Overview
- Plains All American reported $12.47 billion in revenue, topping the $11.49 billion estimate, while adjusted earnings were $0.39 per unit versus $0.41 expected.
- Net income fell to $152 million from $443 million a year ago, operating cash flow dropped to $418 million from $639 million, and adjusted EBITDA eased to $730 million from $754 million.
- The company raised its 2026 adjusted EBITDA midpoint to $2.88 billion, plus or minus $75 million, and lifted its adjusted free cash flow outlook to about $1.85 billion.
- Leaders said they aim to close a planned sale of the natural gas liquids business and target $100 million in benefits from Cactus III pipeline synergies and other system efficiencies.
- Growth spending stayed at $350 million and maintenance spending rose to $185 million due to continued NGL ownership through May, while the quarterly payout of $0.4175 per unit implies a yield near 7.5%.