Plains All American Pipeline Lp
PLAINS ALL AMERICAN PIPELINE LP is classified under Energy / Integrated Oil & Gas and appears profitable on the latest normalized snapshot.
Business. PLAINS ALL AMERICAN PIPELINE LP (PAA) is an integrated oil and gas company operating within the Energy sector. The firm is headquartered in the United States and is primarily listed on the Nasdaq stock exchange. Specific details regarding its operating segments and geographic mix are not provided in the available data.
Analyst recommendations
20 analysts · consensus BuyAt a glance
What drives this business
The watch-list the newsroom runs for this company — derived from its sector path, sharpened layer by layer. Not investment advice.
News & coverage
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Upcoming catalysts
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- Company
- EarningsQ3 2026 earnings (expected)2026-10-28 · estimated
- Peers
- EarningsQ3 2026 earnings (expected)2026-10-28 · estimated · BP (BP)
- EarningsQ3 2026 earnings (expected)2026-10-30 · estimated · Chevron (CVX)
- Macro
- Rate decisionBank of England rate decision (press conf.)2026-08-06 · GB
- Rate decisionReserve Bank of Australia rate decision (press conf.)2026-08-12 · AU
- Rate decisionNorges Bank rate decision (press conf.)2026-08-20 · NO
- Rate decisionSveriges Riksbank rate decision (press conf.)2026-09-03 · SE
- Rate decisionBank of Canada rate decision (press conf.)2026-09-09 · CA
- Rate decisionEuropean Central Bank rate decision (press conf.)2026-09-10 · EU
- Macro & political
- ElectionSE Swedish Election2026-09-14 · SE
- ElectionUS U.S. Midterms2026-11-03 · US
- ElectionFR French Legislative2027-06-01 · FR
- Congressional trades
- CongressVirginia Foxx — Plains All American Pipeline, L.P.2023-10-03 · Republican · NC · Sale · $15,001 - $50,000
- CongressVirginia Foxx — Plains All American Pipeline, L.P.2023-03-24 · Republican · NC · Purchase · $15,001 - $50,000
- CongressVirginia Foxx — Plains All American Pipeline, L.P.2022-06-23 · Republican · NC · Sale · $100,001 - $250,000
- CongressVirginia Foxx — Plains All American Pipeline, L.P.2022-05-16 · Republican · NC · Purchase · $1,001 - $15,000
Pre-earnings brief
Plains All American Pipeline LP (PAA) has expanded its operating infrastructure with the addition of several notable oil and oil/NGL pipeline assets. The most significant additions include the Plains West Coast Pipeline in the United States, which brings 235,000 barrels per day (bpd) of oil capacity online, and the Rangeland Pipeline in Canada, adding 85,000 bpd of oil capacity. These assets are now recorded as operating, marking a tangible increase in the company’s midstream throughput capabilities. Further bolstering its network, PAA has also added the Wascana Pipeline in Canada, contributing an additional 40,000 bpd of oil capacity. Alongside these pipeline expansions, the company has incorporated the Plains Marketing - Major Oil and Gas Asset located in Oklahoma, United States, into its operating portfolio. This asset is classified under oil and gas extraction, indicating a diversification or reinforcement of its upstream or marketing-related operational footprint. The inclusion of the Capline Oil Pipeline, also listed as an operating asset, rounds out this wave of infrastructure additions. While specific capacity figures for the Capline and the Oklahoma extraction asset are not detailed in the current data, their status as operating assets underscores a broad-based expansion of PAA’s physical network across both the United States and Canada. This expansion is particularly material as it represents the first analysis for this ticker, meaning there is no prior basis for computing deltas against previous periods. With 19 top holders tracking the company, these additions to the operating asset base provide a new baseline for evaluating PAA’s scale and geographic reach. The simultaneous addition of multiple operating pipelines suggests a concerted effort to enhance volume handling capacity in key North American markets.
Signals & dispatch
Composite-score breakdown
Synthesis
PLAINS ALL AMERICAN PIPELINE LP (PAA) is an integrated oil and gas company operating within the Energy sector. The firm is headquartered in the United States and is primarily listed on the Nasdaq stock exchange. Specific details regarding its operating segments and geographic mix are not provided in the available data.
PLAINS ALL AMERICAN PIPELINE LP (PAA) is currently classified as Integrated Oil & Gas within Integrated Oil & Gas (Energy). Classification confidence: 0.98 (rule-based classification). Capital structure on the latest snapshot: total assets 31,636,000,000 USD, total equity 0, short-term debt 0, long-term debt 10,956,000,000. Net cash position is approximately -10,785,000,000 USD. Profitability profile: revenue 12,470,000,000, gross profit 0, operating income 405,000,000, net income 152,000,000. Return on assets ~4.5%. Operating-cash-flow to net-income ratio is 2.05. Risk profile from automated assessment: liquidity risk high, dilution risk unknown. Flags: Current liabilities exceed current assets.; Net cash is negative after subtracting total debt.; Dilution risk could not be assessed (basic + diluted share counts missing).. Recent news context: [TRIGGER] asset_event: asset_event fired on PAA — detail={'after': {'name': 'Capline Oil Pipeline', 'status': 'operating', 'country': 'United States', 'asset_id': '132af3ec-3718-4ba8-b6d1-e3d20df31724', 'commodity': 'Oil', 'asset_type': 'oil_ngl_pipeline', 'asset_subtype': 'Oil', 'capacity_unit': 'bpd', 'capacity_value': 300000.0}}; source=ref_watcher; severity=notable; entity_key=f3a1506b-531e-4163-92dd-0a44354d31d0; change_type=add; ref_event_id=36878; watcher_kind=asset_event; contributing_watchers=asset_event, asset_event, asset_event, asset_event, asset_event, asset_event (source=ref_watcher; url=65570608-ae47-4696-a065-c43ac0526bee). Additional context: asset_event: detail={'after': {'name': 'Capline Oil Pipeline', 'status': 'operating', 'country': 'United States', 'asset_id': '132af3ec-3718-4ba8-b6d1-e3d20df31724', 'commodity': 'Oil', 'asset_type': 'oil_ngl_pipeline', 'asset_subtype': 'Oil', 'capacity_unit': 'bpd', 'capacity_value': 300000.0}}; source=ref_watcher; severity=notable; entity_key=f3a1506b-531e-4163-92dd-0a44354d31d0; change_type=add; ref_event_id=36878; watcher_kind=asset_event; contributing_watchers=asset_event, asset_event, asset_event, asset_event, asset_event, asset_event. Comparable peers identified within the same class: Chevron, Shell, BP.
Plains All American Pipeline LP (PAA) has expanded its operating infrastructure with the addition of several notable oil and oil/NGL pipeline assets. The most significant additions include the Plains West Coast Pipeline in the United States, which brings 235,000 barrels per day (bpd) of oil capacity online, and the Rangeland Pipeline in Canada, adding 85,000 bpd of oil capacity. These assets are now recorded as operating, marking a tangible increase in the company’s midstream throughput capabilities. Further bolstering its network, PAA has also added the Wascana Pipeline in Canada, contributing an additional 40,000 bpd of oil capacity. Alongside these pipeline expansions, the company has incorporated the Plains Marketing - Major Oil and Gas Asset located in Oklahoma, United States, into its operating portfolio. This asset is classified under oil and gas extraction, indicating a diversification or reinforcement of its upstream or marketing-related operational footprint. The inclusion of the Capline Oil Pipeline, also listed as an operating asset, rounds out this wave of infrastructure additions. While specific capacity figures for the Capline and the Oklahoma extraction asset are not detailed in the current data, their status as operating assets underscores a broad-based expansion of PAA’s physical network across both the United States and Canada. This expansion is particularly material as it represents the first analysis for this ticker, meaning there is no prior basis for computing deltas against previous periods. With 19 top holders tracking the company, these additions to the operating asset base provide a new baseline for evaluating PAA’s scale and geographic reach. The simultaneous addition of multiple operating pipelines suggests a concerted effort to enhance volume handling capacity in key North American markets.
- [TRIGGER] asset_event: asset_event fired on PAA — detail={'after': {'name': 'Capline Oil Pipeline', 'status': 'operating', 'country': 'United States', 'asset_id': '132af3ec-3718-4ba8-b6d1-e3d20df31724', 'commodity': 'Oil', 'asset_type': 'oil_ngl_pipeline', 'asset_subtype': 'Oil', 'capacity_unit': 'bpd', 'capacity_value': 300000.0}}; source=ref_watcher; severity=notable; entity_key=f3a1506b-531e-4163-92dd-0a44354d31d0; change_type=add; ref_event_id=36878; watcher_kind=asset_event; contributing_watchers=asset_event, asset_event, asset_event, asset_event, asset_event, asset_event (source=ref_watcher; url=65570608-ae47-4696-a065-c43ac0526bee)
- Likely peers from the same classification include Chevron, Shell, BP.
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2026-03-31 0001070423 us-gaap:OperatingSegmentsMember paa:CrudeOilSegmentMember 2026-03-31 0001070423 us-gaap:OperatingSegmentsMember paa:NaturalGasLiquidsSegmentMember 2026-03-31 0001070423 us-gaap:IntersegmentEliminationMember us-gaap:ProductMember 2025-01-01 2025-03-31 0001070423 us-gaap:OperatingSegmentsMember us-gaap:ServiceMember paa:CrudeOilSegmentMember 2025-01-01 2025-03-31 0001070423 us-gaap:OperatingSegmentsMember paa:CrudeOilSegmentMember 2025-12-31 0001070423 us-gaap:OperatingSegmentsMember paa:NaturalGasLiquidsSegmentMember 2025-12-31 Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C.
- Inventory, Linefill and Long-term Inventory 17 6.
Bull / Bear case
Generated · model-assistedNet income surged 111% year-over-year to $1.4 billion, demonstrating significant profitability growth despite revenue fluctuations.
Operating income increased 48.1% to $1.4 billion, indicating strong operational efficiency and core business performance improvement.
Free cash flow rose to $2.3 billion, providing substantial liquidity for dividends, debt reduction, or strategic investments.
Analysts project 10.1% upside to a mean price target of $23.48, signaling positive market sentiment.
High liquidity and credit risk flags suggest potential difficulties in meeting short-term obligations or refinancing debt.
Long-term debt increased to $10.7 billion, raising concerns about leverage and interest expense burden.
Current ratio of 0.96 indicates potential liquidity constraints, as current assets do not fully cover current liabilities.
In focus — financials by report
Revenue $12.47B; Operating income $405.0M.
- ▍Revenue $12.47B
- ▍Operating income $405.0M
- ▍Net margin 1.2%
Revenue $33.70B; Operating income $1.08B.
- ▍Revenue $33.70B
- ▍Operating income $1.08B
- ▍Net margin 3.2%
Revenue $22.12B; Operating income $594.0M.
- ▍Revenue $22.12B
- ▍Operating income $594.0M
- ▍Net margin 3.0%
Revenue $44.26B; Operating income $1.43B.
- ▍Revenue $44.26B
- ▍Operating income $1.43B
- ▍Net margin 3.2%
Revenue $11.58B; Operating income $484.0M.
- ▍Revenue $11.58B
- ▍Operating income $484.0M
- ▍Net margin 3.8%
Revenue $10.64B; Operating income $239.0M.
- ▍Revenue $10.64B
- ▍Operating income $239.0M
- ▍Net margin 2.0%
Revenue $11.48B; Operating income $354.0M.
- ▍Revenue $11.48B
- ▍Operating income $354.0M
- ▍Net margin 3.9%
Revenue $50.07B; Operating income $1.18B.
- ▍Revenue $50.07B
- ▍Operating income $1.18B
- ▍Net margin 1.5%
Valuation FY
Revenue by segment
Business relationships
Supply chain
Peer comparison
Market position
Stress test
Predictor forecast
| Metric | Our forecast | Guidance | Consensus |
|---|---|---|---|
| EPS | —no estimate | —no estimate | 1,55 |
| Revenue | —no estimate | —no estimate | 50,5B USD |
| Operating income | —no estimate | —no estimate | 1,9B USD |
Options
Short squeeze
Earnings-call key lines
Consensus distribution
sell-side coverageEstimate revisions
consensus EPS · 26-week trendSell-side observations
Themes
ESG
Risk factors
- Current liabilities exceed current assets.
- Net cash is negative after subtracting total debt.
Benchmarks vs cohort
Corporate actions / M&A
FX exposure
Comparable transactions
Derivatives & instruments
Derivative transactions
- Sr. VP Finance & CAO · Phantom Units → Common UnitsAcquired 32 750grant · 2025-08-14
- Sr. VP Finance & CAO · Phantom Units → Common UnitsDisposed 65 796exercise · 2025-08-14
- Director, Chairman & CEO · Phantom Units → Common UnitsAcquired 500 000grant · 2025-08-14
- Director, Chairman & CEO · Phantom Units → Common UnitsDisposed 500 000disposition · 2025-08-14
- Director, Chairman & CEO · Phantom Units → Common UnitsAcquired 417 350grant · 2025-08-14
- Director, Chairman & CEO · Phantom Units → Common UnitsDisposed 561 055exercise · 2025-08-14
- EVP & COO · Phantom Units → Common UnitsAcquired 327 350grant · 2025-08-14
- EVP & COO · Phantom Units → Common UnitsAcquired 144 900grant · 2025-08-14
- EVP & COO · Phantom Units → Common UnitsDisposed 227 864exercise · 2025-08-14
- EVP & CCO · Phantom Units → Common UnitsAcquired 545 550grant · 2025-08-14
- EVP & CCO · Phantom Units → Common UnitsAcquired 144 900grant · 2025-08-14
- EVP & CCO · Phantom Units → Common UnitsDisposed 227 864exercise · 2025-08-14
- EVP & CFO · Phantom Units → Common UnitsDisposed 176 731exercise · 2025-08-14
- EVP, General Counsel & Sec. · Phantom Units → Common UnitsAcquired 122 650grant · 2025-08-14
- EVP, General Counsel & Sec. · Phantom Units → Common UnitsDisposed 176 731exercise · 2025-08-14
- EVP & CFO · Phantom Units → Common UnitsAcquired 108 850grant · 2025-08-14
Physical assets
46 tracked| Asset | Type | Commodity | Country | Role |
|---|---|---|---|---|
| Advantage Oil Pipeline | Oil ngl pipeline | Oil | United States | Registered owner |
| Avalon Oil Pipeline | Oil ngl pipeline | Oil | United States | Registered owner |
| Avalon Oil Pipeline | Oil ngl pipeline | Oil | United States | Registered owner |
| Basin Oil Pipeline | Oil ngl pipeline | Oil | United States | Registered owner |
| Basin Oil Pipeline | Oil ngl pipeline | Oil | United States | Registered owner |
| Basin Oil Pipeline | Oil ngl pipeline | Oil | United States | Registered owner |
| Blacktip Station Loop Pipeline | Oil ngl pipeline | Oil | United States | Registered owner |
| BridgeTex Oil Pipeline | Oil ngl pipeline | Oil | United States | Registered owner |
| BridgeTex Oil Pipeline | Oil ngl pipeline | Oil | United States | Registered owner |
| BridgeTex Oil Pipeline | Oil ngl pipeline | Oil | United States | Registered owner |
| Cactus II Oil Pipeline | Oil ngl pipeline | Oil | United States | Registered owner |
| Cactus III Oil Pipeline | Oil ngl pipeline | Oil | United States | Registered owner |
| Cactus III Pipeline (EPIC Oil Pipeline) | Oil ngl pipeline | Oil | United States | Registered owner |
| Cactus Oil Pipeline | Oil ngl pipeline | Oil | United States | Registered owner |
| Cactus Oil Pipeline | Oil ngl pipeline | Oil | United States | Registered owner |
| Capline Oil Pipeline | Oil ngl pipeline | Oil | United States | Registered owner |
| Capline Oil Pipeline | Oil ngl pipeline | Oil | United States | Registered owner |
| Capline Oil Pipeline | Oil ngl pipeline | Oil | United States | Registered owner |
| Co-Ed System NGL pipeline | Oil ngl pipeline | Ngl | Canada | Registered owner |
| Diamond Oil Pipeline | Oil ngl pipeline | Oil | United States | Registered owner |
| Eagle Ford JV Pipeline System | Oil ngl pipeline | Oil | United States | Registered owner |
| Eagle Ford JV Pipeline System | Oil ngl pipeline | Oil | United States | Registered owner |
| Manito Oil Pipeline | Oil ngl pipeline | Oil | Canada | Registered owner |
| Oryx Pipeline System | Oil ngl pipeline | Oil | United States | Registered owner |
| Oryx Pipeline System | Oil ngl pipeline | Oil | United States | Registered owner |
| PTC NGL Pipeline | Oil ngl pipeline | Ngl | Canada | Registered owner |
| Pinon Oil Pipeline | Oil ngl pipeline | Oil | United States | Registered owner |
| Plains Marketing - Dewey Oil and Gas Asset (Oklahoma, United States) | Oil gas extraction | Oil And Gas | United States | Operating company |
| Plains Marketing - Major Oil and Gas Asset (Oklahoma, United States) | Oil gas extraction | Oil And Gas | United States | Operating company |
| Plains West Coast Pipeline | Oil ngl pipeline | Oil | United States | Registered owner |
| Rainbow Oil Pipeline | Oil ngl pipeline | Oil | Canada | Registered owner |
| Rangeland Pipeline | Oil ngl pipeline | Oil | Canada | Registered owner |
| Red Oak Oil Pipeline | Oil ngl pipeline | Oil | United States | Registered owner |
| Red River Oil Pipeline | Oil ngl pipeline | Oil | United States | Registered owner |
| Red River Oil Pipeline | Oil ngl pipeline | Oil | United States | Registered owner |
| South Saskatchewan oil pipeline | Oil ngl pipeline | Oil | Canada | Registered owner |
| South Saskatchewan oil pipeline | Oil ngl pipeline | Oil | Canada | Registered owner |
| State Line Oil Pipeline | Oil ngl pipeline | Oil | United States | Registered owner |
| Sunrise Pipeline System | Oil ngl pipeline | Oil | United States | Registered owner |
| Sunrise Pipeline System | Oil ngl pipeline | Oil | United States | Registered owner |
| Wascana Pipeline | Oil ngl pipeline | Oil | Canada | Registered owner |
| White Cliffs Oil Pipeline | Oil ngl pipeline | Oil | United States | Registered owner |
| White Cliffs Oil Pipeline | Oil ngl pipeline | Oil | United States | Registered owner |
| White Cliffs Oil Pipeline | Oil ngl pipeline | Oil | United States | Registered owner |
| White Cliffs Oil Pipeline | Oil ngl pipeline | Oil | United States | Registered owner |
| Wink to Webster Pipeline | Oil ngl pipeline | Oil | United States | Registered owner |
Actions
Ask Handelsavisen
- Market data
- Regulatory filings
- Issuer disclosures
- Public news
- Earnings transcripts
- Consensus estimates
- ESG data
- Reference data
- Cash Conversion Ratiooperating_cash_flow / net_income
- Return On Assetsnet_income / total_assets
- Net Cashcash_and_equivalents + short_term_investments - short_term_debt - long_term_debt
- Market Priceinput from market-data provider (delayed close or quote-shim mid)
- Capex To Revenuecapital_expenditure / revenue
- PLAINS ALL AMERICAN PIPELINE LP company facts · 2026-07-17
- PLAINS ALL AMERICAN PIPELINE LP 10-Q 2026-05-08 · 2026-07-17
- PLAINS ALL AMERICAN PIPELINE LP 10-K 2026-02-27 · 2026-07-17
- PLAINS ALL AMERICAN PIPELINE LP 10-Q 2025-11-07 · 2026-07-17
- PLAINS ALL AMERICAN PIPELINE LP 10-Q 2025-08-08 · 2026-07-17
- asset_event fired on PAA · 2026-07-17
- Plains All American Pipeline LP Market data — analyst estimates · 2026-07-17
- Plains All American Pipeline LP Market data — ESG · 2026-07-17
- PLAINS ALL AMERICAN PIPELINE LP HA canonical relationships · 2026-07-17
- Plains All American Pipeline LP — company reference export (2026-07-05) · 2026-07-17
Ownership & reference
Top holders
- Funds · as of 2026-03-310,11 %$745M
- Investment Managers · as of 2026-03-310,05 %$369M
- Investment Managers · as of 2026-03-310,03 %$196M
- Investment Managers · as of 2026-03-310,02 %$255M
- Brokerage Firms · as of 2026-03-310,01 %$35M
- Brokerage Firms · as of 2026-03-310,01 %$19M
- Investment Managers · as of 2026-03-310,01 %$8M
- Investment Managers · as of 2026-03-310,00 %$17M
- Investment Managers · as of 2026-03-310,00 %$4M
- Investment Managers · as of 2026-03-310,00 %$3M
- Investment Managers · as of 2024-12-310,00 %$4M
- Investment Managers · as of 2026-03-310,00 %$13M
- Investment Managers · as of 2026-03-310,00 %$5M
- Institutional Investor · as of 2026-03-310,00 %$3M
- Institutional Investor · as of 2026-03-310,00 %$10M
- Institutional Investor · as of 2026-03-310,00 %$1M
- Institutional Investor · as of 2026-03-310,00 %$0M
- Investment Managers · as of 2026-03-310,00 %$0M
- Investment Managers · as of 2024-06-300,00 %$4M
Insider activity
- Director · Common UnitsSold 2 346 @ $21,95$51K · 2026-06-29
- EVP & COO · Common UnitsOther 89 665 @ $17,78$1,6M · 2025-08-14
- Director, Chairman & CEO · Common UnitsOther 561 055 · 2025-08-14
- Director, Chairman & CEO · Common UnitsOther 220 776 @ $17,78$3,9M · 2025-08-14
- EVP & CFO · Common UnitsOther 176 731 · 2025-08-14
- EVP, General Counsel & Sec. · Common UnitsOther 176 731 · 2025-08-14
- EVP & CFO · Common UnitsOther 69 544 @ $17,78$1,2M · 2025-08-14
- EVP, General Counsel & Sec. · Common UnitsOther 69 544 @ $17,78$1,2M · 2025-08-14
- Director, 10% owner · Common Units (Limited Partner Interests)Other 144 500 · 2025-08-14
- Sr. VP Finance & CAO · Common UnitsOther 65 796 · 2025-08-14
- Sr. VP Finance & CAO · Common UnitsOther 23 284 @ $17,78$414K · 2025-08-14
- EVP & CCO · Common UnitsOther 227 864 · 2025-08-14
- EVP & CCO · Common UnitsOther 89 665 @ $17,78$1,6M · 2025-08-14
- EVP & CCO · Common UnitsOther 138 199 · 2025-08-14
- EVP & COO · Common UnitsOther 227 864 · 2025-08-14
Short positioning
Geographic breakdown
Intel & risk
Evidence & claims
From filings & derived data- Cost of revenue (annual): USD 40.43BUnknown
- Revenue (annual): USD 44.26BUnknown
- Total assets (annual): USD 30.17BUnknown
- Current liabilities (annual): USD 4.93BUnknown
- Cash & equivalents (annual): USD 328MUnknown
- Net income (annual): USD 1.77BUnknown
- Current assets (annual): USD 4.73BUnknown
- Operating income (annual): USD 1.43BUnknown
- Operating cash flow (annual): USD 2.94BUnknown
- Capex (annual): USD 643MUnknown
- Pre-tax income (annual): USD 1.4BUnknown
- Operating income (YoY) (2025-12-31 vs 2024-12-31): 65.2%Derived (calculated)
- Net margin (FY 2025-12-31): 4.0%Derived (calculated)
- Return on assets (FY 2025-12-31): 5.9%Derived (calculated)
- Current ratio (FY 2025-12-31): 0.96xDerived (calculated)
- Capex (YoY) (2025-12-31 vs 2024-12-31): 43.5%Derived (calculated)
- Cash & equivalents (YoY) (2025-12-31 vs 2024-12-31): -5.7%Derived (calculated)
- Cost of revenue (YoY) (2025-12-31 vs 2024-12-31): -10.5%Derived (calculated)
- Net income (YoY) (2025-12-31 vs 2024-12-31): 59.5%Derived (calculated)
- Operating cash flow (YoY) (2025-12-31 vs 2024-12-31): 17.9%Derived (calculated)
- Revenue (YoY) (2025-12-31 vs 2024-12-31): -9.5%Derived (calculated)
- Total assets (YoY) (2025-12-31 vs 2024-12-31): 13.6%Derived (calculated)
- Operating cash flow (annual): USD 2.49BUnknown
- Total assets (annual): USD 26.56BUnknown