PLAINS ALL AMERICAN PIPELINE LP
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PAA Q1 2026 request
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| Metric | Q1 2026 | Q1 2025 | YoY |
|---|---|---|---|
| Revenue | 12,470 | 11,477 | +8.7% |
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| Product | 12,026 | 11,046 | +8.9% |
| Product · Crude Oil | 12,106 | 11,008 | +10.0% |
| Product · Intersegment Elimination | -119 | -3 | -3866.7% |
| Product · NGL | 39 | 41 | -4.9% |
| Service | 444 | 431 | +3.0% |
| Service · Crude Oil | 442 | 431 | +2.6% |
| Service · NGL | 2 | — | — |
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| Crude Oil · Operating Segments | 12,548 | 11,439 | +9.7% |
| NGL · Operating Segments | 41 | 41 | 0.0% |
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| Intersegment Elimination | -119 | -3 | -3866.7% |
| Operating Segments | 12,589 | 11,480 | +9.7% |
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| Affiliated Entity | 13 | 11 | +18.2% |
| Cost of Revenue | 11,493 | 10,517 | +9.3% |
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| Crude Oil · Operating Segments | 11,579 | 10,488 | +10.4% |
| NGL · Operating Segments | 33 | 32 | +3.1% |
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| Intersegment Elimination | -119 | -3 | -3866.7% |
| Operating Costs And Expenses | 301 | 300 | +0.3% |
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| Crude Oil · Operating Segments | 291 | 292 | -0.3% |
| NGL · Operating Segments | 10 | 8 | +25.0% |
| General & Administrative | 81 | 85 | -4.7% |
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| Crude Oil · Operating Segments | 76 | 79 | -3.8% |
| NGL · Operating Segments | 5 | 6 | -16.7% |
| Depreciation & Amortization | 243 | 232 | +4.7% |
| Gain Loss On Sales Of Assets And Asset Impairment Charges | -53 | -13 | -307.7% |
| Total Costs & Expenses | 12,065 | 11,121 | +8.5% |
| Operating Income | 405 | 356 | +13.8% |
| Income Loss From Equity Method Investments | 89 | 103 | -13.6% |
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| Crude Oil · Operating Segments | 89 | 103 | -13.6% |
| Interest Expense | -167 | -127 | -31.5% |
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| Related Party Promissory Notes · PAGP | -23 | -20 | -15.0% |
| Other Non-Operating Income (Expense) | 8 | 26 | -69.2% |
| Income Before Taxes | 335 | 389 | -13.9% |
| Current Income Tax Expense Benefit | -216 | -7 | -2985.7% |
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| Plains Canada Liquid Pipelines ULC · Discontinued Operations Heldforsale | -216 | — | — |
| Deferred Income Taxes | 215 | -2 | +10850.0% |
| Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest | 334 | 380 | -12.1% |
| Income Loss From Discontinued Operations Net Of Tax | -103 | 136 | -175.7% |
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| Discontinued Operations Heldforsale · NGL Business | -103 | 136 | -175.7% |
| Net Income | 231 | 516 | -55.2% |
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| Common Units · Parent | 100 | 386 | -74.1% |
| Series A Preferred Units · Parent | 36 | 39 | -7.7% |
| Series B Preferred Units · Parent | 16 | 18 | -11.1% |
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| Noncontrolling Interest | 79 | 73 | +8.2% |
| Parent | 152 | 443 | -65.7% |
| Net Income Loss Attributable To Noncontrolling Interest | -79 | -73 | -8.2% |
| Net Income | 152 | 443 | -65.7% |
| Net Income Loss From Continuing Operations Allocated To Common Unitholders Basic (Q) | — | — | — |
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| Common Units | 203 | 207 | -1.9% |
| Net Income Loss From Continuing Operations Allocated To Common Unitholders Diluted (Q) | — | — | — |
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| Common Units | 203 | 207 | -1.9% |
| Net Income Loss From Discontinued Operations Allocated To Common Unitholders Basic (Q) | — | — | — |
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| Common Units | -103 | 136 | -175.7% |
| Net Income Loss From Discontinued Operations Allocated To Common Unitholders Diluted (Q) | — | — | — |
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| Common Units | -103 | 136 | -175.7% |
| Net Income Loss Allocated To Common Unitholders Basic (Q) | — | — | — |
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| Common Units | 100 | 343 | -70.8% |
| Net Income Loss Allocated To Common Unitholders Diluted (Q) | — | — | — |
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| Common Units | 100 | 343 | -70.8% |
| Weighted Average Limited Partnership Units Outstanding (Q) | — | — | — |
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| Common Units | 706 | 704 | +0.3% |
| Weighted Average Limited Partnership Units Outstanding Diluted (Q) | — | — | — |
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| Common Units | 706 | 704 | +0.3% |
| Income Loss From Continuing Operations Per Outstanding Limited Partnership Unit Basic Net Of Tax (Q) | — | — | — |
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| Common Units | 0.29 | 0.3 | -3.3% |
| Income Loss From Continuing Operations Net Of Tax Per Outstanding Limited Partnership Unit Diluted (Q) | — | — | — |
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| Common Units | 0.29 | 0.3 | -3.3% |
| Income Loss From Discontinued Operations Net Of Tax Per Outstanding Limited Partnership Unit Basic (Q) | — | — | — |
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| Common Units | -0.15 | 0.19 | -178.9% |
| Income Loss From Discontinued Operations Net Of Tax Per Outstanding Limited Partnership Unit Diluted1 (Q) | — | — | — |
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| Common Units | -0.15 | 0.19 | -178.9% |
| Net Income Loss Per Outstanding Limited Partnership Unit Basic Net Of Tax (Q) | — | — | — |
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| Common Units | 0.14 | 0.49 | -71.4% |
| Net Income Loss Net Of Tax Per Outstanding Limited Partnership Unit Diluted (Q) | — | — | — |
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| Common Units | 0.14 | 0.49 | -71.4% |
| Revenue (Q) | — | — | — |
Show Product Lines breakouts |
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| Product · Crude Oil | 12,012 | 11,008 | +9.1% |
| Product · NGL | 39 | 41 | -4.9% |
| Terminalling, Storage and Other · Crude Oil | 94 | 88 | +6.8% |
| Terminalling, Storage and Other · NGL | 2 | — | — |
| Transportation · Crude Oil | 338 | 312 | +8.3% |
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| Crude Oil · Operating Segments | 12,444 | 11,408 | +9.1% |
| NGL · Operating Segments | 41 | 41 | 0.0% |
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| Operating Segments | 12,485 | 11,449 | +9.0% |
| Other Revenue (Q) | — | — | — |
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| Crude Oil · Operating Segments | 104 | 31 | +235.5% |
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| Operating Segments | 104 | 31 | +235.5% |
| Income Tax Expense (Benefit) | -1 | -9 | +88.9% |
| Comprehensive Income | 103 | 448 | -77.0% |
| Preferred Stock Dividends Income Statement Impact (Q) | — | — | — |
Show Limited Partners Capital Account By Class breakouts |
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| Series A Preferred Units | -36 | -39 | +7.7% |
| Series B Preferred Units | -16 | -18 | +11.1% |
Balance Sheet
| Metric | Q1 2026 | Q1 2025 | YoY |
|---|---|---|---|
| Current Assets | |||
| Cash & Cash Equivalents | 171 | 427 | -60.0% |
| Receivables Net Current | 4,821 | 3,820 | +26.2% |
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| Affiliated Entity | 33 | 39 | -15.4% |
| Inventory | 380 | 335 | +13.4% |
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| Crude Oil | 350 | 221 | +58.4% |
| Natural Gas Liquids Reserves | 15 | 102 | -85.3% |
| Other | 15 | 12 | +25.0% |
| Assets Of Disposal Group Including Discontinued Operation Current | 602 | — | — |
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| Discontinued Operations Heldforsale · NGL Business | 602 | — | — |
| Other Assets Current | 190 | 153 | +24.2% |
| Total Current Assets | 6,164 | 4,735 | +30.2% |
| Non-Current Assets | |||
| Intangible Assets | 1,686 | 1,675 | +0.7% |
| Operating Lease Right-of-Use Assets | 197 | 321 | -38.6% |
| Inventory Noncurrent | 315 | 289 | +9.0% |
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| Crude Oil | 312 | 244 | +27.9% |
| Natural Gas Liquids Reserves | 3 | 45 | -93.3% |
| Disposal Group Including Discontinued Operation Assets Noncurrent | 2,537 | — | — |
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| Discontinued Operations Heldforsale · NGL Business | 2,537 | — | — |
| Other Non-Current Assets | 150 | 244 | -38.5% |
| Total Assets | 31,636 | 27,059 | +16.9% |
| Other Assets | |||
| Property Plant And Equipment And Finance Lease Right Of Use Asset Before Accumulated Depreciation And Amortization | 22,687 | 22,125 | +2.5% |
| Property Plant And Equipment And Finance Lease Right Of Use Asset Accumulated Depreciation And Amortization | -5,814 | -6,063 | +4.1% |
| Property Plant And Equipment And Finance Lease Right Of Use Asset After Accumulated Depreciation And Amortization | 16,873 | 16,062 | +5.0% |
| Equity Method Investments | 2,838 | 2,745 | +3.4% |
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| Crude Oil · Operating Segments | 2,838 | 2,745 | +3.4% |
| Linefill | 876 | 988 | -11.3% |
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| Crude Oil | 875 | 924 | -5.3% |
| Natural Gas Liquids Reserves | 1 | 64 | -98.4% |
| Current Liabilities | |||
| Accounts Payable Trade Current | 4,929 | 3,725 | +32.3% |
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| Affiliated Entity | 51 | 68 | -25.0% |
| Debt Current | 420 | 478 | -12.1% |
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| Other | 9 | 14 | -35.7% |
| Liabilities Of Disposal Group Including Discontinued Operation Current | 561 | — | — |
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| Discontinued Operations Heldforsale · NGL Business | 561 | — | — |
| Other Liabilities Current | 634 | 488 | +29.9% |
| Total Current Liabilities | 6,544 | 4,691 | +39.5% |
| Non-Current Liabilities | |||
| Senior Long Term Notes | 9,120 | 8,131 | +12.2% |
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| Senior Notes | 9,120 | 8,131 | +12.2% |
| Term Loan | 1,099 | — | — |
| Other Long Term Debt Noncurrent | 1,836 | 73 | +2415.1% |
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| Other Long Term Debt [Member] | 62 | 73 | -15.1% |
| Operating Lease Liabilities | 202 | 301 | -32.9% |
| Liabilities Of Disposal Group Including Discontinued Operation Noncurrent | 665 | — | — |
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| Discontinued Operations Heldforsale · NGL Business | 665 | — | — |
| Other Non-Current Liabilities | 449 | 1,003 | -55.2% |
| Liabilities Noncurrent | 12,272 | 9,508 | +29.1% |
| Long-Term Debt (Q) | — | — | — |
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| Commercial Paper | 675 | — | — |
| Stockholders' Equity | |||
| Total Liabilities & Equity | 31,636 | 27,059 | +16.9% |
| Limited Partners Capital Account (Q) | — | — | — |
Show Limited Partners Capital Account By Class breakouts |
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| Common Units | 7,565 | 7,600 | -0.5% |
| Series A Preferred Units | 1,249 | 1,245 | +0.3% |
| Series B Preferred Units | 787 | 787 | 0.0% |
| Partners Capital | 9,601 | 9,632 | -0.3% |
| Partners Capital Attributable To Noncontrolling Interest | 3,219 | 3,228 | -0.3% |
| Partners Capital Including Portion Attributable To Noncontrolling Interest | 12,820 | 12,860 | -0.3% |
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| Common Units · Parent | 7,565 | 7,600 | -0.5% |
| Series A Preferred Units · Parent | 1,249 | 1,245 | +0.3% |
| Series B Preferred Units · Parent | 787 | 787 | 0.0% |
Show Partner Capital Components breakouts |
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| Accumulated Foreign Currency Adjustment Including Portion Attributable To Noncontrolling Interest | -922 | -1,034 | +10.8% |
| Accumulated Gain Loss Cash Flow Hedge Including Noncontrolling Interest | -28 | -44 | +36.4% |
| Aoci Including Portion Attributable To Noncontrolling Interest | -945 | -1,078 | +12.3% |
| Noncontrolling Interest | 3,219 | 3,228 | -0.3% |
| Other | 5 | — | — |
| Parent | 9,601 | 9,632 | -0.3% |
Cash Flow Statement
| Metric | YTD Q1 2026 | YTD Q1 2025 | YoY |
|---|---|---|---|
| Operating Activities | |||
| Equity Method Investment Dividends Or Distributions | 97 | 125 | -22.4% |
| Other Non-Cash Items | 29 | 19 | +52.6% |
| Increase Decrease In Operating Capital | 54 | -182 | +129.7% |
| Net Cash Provided By Used In Operating Activities Continuing Operations | 400 | 429 | -6.8% |
| Cash Provided By Used In Operating Activities Discontinued Operations | 18 | 210 | -91.4% |
| Net Cash from Operations | 418 | 639 | -34.6% |
| Investing Activities | |||
| Payments To Acquire Businesses And Interest In Affiliates | -88 | -624 | +85.9% |
| Capital Expenditures | -130 | -140 | +7.1% |
| Cash Paid Related To Purchases Of Linefill | -2 | -6 | +66.7% |
| Proceeds From Sale Of Productive Assets | 3 | 3 | 0.0% |
| Net Cash Provided By Used In Investing Activities Continuing Operations | -217 | -1,097 | +80.2% |
| Cash Provided By Used In Investing Activities Discontinued Operations | -16 | -52 | +69.2% |
| Net Cash from Investing | -233 | -1,149 | +79.7% |
| Financing Activities | |||
| Proceeds From Repayments Of Commercial Paper | 116 | 71 | +63.4% |
| Distribution Made To Limited Partner Cash Distributions Paid (Q) | — | — | — |
Show Limited Partners Capital Account By Class breakouts |
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| Common Units | -295 | -267 | -10.5% |
| Series A Preferred Units | -36 | -46 | +21.7% |
| Series B Preferred Units | -17 | -18 | +5.6% |
| Payments Of Dividends Minority Interest | -103 | -132 | +22.0% |
| Proceeds From Payments For Other Financing Activities | -4 | -17 | +76.5% |
| Net Cash from Financing | -339 | 590 | -157.5% |
| Debt Repayments (Q) | — | — | — |
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| Line of Credit and Commercial Paper | 26.4 | 12.8 | +106.2% |
| Supplemental | |||
| Interest Paid | 183 | 128 | +43.0% |
| Income Taxes Paid | 28 | 27 | +3.7% |
| Other Cash Flow | |||
| Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents | -3 | -1 | -200.0% |
| Net Change in Cash | -157 | 79 | -298.7% |
| Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents | 171 | 427 | -60.0% |
Values in millions USD. Source: SEC EDGAR 10-Q filing.