Plains All American Pipeline, L.P. (PAA)

Several key events impacted Plains All American Pipeline LP's stock in the past six months. Plains All American reported adjusted EBITDA of $672 million for Q2 2025, with the NGL segment's adjusted EBITDA being lower sequentially due to normal seasonality and reduced frac spreads. Plains All American agreed to sell its Canadian NGL business to Keyera for approximately $3.75 billion in cash. PAA acquired a 55% non-operated stake in EPIC Crude Holdings, LP (now Cactus III), aligning with its Permian-to-Gulf Coast strategy. Plains All American reported fourth-quarter 2025 adjusted earnings per unit of 40 cents and full-year 2025 Adjusted EBITDA reached $2.833 billion. The company announced a 10% increase in its quarterly distribution, raising the annualized distribution to $1.67 per unit. Plains All American is targeting $100 million in annual cost savings by 2027 through organizational streamlining. The stock price on January 23, 2026, was $19.19 per share, a decline of 4.86% from January 27, 2025.

Demand seasonality primarily impacts Plains All American Pipeline LP's NGL segment, which experiences "normal seasonality". Typically, demand for certain NGLs, such as propane, can be higher during colder months due to increased heating needs. For the crude oil segment, demand is generally influenced by broader macroeconomic factors, commodity price volatility, and geopolitical events.

Plains All American Pipeline LP (PAA) is a North American midstream energy company specializing in the transportation, storage, and marketing of crude oil and natural gas liquids (NGLs). The company operates as a Master Limited Partnership (MLP) and plays a critical role in connecting energy supply to demand centers. The company's major products and services are categorized into two segments: Crude Oil and NGL. The Crude Oil segment focuses on gathering and transporting crude oil, while the NGL segment's operations include natural gas processing, NGL fractionation, storage, transportation, and terminalling. Plains All American primarily generates revenue by charging fees for the transportation, terminalling, and storage of crude oil and NGLs.

Plains All American Pipeline LP has an extensive infrastructure network across the United States and Canada, including pipeline gathering and transportation systems, as well as terminalling, storage, processing, fractionation, and other infrastructure assets. These assets serve key producing basins, transportation corridors, major market hubs, and export outlets, including the Permian Basin, West Coast, Rocky Mountains, Cushing, and the Gulf Coast. The company owns interests in 18,370 miles of pipelines and has substantial storage capacity for crude oil and NGLs.

In the past year, no new significant events or controversies specifically impacting Plains All American Pipeline LP's brand reputation were prominently reported. However, the company has faced and continues to manage legal and environmental liabilities from past incidents, such as the 2015 Line 901 oil spill in California and the L48 Pipeline Release. In Q3 2024, PAA settled two lawsuits related to the Line 901 incident, booking a $120 million charge, and anticipated the resolution of a $225 million insurance reimbursement claim in Q1 2025.

Plains All American Pipeline LP has a diverse ownership structure, with 438 institutional owners and shareholders holding a total of 418,007,407 shares. Major Institutional Owners include Plains GP Holdings, L.P., Alps Advisors Inc., AMLP - ALERIAN MLP ETF, and Invesco Ltd. Public companies and retail investors collectively hold 28.98% of the shares outstanding, while individuals hold approximately 1.01% of the 1000 largest holdings.