Plains All American Q1 income drops 66% as $3.3B Canadian NGL sale nears close

Filed May 8, 2026 · Period ending March 31, 2026 · Compared to 10-Q May 9, 2025 · ~1 min read

Key Changes

• high

  Net income fell 66% year-over-year to $152M in Q1 2026 from $443M in Q1 2025, while distributable cash flow declined 8% to $484M despite a 10% distribution increase to $0.4175/unit.

  MD&A: Financial Results verify on EDGAR →
• high

  Company expects to close $3.3B sale of Canadian NGL business to Keyera in May 2026, using proceeds to reduce leverage including commercial paper and term loans from Cactus III acquisition.

  MD&A: Strategic Transactions verify on EDGAR →
• high

  Liquidity declined 32% to $1.8B from $2.6B year-over-year as commercial paper borrowings more than doubled to $1.1B and working capital shifted from $44M surplus to $380M deficit.

  MD&A: Liquidity verify on EDGAR →