PLAINS ALL AMERICAN PIPELINE LP

Overview

Plains All American Pipeline LP is a North American midstream energy partnership that provides logistics and infrastructure connecting energy-producing regions with markets. Its core business is crude-oil gathering, transportation, storage and terminal services, using pipelines and other transport modes; it also has U.S. natural gas liquids (NGL) assets.[1]+2 The company operates across the United States and Canada, including key producing basins and major market hubs.[1][3]

The company’s investor-relations site describes its purpose as “Delivering North American energy for what matters most.” [4] For scale, it reported consolidated revenue of $30.162 billion for the six months ended June 30, 2026; this is a half-year figure, not annual revenue.[5] [1]+4

Products & services

Plains All American Pipeline’s products and services are organized around crude oil and natural gas liquids (NGL). Its crude-oil offering includes transportation by pipeline, gathering, storage, marine-terminal and other terminalling services, and marketing and sale of crude oil it gathers or purchases in bulk. Transportation fees generally depend on volumes and receipt and delivery points; storage and terminal fees are generally based on leased capacity and throughput.[1]+2

The NGL business provides fee-based transportation, storage and terminalling, as well as storage and sale of specification NGL products. The company’s 2026 Q2 filing describes its retained NGL assets as U.S.-based, with storage and terminalling assets primarily in the Southwest; it completed the sale of substantially all its Canadian NGL assets on May 12, 2026.[7]+2

For the six months ended June 30, 2026, the company reported Crude Oil and NGL as separate segments, with segment revenue divided into product sales and services revenue. Crude Oil reported $29,396 million in product sales and $913 million in services revenue; continuing NGL reported $58 million and $3 million, respectively. Segment Adjusted EBITDA was $1,272 million for Crude Oil and negative $5 million for continuing NGL.[5] [1]+6

Geographic presence

Plains All American Pipeline’s operating footprint is centered on U.S. crude-oil gathering and transportation, with Permian Basin production connected to Cushing, Oklahoma, and to the Gulf Coast hubs of Corpus Christi and Houston, Texas. Its 2025 annual report described more than 2.8 million barrels per day of operational Permian takeaway capacity to those hubs.[10] Named routes include the Basin Pipeline, with origins in Jal, New Mexico, and Wink and Midland, Texas, and Texas systems connecting Midland-area production through to Houston and Corpus Christi.[11]+5 The Eagle Ford system also connects production to Corpus Christi and Houston-area refining and terminal markets.[17][18]

Plains’ principal executive office is in Houston, Texas.[19] Its Canadian NGL assets, including facilities in Alberta and infrastructure extending into Saskatchewan and Manitoba, were sold on May 12, 2026; those locations therefore describe a divested business rather than Plains’ current footprint.[20]+3 The 2025 annual report presents segments by product rather than geographic region, and does not provide a geographic revenue breakdown in the cited segment disclosure.[23] [10]+14

Business segments

Plains All American Pipeline LP reports two operating and reportable segments, organized by product: **Crude Oil** and **NGL**. The Crude Oil segment encompasses crude-oil pipelines, storage and marine terminals, together with related marketing activities that support asset utilization and volumes handled. The NGL segment includes NGL storage and terminal facilities, fee-based customer services, and the transportation, storage and sale of specification NGL products; its assets are primarily in the Southwestern United States.[23][8]

In the 2025 reporting year, Crude Oil generated approximately **99.7%** of consolidated revenue ($44,131 million), while NGL generated approximately **0.3%** ($151 million). These estimates use consolidated revenue of $44,262 million as the denominator; the reported segment revenues include $20 million of intersegment eliminations.[24] On the segments’ combined Adjusted EBITDA of $2,310 million, Crude Oil contributed about **101.5%** ($2,344 million) and NGL about **negative 1.5%** (a loss of $34 million). These are shares of segment Adjusted EBITDA, not GAAP operating income.[24] The filing also discusses Canadian NGL activities, but does not identify them as a third reportable segment.[23][25] [23]+3

Company history

Plains All American Pipeline traces its roots to Plains Resources, which began as an oil-and-gas exploration company in 1981. Plains Resources established a midstream subsidiary in 1993, and Plains All American Pipeline, L.P. was formed in November 1998 to acquire those midstream assets; it completed an initial public offering that year.[26][27]

The partnership expanded through acquisitions, including Murphy Oil’s Canadian midstream assets in 2001, pipeline interests and operations in 2004, and the merger with Pacific Energy Partners in 2006. It completed the acquisition of BP’s Canadian natural-gas-liquids business in 2012 and added the Alpha Crude Connector system in 2017.[26]+2

In 2018, Greg Armstrong retired as chief executive and Willie Chiang succeeded him. In 2025, Plains agreed to sell its Canadian NGL business to Keyera; the transaction closed in May 2026.[30][7] [7]+5

Sources

• PLAINS ALL AMERICAN PIPELINE LP — Full financial report (2026 Q 2)
  7 citations

  [1][2][3][5][6][7][9]
• ir.plains.com[4]
• PLAINS ALL AMERICAN PIPELINE LP — Full financial report (2025 Y)
  17 citations

  [8][10][11][12][13][14][15][16][17][18][19][20][21][22][23][24][25]
• www.plains.com[26]
• s3.amazonaws.com[27]
• www.sec.gov[28]
• s3.amazonaws.com[29]
• www.sec.gov[30]