$PAA · PLAINS ALL AMERICAN PIPELINE LP
Plains All American reported Q3 2026 results on November 6, 2026. GAAP net income attributable to PAA was $363M (down 18% YoY), while diluted EPS swung to -$0.06 from $0.55. Adjusted EBITDA attributable to PAA rose 6% to $711M, and the quarterly distribution was raised 10% to $0.4175 per unit. The company issued $1.5B of junior subordinated notes and redeemed $2.3B of preferred units, expected to add ~$60M ($0.09/unit) of annual DCF accretion.
- Q3 net income attributable to PAA fell 18% to $363M; diluted EPS swung to -$0.06 from $0.55.
- Adjusted EBITDA attributable to PAA rose 6% to $711M; Adjusted EBITDA up 5% to $847M.
- Quarterly distribution raised 10% to $0.4175/unit ($1.67 annualized, ~7% yield).
- Issued $1.5B junior subordinated notes and redeemed $2.3B preferred units for ~$60M annual DCF accretion.
- Closed $585M Silver Creek Powder River Basin acquisition on October 1, 2026.
Markets closed — no regular-session reaction yet; extended-hours move not captured here.
PAA pairs a GAAP earnings decline with a distribution hike and balance-sheet optimization that boosts distributable cash flow, signaling confidence in Permian growth.
PAA consolidated its Crude Oil and NGL segments into one segment after divesting the Canadian NGL business to Keyera in May 2026, refocusing on Permian crude oil growth.
Diluted EPS turned negative (-$0.06) despite positive net income, driven by preferred unit distributions; oil macro environment described as "volatile."