Plains All American Pipeline (PAA)
NASDAQ:PAA
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Earnings Data
Report Date
Jul 31, 2026After Close (Confirmed)
Period Ending
2026 (Q2)Consensus EPS Forecast
0.39Last Year’s EPS
0.36Same Quarter Last Year
Moderate Buy
Based on 11 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call conveyed a predominantly positive tone: management reported strong Q1 results, raised full-year EBITDA guidance (up ~4.7%), demonstrated clear plans to deploy ~$3.3 billion of NGL sale proceeds to reduce leverage, and highlighted multiple operational and commercial drivers (Cactus III synergies, optimization captures, and cost-savings targets) supporting multi-year growth. Key risks include one-off weather and maintenance impacts (~$49 million), regulatory uncertainty around the Keyera transaction, current elevated pro forma leverage (4.1x) prior to NGL sale proceeds, and the effect of hedges limiting near-term upside from higher spot prices. Overall, the positives (upgraded guidance, strong cash flow, balance-sheet repair plan, and tangible operational gains) materially outweigh the lowlights.Company Guidance
Strong Quarterly EBITDA
Reported first quarter adjusted EBITDA attributable to Plains All American Pipeline, L.P. of $730 million, driven by crude oil segment EBITDA of $582 million and NGL segment EBITDA of $145 million.
Increased Full-Year 2026 Guidance
Raised the midpoint of full-year 2026 adjusted EBITDA guidance by $130 million to $2.88 billion, a ~4.7% increase versus the prior midpoint; drivers include NGL outperformance and captured optimization in the oil business.
NGL Outperformance and Updated Outlook
NGL segment outperformed in Q1 with $145 million of EBITDA and the company updated full-year NGL segment EBITDA guidance to $170 million; outperformance driven by higher straddle production, higher border flows, and improving frac spreads.
Material NGL Sale Proceeds and Balance Sheet Improvement
Expect net proceeds from the NGL sale of approximately $3.3 billion (about $100 million higher than prior estimate, ~3.1% increase). Pro forma leverage falls from 4.1x to ~3.5x on an NGL-sale pro forma basis, representing approximately a 0.6x (≈14.6%) reduction in leverage ratio.
Significant Free Cash Flow Generation
Forecasted adjusted free cash flow of $1.85 billion for 2026 (excluding changes in assets/liabilities and NGL sale proceeds), underpinning debt paydown and capital return priorities.
Cactus III and Optimization Benefits
Cactus III acquisition provided a full-quarter contribution to crude EBITDA; capture of optimization opportunities and tariff escalators increased oil segment guidance by $60 million. Cactus III also mitigated unitholder tax liability from the NGL divestiture, eliminating the need for a special distribution.
Disciplined Capital Allocation and CapEx Plan
Maintained growth capital at $350 million and adjusted maintenance capital to $185 million (reflecting ownership of NGL assets into May); company emphasizes disciplined returns-based investment and potential for both organic and inorganic opportunities.
Cost Reduction Targets
On track to capture $100 million of streamlining efficiencies through 2027 ($50 million expected in 2026 and an additional $50 million in 2027), with management confident in the plan.
Commercial Opportunity and Market Positioning
Management highlighted increased producer interest for connections, improved long‑haul margins, and the strategic positioning of North American infrastructure amid geopolitical-driven market dislocations, supporting potential multiyear growth.
PAA Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
PAA Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
May 08, 2026 | $22.09 | $21.72 | -1.67% |
Feb 06, 2026 | $19.61 | $19.05 | -2.85% |
Nov 05, 2025 | $15.79 | $15.72 | -0.42% |
Aug 08, 2025 | $16.79 | $16.78 | -0.06% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does Plains All American Pipeline (PAA) report earnings?
Plains All American Pipeline (PAA) is schdueled to report earning on Jul 31, 2026, After Close (Confirmed).
What is Plains All American Pipeline (PAA) earnings time?
Plains All American Pipeline (PAA) earnings time is at Jul 31, 2026, After Close (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is PAA EPS forecast?
PAA EPS forecast for the fiscal quarter 2026 (Q2) is 0.39.