midpoint by $130M to $2.88B, citing a strong oil macro environment and extended NGL ownership. The core crude oil business grew Adjusted EBITDA 4% YoY, while NGL EBITDA declined 23%.
Key Financial Metrics
Key Facts
- Q1 2026 GAAP net income attributable to PAA: $152M, down 66% YoY from $443M
- Diluted GAAP EPS: $0.14, down 71% YoY from $0.49
- Adjusted EBITDA attributable to PAA: $730M, down 3% YoY from $754M
- Full-year 2026 Adjusted EBITDA guidance raised by $130M to $2.880B ± $75M midpoint
- Adjusted Free Cash Flow (excl. changes in A/L) improved to $185M from -$169M YoY
- Crude Oil segment Adjusted EBITDA: $582M, up 4% YoY on higher volumes and Cactus III contributions
- NGL segment Adjusted EBITDA: $145M, down 23% YoY due to lower frac spreads and warmer weather
- Pro forma leverage ratio: 4.1x at quarter-end, expected to return to 3.25-3.75x range post-NGL divestiture
- NGL divestiture to Keyera Corp expected to close in May 2026
- Quarterly distribution maintained at $0.4175/unit ($1.67 annualized), 7.5% yield
Financial Impact
Guidance raise of $130M on $2.75B baseline (+4.7%) with $1.85B Adjusted FCF guidance
Risk Factors
- NGL divestiture closing delayed or renegotiated
- Permian production flatness limiting volume growth
- Higher leverage at 4.1x vs 3.25-3.75x target range
- Commodity price volatility impacting NGL margins before divestiture
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001070423-26-000017 |
| Document: paa-20260508.htm | 0001070423-26-000017 |
| Document: 0001070423-26-000017-index-headers.html | 0001070423-26-000017 |
| Document: 0001070423-26-000017-index.html | 0001070423-26-000017 |
| Document: 0001070423-26-000017.txt | 0001070423-26-000017 |
| 8-K Data (Synthetic) | 0001070423-26-000017 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
May 13, 2026 23w ago | DEFA14A | — | awaiting T+20 | — | — |
May 13, 2026 23w ago | 8-K | — | awaiting T+20 | — | — |
May 12, 2026 23w ago | 8-K | — | awaiting T+20 | — | — |
May 8, 2026 24w ago | 8-K | — | awaiting T+20 | — | — |
Apr 10, 2026 28w ago | DEFA14A | — | awaiting T+20 | — | — |
US Market Status
Subscribe to SecBot
Get Real-Time SEC Filing Intelligence
Comprehensive SEC filing analysis delivered the moment filings hit EDGAR. Sentiment scoring, impact analysis, and actionable insights for every material event.
Create a free account Live analysis, Telegram alerts, watchlists and the MCP server for subscribers