NASDAQ: PAA
PLAINS ALL AMERICAN PIPELINE LPCIK 0001070423 · SIC 4610 · Pipelines (Except Natural Gas)
Every 8-K is open in full. Other 10-Ks and 10-Qs show a 3-bullet preview. A free account reads 3 more full reports a month. Generating a report requires a verified account.
Sign up freeWant to see a complete report first? Today's free report (IMMR 10-Q) is open in full — no account needed.
Summary not yet generated.
Plains All American Pipeline prices $1.5B junior subordinated notes offering to redeem preferred units
5 material changes detected. Sign up free to read the summary.
Partner
Trade PAA commission-free
Open an account, get a free stock.
Investing involves risk. Free stock terms apply.
Summary not yet generated.
Plains All American Pipeline offers junior subordinated notes due 2056 to redeem preferred units
6 material changes detected. Sign up free to read the summary.
Summary not yet generated.
Plains All American posts $1.83B net income (+771%) on Canadian NGL sale
2 material changes detected. Sign up free to read the summary.
Summary not yet generated.
Plains All American refinances debt with new $2.7B credit facility, terminates prior agreements
5 material changes detected. Sign up free to read the summary.
Plains All American CFO Chris Herbold to retire Aug 31; 24-year veteran Russ Montgomery promoted
3 material changes detected. Sign up free to read the summary.
PAA unitholders show elevated opposition to executive pay, approve directors and auditor
3 material changes detected. Sign up free to read the summary.
Plains All American appoints former Oil States CEO Cynthia Taylor to board
3 material changes detected. Sign up free to read the summary.
Plains All American closes $3.76B sale of Canadian NGL business, to pay down debt
5 material changes detected. Sign up free to read the summary.
revenue $12.5B, net income $152.0M. Plains All American Q1 income drops 66% as Canadian NGL sale nears close
5 material changes detected. Sign up free to read the summary.
Plains All American Pipeline reports Q1 2026 earnings via press release
2 material changes detected. Sign up free to read the summary.
Summary not yet generated.
Summary not yet generated.
Summary not yet generated.
Summary not yet generated.
Summary not yet generated.
Summary not yet generated.
Summary not yet generated.
Summary not yet generated.
Summary not yet generated.
Summary not yet generated.
Summary not yet generated.
Latest financial statements
From 10-Q filed Aug 10, 2026 (period ending Jun 30, 2026). As printed on the EDGAR/iXBRL face — not generated by the model.
Condensed Consolidated Statements of Operations
(in millions, except per unit data)
| Description | Three months ended June 30, 2026 (unaudited) | Three months ended June 30, 2025 (unaudited) | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|---|---|
| REVENUES | ||||
| Product sales revenues | 17,221 | 10,197 | 29,246 | 21,243 |
| Services revenues | 472 | 445 | 916 | 876 |
| Total revenues | 17,693 | 10,642 | 30,162 | 22,119 |
| COSTS AND EXPENSES | ||||
| Purchases and related costs | 16,556 | 9,758 | 28,049 | 20,277 |
| Field operating costs | 328 | 286 | 628 | 585 |
| General and administrative expenses | 110 | 82 | 192 | 168 |
| Depreciation and amortization | 242 | 235 | 486 | 466 |
| Losses on asset sales, asset impairments and other, net | 59 | 42 | 6 | 29 |
| Total costs and expenses | 17,295 | 10,403 | 29,361 | 21,525 |
| OPERATING INCOME | 398 | 239 | 801 | 594 |
| OTHER INCOME/(EXPENSE) | ||||
| Equity earnings in unconsolidated entities | 89 | 94 | 178 | 196 |
| Gain on investments in unconsolidated entities, net | — | — | — | 31 |
| Interest expense (net of capitalized interest of $2, $3, $3 and $5, respectively) | (153) | (133) | (320) | (260) |
| Other income, net | 42 | 31 | 49 | 57 |
| INCOME FROM CONTINUING OPERATIONS BEFORE TAX | 376 | 231 | 708 | 618 |
| Current income tax expense from continuing operations | (107) | (1) | (322) | (6) |
| Deferred income tax (expense)/benefit from continuing operations | 7 | (3) | 222 | (5) |
| INCOME FROM CONTINUING OPERATIONS, NET OF TAX | 276 | 227 | 608 | 607 |
| INCOME FROM DISCONTINUED OPERATIONS, NET OF TAX (NOTE 2) | 1,649 | 70 | 1,548 | 206 |
| NET INCOME | 1,925 | 297 | 2,156 | 813 |
| Net income attributable to noncontrolling interests | (95) | (87) | (173) | (160) |
| NET INCOME ATTRIBUTABLE TO PAA | 1,830 | 210 | 1,983 | 653 |
| NET INCOME PER COMMON UNIT (NOTE 4): | ||||
| Net income allocated to common unitholders — Basic and Diluted: | ||||
| Continuing operations | 121 | 80 | 322 | 287 |
| Discontinued operations | 1,649 | 70 | 1,548 | 206 |
| Net income allocated to common unitholders Basic and Diluted | 1,770 | 150 | 1,870 | 493 |
| Basic and diluted weighted average common units outstanding | 706 | 703 | 706 | 704 |
| Basic and diluted net income per common unit: | ||||
| Continuing operations | 0.17 | 0.11 | 0.46 | 0.41 |
| Discontinued operations | 2.34 | 0.10 | 2.19 | 0.29 |
| Basic and diluted net income per common unit | 2.51 | 0.21 | 2.65 | 0.70 |
Condensed Consolidated Balance Sheets (Unaudited)
(in millions, except unit data)
| Description | June 30, 2026 (unaudited) | December 31, 2025 |
|---|---|---|
| ASSETS | ||
| CURRENT ASSETS | ||
| Cash and cash equivalents | 1,059 | 328 |
| Trade accounts receivable and other receivables, net | 5,267 | 3,598 |
| Inventory | 84 | 211 |
| Current assets of discontinued operations (Note 2) | — | 479 |
| Other current assets | 127 | 117 |
| Total current assets | 6,537 | 4,733 |
| PROPERTY AND EQUIPMENT | 22,702 | 22,536 |
| Accumulated depreciation | (5,921) | (5,676) |
| Property and equipment, net | 16,781 | 16,860 |
| OTHER ASSETS | ||
| Investments in unconsolidated entities | 2,817 | 2,846 |
| Intangible assets, net | 1,610 | 1,754 |
| Linefill | 892 | 900 |
| Long-term operating lease right-of-use assets, net | 172 | 198 |
| Long-term inventory | 257 | 214 |
| Long-term assets of discontinued operations (Note 2) | — | 2,557 |
| Other long-term assets, net | 152 | 107 |
| Total assets | 29,218 | 30,169 |
| LIABILITIES AND PARTNERS’ CAPITAL | ||
| CURRENT LIABILITIES | ||
| Trade accounts payable | 4,942 | 3,457 |
| Short-term debt | 9 | 563 |
| Current liabilities of discontinued operations (Note 2) | 154 | 382 |
| Other current liabilities | 754 | 529 |
| Total current liabilities | 5,859 | 4,931 |
| LONG-TERM LIABILITIES | ||
| Senior notes, net | 8,373 | 9,118 |
| Other long-term debt, net | 59 | 1,578 |
| Long-term operating lease liabilities | 194 | 202 |
| Long-term liabilities of discontinued operations (Note 2) | — | 606 |
| Other long-term liabilities and deferred credits | 442 | 654 |
| Total long-term liabilities | 9,068 | 12,158 |
| COMMITMENTS AND CONTINGENCIES (NOTE 10) | ||
| PARTNERS’ CAPITAL | ||
| Series A preferred unitholders (58,411,908 and 58,411,908 units outstanding, respectively) | 1,250 | 1,248 |
| Series B preferred unitholders (800,000 and 800,000 units outstanding, respectively) | 787 | 787 |
| Common unitholders (705,566,460 and 705,520,697 units outstanding, respectively) | 9,042 | 7,801 |
| Total partners’ capital excluding noncontrolling interests | 11,079 | 9,836 |
| Noncontrolling interests | 3,212 | 3,244 |
| Total partners’ capital | 14,291 | 13,080 |
| Total liabilities and partners’ capital | 29,218 | 30,169 |
Condensed Consolidated Statements of Cash Flows
(in millions)
| Description | Six months ended June 30, 2026 (unaudited) | Six months ended June 30, 2025 |
|---|---|---|
| CASH FLOWS FROM OPERATING ACTIVITIES | ||
| Net income | 2,156 | 813 |
| Reconciliation of net income to net cash provided by operating activities: | ||
| Income from discontinued operations, net of tax | (1,548) | (206) |
| Depreciation and amortization | 486 | 466 |
| Losses on asset sales, asset impairments and other, net | 6 | 29 |
| Deferred income tax expense/(benefit) | (222) | 5 |
| (Gain)/loss on foreign currency revaluation | (16) | 4 |
| Equity earnings in unconsolidated entities | (178) | (196) |
| Distributions on earnings from unconsolidated entities | 204 | 256 |
| Gain on investments in unconsolidated entities, net | — | (31) |
| Other | 27 | 32 |
| Changes in assets and liabilities, net of acquisitions | 299 | (140) |
| Cash provided by operating activities continuing operations | 1,214 | 1,032 |
| Cash provided by operating activities discontinued operations | 159 | 301 |
| Net cash provided by operating activities | 1,373 | 1,333 |
| CASH FLOWS FROM INVESTING ACTIVITIES | ||
| Cash paid in connection with acquisitions, net of cash acquired | (130) | (681) |
| Additions to property, equipment and other | (268) | (310) |
| Cash paid for purchases of linefill | (12) | (17) |
| Proceeds from sales of assets | 4 | 21 |
| Cash received from sales of linefill | 37 | — |
| Investments in related party notes | — | (330) |
| Other investing activities | 20 | — |
| Cash used in investing activities continuing operations | (349) | (1,317) |
| Cash provided by/(used in) investing activities discontinued operations | 3,451 | (106) |
| Net cash provided by/(used in) investing activities | 3,102 | (1,423) |
| CASH FLOWS FROM FINANCING ACTIVITIES | ||
| Net borrowings/(repayments) under commercial paper program (Note 6) | (970) | 69 |
| Repayment under term loan (Note 6) | (1,100) | — |
| Proceeds from the issuance of senior notes (Note 6) | — | 998 |
| Repayments of senior notes (Note 6) | (750) | — |
| Proceeds from the issuance of related party notes | — | 330 |
| Repurchase of common units | — | (8) |
| Repurchase of Series A preferred units | — | (333) |
| Distributions paid to Series A preferred unitholders (Note 7) | (72) | (82) |
| Distributions paid to Series B preferred unitholders (Note 7) | (33) | (35) |
| Distributions paid to common unitholders (Note 7) | (589) | (535) |
| Distributions paid to noncontrolling interests (Note 7) | (205) | (229) |
| Contributions from noncontrolling interests | — | 29 |
| Other financing activities | (9) | (22) |
| Net cash provided by/(used in) financing activities | (3,728) | 182 |
| Effect of translation adjustment continuing operations | (16) | 8 |
| Effect of translation adjustment discontinued operations | — | 11 |
| Net increase in cash and cash equivalents and restricted cash | 731 | 111 |
| Cash and cash equivalents and restricted cash, beginning of period | 328 | 348 |
| Cash and cash equivalents and restricted cash, end of period | 1,059 | 459 |
| Cash paid for: | ||
| Interest, net of amounts capitalized | 314 | 254 |
| Income taxes, net of amounts refunded | 53 | 48 |
Amounts as printed on the EDGAR/iXBRL face — (in millions, except per unit data); (in millions, except unit data); (in millions). Labels, columns, and figures are the filing face, not a GAAP stencil. Interactive statements & notes on EDGAR ↗