Plains All American Pipeline LP (PAA) News & EventsPAANews & EventsPlains All American Pipeline LP

Cactus Reports Q2 Revenue of $17.69B, Beating Expectations

Reports Q2 revenue $17.69B, consensus $12.72B. "Strong results in the quarter mark a significant improvement from first quarter levels and place us on-track to deliver on our full-year Adjusted EBITDA guidance. Year-to-date we are on pace to accomplish all three key initiatives outlined for 2026. In May, we successfully closed on the sale of our Canadian NGL business, completing a transition to a premier pure play crude oil midstream provider. Proceeds from the NGL sale were used to bring our leverage ratio back within our established target range. Cactus III synergies have been captured and we are now seeing additional upside potential from expanding the capacity of the pipeline by 75 Mbbl/d. Finally, we remain on-track to capture streamlining efficiencies throughout the organization this year. The combination of these key initiatives along with contributions from new organic investment opportunities and Permian volume growth provides momentum for the organization heading into 2027. The oil macro environment remains volatile but our well positioned asset footprint, integrated business model, and commercial relationships position us well to capture opportunities across our portfolio," said Willie Chiang, Chairman, CEO and President.

Plains All American Updates 2026 Capital Spending Guidance to $450 Million

Plains All American (PAA) and Plains GP Holdings (PAGP) are providing an update to capital spending guidance for 2026. Plains expects growth capital spending to increase from approximately $350M to a range of $400M to $450M net to PAA in 2026. Maintenance capital is expected to remain approximately $185M net to PAA this year. "The oil macro environment has improved significantly since the beginning of the year, and customer activity and interest has allowed us to advance several high return projects. We believe tightened global crude oil supply and demand balances have increased demand for North American hydrocarbons. Our company is uniquely positioned to facilitate this growth with approximately 1.2 million barrels a day of crude oil purchases and direct connectivity to global export markets. The macro backdrop should result in an uplift in the value of energy infrastructure assets and support our continued commitment to increase return of capital to unitholders," said Willie Chiang, chairman, CEO and president.

Keyera Completes Acquisition of Plains' Canadian Natural Gas Liquids Business for $5.3B

Keyera Corp. (KEYUF) announced the closing of its previously announced acquisition of substantially all of Plains' (PAA) Canadian natural gas liquids business for $5.3B including closing adjustments. The Transaction closed in its entirety on May 12, 2026. The Transaction was funded through previously issued subscription receipts, cash on hand and previously issued debt financing. Upon closing, each outstanding subscription receipt was automatically converted, without additional consideration, into one Keyera common share in accordance with its terms. The company said, " As previously disclosed, the Commissioner of Competition has filed an application with the Competition Tribunal in connection with the Transaction. Keyera disagrees with the Commissioner's assertions and characterization of the Transaction and intends to respond through the Competition Tribunal process. The Company remains confident that the Transaction strengthens competition across the basin by creating a more efficient Canadian-based competitor with expanded connectivity and market access capabilities. Under the Competition Tribunal process, Keyera has 45 days to file its response to the application, after which the Commissioner will have an opportunity to reply. The Competition Tribunal will then establish the schedule for the proceeding. While timelines may vary depending on the nature and complexity of the matter, proceedings before the Competition Tribunal can extend over a number of months. Keyera remains confident in both the strength of its defense and the strategic and financial merits of the Transaction."