Plains All American Pipeline, L.P. (PAA) Earnings Call Transcripts

Plains All American Pipeline, L.P.'s Latest Earnings Call - Q1 FY2026

In Q1 2026, Plains All American Pipeline (PAGP) reported adjusted EBITDA of $730 million, reflecting a robust performance amidst a volatile macro environment. The company increased its full-year 2026 adjusted EBITDA guidance by $130 million to $2.88 billion, driven by strong results in the NGL segment and strategic initiatives like the Cactus III acquisition. Revenue and earnings were positively impacted by geopolitical events that tightened global oil supply, enhancing commodity prices. Management's guidance revision and strategic focus on North American energy supply could be significant catalysts for the stock.

Reported metrics

Guidance from management

Plains raised its 2026 adjusted EBITDA guidance by $130 million to $2.88 billion, driven by NGL segment outperformance and strategic initiatives. The company expects to generate $1.85 billion in free cash flow.

What management said

Thanks, Willie. As we enter the Q&A session, please limit yourself to questions will allow us to address as many questions as possible from participants in our available time this morning. With that, Michelle, we're ready for questions.

Brandon, this is Jeremy. We're excited about the opportunities around our entire long-haul portfolio and are having constructive dialogue with existing customers and new customers looking for secure supply from the United States. So that results in some spot activity. But longer term, the expectation is to contract at higher rates than maybe before this would happen with potentially new counterparties. So that woul...

What analysts pressed on

Analysts questioned the sustainability of marketing opportunities and the impact of weather-related disruptions. Concerns were raised about the potential for increased Permian production and its effect on future guidance.

Main topics on the call

• Geopolitical Impact on Oil Prices — The closure of the Strait of Hormuz has disrupted global shipping, leading to stronger commodity prices. Management noted, 'We are seeing a more constructive oil market developing on a longer-term basis.'
• Increased EBITDA Guidance — The company raised its 2026 adjusted EBITDA guidance by $130 million to $2.88 billion, citing stronger-than-expected performance in the NGL segment and strategic initiatives.
• NGL Segment Performance — The NGL segment outperformed with adjusted EBITDA of $145 million due to higher straddle production and improving frac spreads. Management expects continued strong performance.
• Cactus III and Expansion Plans — The Cactus III acquisition contributed to Q1 results, and management is exploring phased expansion opportunities to match market demand.

Read the full Plains All American Pipeline, L.P. transcript (Q1 FY2026) → Summary generated from the call transcript; every figure above is stated by management on the record.

Earnings Call History

EarningsCalls.dev has 19 Plains All American Pipeline, L.P. earnings call transcripts on record, spanning February 4, 2020 to August 7, 2026. Based on this history, Plains All American Pipeline, L.P. reports semi-annually. The most recent call on file is dated August 7, 2026. The full list is below — each row opens the complete, free-to-read transcript.

Ticker

PAA

Exchange

NasdaqGS

Country

US

Sector

Energy

Industry

Oil, Gas and Consumable Fuels

Calls on record

19

First call

February 4, 2020

Most recent

August 7, 2026

Reporting cadence

semi-annually