Plains All American Pipeline, L.P.
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- Plains All American Pipeline, L.P., operating through its various entities, stands as a leading midstream energy company, primarily engaged in the transportation, terminalling, storage, and gathering of crude oil and natural gas liquids (NGL) across both the United States and Canada. The partnership primarily functions through two main operational divisions: Crude Oil and Natural Gas Liquids. The Crude Oil segment is responsible for the collection and movement of crude oil across its expansive pipeline network, complemented by truck transport, and occasionally utilizing barges or railcars. This division also delivers crucial terminalling, storage, and related infrastructure services, alongside merchant operations. Currently, this segment maintains an interest in over 18,000 miles of active crude oil pipelines and gathering systems. Its substantial commercial crude oil storage capacity totals approximately 75 million barrels, featuring key assets such as the Cushing Terminal, expanded to 27 million barrels, and the St. James Terminal, which provides 12.5 million barrels of storage on the Gulf Coast and includes a private dock. Important infrastructure further includes the Cactus II Pipeline System, operational since 2019, capable of moving 670,000 barrels of crude oil daily from Wink to Corpus Christi, Texas. The Plains Oryx Permian Basin joint venture, formed in 2021, also contributes significantly to crude oil capabilities with an approximate 5,500 miles of pipeline and 16.9 million barrels of operational storage capacity. Additionally, in 2025, PAA enhanced its crude oil midstream footprint by completing acquisitions to secure 100% ownership of EPIC Crude Holdings, LP. The Natural Gas Liquids segment focuses on natural gas processing, NGL fractionation, storage, transportation, and terminalling activities. This segment boasts NGL storage capacity of approximately 28 million barrels and operates five natural gas processing plants. However, a pivotal strategic decision was made in 2025 to divest most of its Canadian NGL business for an estimated $3.75 billion, a transaction projected to close in early 2026. This move is set to reshape PAA into a predominantly crude oil midstream enterprise, while retaining its U.S. NGL assets and Canadian crude oil operations. Generating revenue primarily through stable, fee-based services for transportation, terminalling, storage, and gathering, Plains All American plays a vital role in linking energy supply from major producing basins to key demand centers. The company was originally founded in 1981 and formally established as a publicly traded master limited partnership in 1998, with its headquarters situated in Houston, Texas. It operates as a subsidiary of Plains GP Holdings, L.P.
Company News
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Midstream Scales Up Natural Gas Infrastructure
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Plains All American Pipeline, L.P. Common Units (PAA) Q2 2026 Earnings Call Transcript
Plains All American Pipeline Q2 Earnings Call Highlights