Plains All American Pipeline
Handles crude oil through gathering, pipelines, terminals, storage, and merchant operations across North America.
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Profile
Moves crude oil from Canadian and U.S. producing basins through gathering systems, long-haul pipelines, terminals, storage, and merchant operations. The integrated network reaches Gulf Coast hubs and export corridors, while throughput, shipper contracts, joint-venture counterparties, regulatory approvals, and safe pipeline operation shape the business.
Connects crude-oil production in Canada and major U.S. basins with market hubs, refineries, and Gulf Coast export corridors. Gathering systems feed long-haul pipelines, terminals, and storage, while related merchant activity helps manage physical flows. Retained U.S. NGL storage and terminal assets add a smaller adjacent business.
Execution rests on integrating acquired assets, coordinating connected capacity, and operating through both wholly owned systems and joint ventures. The network's reach gives shippers multiple paths between production regions and demand centers.
Results depend on crude-oil production and throughput, shipper demand and contract structures, access to hubs and export corridors, and counterparties in jointly owned systems. Pipeline regulation, permits, integrity management, and safe operation can determine whether assets remain available; failures can cause shutdowns, remediation, and civil or criminal penalties.
Company facts
Categories
Key statistics
Year to date +40.0% · Average volume (30d) 2.6M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Aug 18, 2026 | Morgan Stanley | Reiterate | Equal Weight | $25 | $26 | |
| Aug 17, 2026 | RBC Capital | Reiterate | Sector Perform | $23 | $26 | |
| Jul 21, 2026 | RBC Capital | Reiterate | Sector Perform | $18 | $23 | |
| Jul 16, 2026 | Barclays | Reiterate | Underweight | $21 | $23 | |
| Jun 8, 2026 | Mizuho Securities | Target | $23 | $27 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 7, 2026Q2 FY26 | $0.38 | $0.41 | +7.4% | $12.72B | $17.69B | +39.1% | −3.02% |
| May 8, 2026Q1 FY26 | $0.41 | $0.39 | −4.9% | $12.02B | $12.47B | +3.7% | +1.24% |
| Feb 6, 2026Q4 FY25 | $0.47 | $0.40 | −14.9% | $12.85B | $10.57B | −17.8% | −0.62% |
| Nov 5, 2025Q3 FY25 | $0.36 | $0.39 | +9.9% | $12.52B | $11.58B | −7.5% | +0.37% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $12.01B | $10.64B | $11.58B | $10.56B | $12.38B | $17.69B | |
| Gross profit | $620.0M | $363.0M | $475.0M | $712.0M | $346.0M | $809.0M | |
| Operating income | $533.0M | $239.0M | $484.0M | $354.0M | $265.0M | $398.0M | |
| Net income | $443.0M | $210.0M | $441.0M | $342.0M | $152.0M | $1.83B | |
| Diluted EPS | $0.49 | $0.23 | $0.55 | $0.41 | $0.14 | $2.51 | |
| Gross margin | 5.2% | 3.4% | 4.1% | 6.7% | 2.8% | 4.6% | |
| Operating margin | 4.4% | 2.2% | 4.2% | 3.4% | 2.1% | 2.2% |
Fiscal years (4-quarter sums)FY21 $42.08B · FY22 $57.34B · FY23 $48.71B · FY24 $49.90B · FY25 $44.80B
Revenue by product · Q2 FY26
Revenue by geography · FY25
Balance sheet, Jun 30, 2026Cash & short-term investments $1.06B · Total debt $8.64B · Total assets $29.22B · Shareholders' equity $11.08B
Dividends
Raised for 5 straight years — most recently to $0.4175 from $0.38 in Jan 2026. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Jul 31, 2026 | Jul 31 | Aug 14 | $0.4175 | |
| May 1, 2026 | May 1 | May 15 | $0.4175 | |
| Jan 30, 2026 | Jan 30 | Feb 13 | $0.4175 | raised from $0.38 |
| Oct 31, 2025 | Oct 31 | Nov 14 | $0.38 | |
| Jul 31, 2025 | Jul 31 | Aug 14 | $0.38 | |
| May 1, 2025 | May 1 | May 15 | $0.38 | |
| Jan 31, 2025 | Jan 31 | Feb 14 | $0.38 | raised from $0.3175 |
| Oct 31, 2024 | Oct 31 | Nov 14 | $0.3175 |
Ownership
Shares outstanding 705.53M · Float 465.01M · 65.9% free float
Insiders — no current Form 4 position.
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Alerian MLP ETF | 76.05M | 10.78% | 13G | Jan 6, 2026 |
| Alps Advisors Inc | 70.51M | 9.99% | 13F | Jul 29, 2026 |
| Invesco Ltd. | 33.33M | 4.72% | 13F | Aug 14, 2026 |
| Blackstone Inc. | 20.18M | 2.86% | 13F | Aug 14, 2026 |
| Mirae Asset Global Etfs Holdings Ltd. | 17.71M | 2.51% | 13F | Aug 14, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Jun 29, 2026 | Lawrence Michael Ziemba | director | −2,346 | $21.95 |
Peers
- Enbridge
Broad overlap from Western Canadian egress to Gulf Coast exports
- Energy Transfer
Major rival in Permian gathering, long-haul transport, and terminals
- Enterprise Products Partners
Integrated competitor across Permian crude logistics and Gulf Coast access
- ONEOK
Overlaps in Permian gathering, crude pipelines, storage, and terminals
- South Bow
Canada-to-U.S. crude corridor rival through the Keystone system
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Plains All American Pipeline | $25.54 | +0.22% | $17.98B | 7.1 | 15.6 | 0.3 | +66.3% |
| Enbridge | $50.26 | +0.12% | $109.62B | 24.2 | 23.4 | 1.6 | +41.2% |
| Energy Transfer | $21.34 | +0.12% | $73.33B | 13.2 | 12.9 | 0.7 | +78.4% |
| Enterprise Products Partners | $39.00 | −0.04% | $84.42B | 13.5 | 12.8 | 1.4 | +60.8% |
| ONEOK | $94.50 | −0.26% | $59.71B | 16.3 | 15.6 | 1.5 | +52.8% |
| South Bow | $37.80 | +0.99% | $7.81B | 18.0 | 20.5 | 4.1 | +4.2% |
| Median | 16.3 | 15.6 | 1.5 | +52.8% |