Plains All American Pipeline

What Plains All American Pipeline does

Plains All American Pipeline, L.P. (NYSE: PAA) is a publicly traded Master Limited Partnership headquartered in Houston, Texas, that operates as an integrated midstream energy infrastructure provider focused on crude oil pipeline transportation, terminalling, storage, and gathering across North America. The company's core asset base includes long-haul crude oil pipelines such as Cactus II, Cactus III (formerly EPIC), Gray Oak, and Diamond, with systems anchored in the Permian and Delaware basins and extending to Gulf Coast export markets, Cushing, and Patoka. Plains moves over 9 million barrels per day across its network and conducts crude oil purchase and sale activity of approximately 1.2 million barrels per day, primarily through its wholly-owned marketing arm, Plains Marketing, L.P.

Plains generates revenue primarily through fee-based pipeline transportation services under FERC-filed tariffs, supplemented by terminalling and storage fees at major hub locations and transaction-based crude oil purchase and sale activity. Approximately 85% of FY2026 EBITDA is expected to come from fee-based transport services, providing cash flows largely insulated from commodity price volatility. The customer base consists of upstream exploration and production companies operating in major U.S. and Canadian crude basins, with secondary demand from refiners and Gulf Coast export terminal operators; go-to-market is direct, enterprise field sales with relationship-based commercial engagement rather than consumer-facing channels.

In 2025-2026 Plains executed a major portfolio transformation, completing the acquisition of the remaining 45% stake in EPIC Crude Holdings (renamed Cactus III) for ~$1.33 billion in November 2025 and divesting its Canadian NGL business (Plains Midstream Canada ULC) to Keyera Corp. for ~$3.3 billion in net cash proceeds in May 2026. The combination crystallized Plains as a pure-play crude oil midstream operator with raised FY2026 EBITDA guidance of $2.88 billion, growth capital spending of $400-450 million, and a targeted ~$100 million of annual savings through capture efficiency initiatives by 2027 alongside ~$50 million of Cactus III synergies.

Name

Plains All American Pipeline

Legal name

Plains All American Pipeline, L.P.

Website

https://plainsallamerican.com

Company type

Public

Founded year

1998

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Plains All American Pipeline (NYSE: PAA) is a Houston-based, publicly traded MLP that owns and operates crude oil pipeline transportation, gathering, storage, and terminalling infrastructure anchored in the Permian Basin and extending to U.S. Gulf Coast export markets, serving upstream E&P producers, refiners, and export terminal operators.

Ownership category

akta.pro rank

Product category

Crude Oil Pipeline Transportation

NAICS

Pipeline Transportation of Crude Oil (4861), Pipeline Transportation of Crude Oil (48611)

SIC

Pipe Lines (No Natural Gas) (4610)

akta.pro primary industry

Long-Haul / Trunk Crude Oil Pipeline Transportation (TLAGAAAA)

akta.pro secondary industries

Crude Oil Feeder / Lateral & Interconnect Pipeline Transportation (TLAGAAAC), Crude Oil Pipeline Transportation (EUALADAA)

Keywords

• Crude oil pipeline transportation
• Midstream energy infrastructure
• Oil storage terminalling
• Pipeline gathering services
• Natural gas liquids transport

Headquarters

HQ city

Houston

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Infrastructure

Revenue model

1. Pipeline Transportation Services: Fee-based pipeline transportation of crude oil and natural gas liquids. Approximately 85% of FY2026 EBITDA is expected to come from fee-based transport services, providing stable, commodity-price-independent revenue.
2. Terminalling and Storage: Crude oil terminalling and storage services at major hub locations including Cushing, Patoka, and Gulf Coast export facilities.
3. Crude Oil Purchasing: Crude oil purchase and sale activities as part of the integrated midstream model, facilitating approximately 1.2 million barrels per day of crude oil purchases for transportation and delivery to refiners and export markets.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels5 records

Core offering

Plains All American Pipeline owns and operates an extensive North American pipeline network that transports crude oil and natural gas liquids from major producing basins—anchored in the Permian Basin—to U.S. Gulf Coast export terminals and market hubs. Services include long-haul pipeline transportation (via assets such as Cactus II, Cactus III/EPIC, Gray Oak, and Diamond), gathering systems in producing basins, crude oil terminalling and storage at hubs such as Cushing and Patoka, and crude oil marketing services. Approximately 85% of FY2026 EBITDA is expected from fee-based transportation services, providing commodity-price-independent revenue.

Product overview

Plains All American Pipeline is a premier integrated midstream infrastructure company offering a comprehensive suite of crude oil and natural gas liquids pipeline transportation services across North America. The company operates an extensive pipeline network anchored in the Permian Basin and extending across other key basins, transportation corridors, and major market hubs, connecting crude oil supply to key demand centers in the U.S. and Canada. Core products include long-haul crude oil pipelines (Cactus II, Gray Oak, Diamond, and Cactus III), supplemented by terminalling, storage, and gathering infrastructure. The company completed its transformation into a pure-play crude oil midstream company following the divestiture of its Canadian NGL business to Keyera Corp in May 2026.

Differentiator

Problem solved

Functional benefit

Products and services

• Cactus III Pipeline (formerly EPIC Crude Oil Pipeline) Long-haul crude oil pipeline transporting crude oil from the Permian Basin to the Texas Gulf Coast; fully consolidated by Plains following the November 2025 acquisition of the remaining 45% interest in EPIC Crude Holdings, LP. Targets upstream E&P producers and Gulf Coast export customers.
• Cactus II Pipeline Long-haul crude oil pipeline spanning approximately 400 miles from the Permian Basin to the Corpus Christi area, providing Permian crude takeaway to Gulf Coast markets.
• Gray Oak Pipeline Crude oil pipeline that transports crude from the Permian Basin and Eagle Ford to the Texas Gulf Coast, providing long-haul takeaway from two key producing regions.
• Diamond Pipeline Crude oil pipeline that transports crude oil from northwestern Oklahoma to the Cushing hub, supporting inland crude oil takeaway to a major U.S. market hub.
• Crude Oil Pipeline Transportation Services Fee-based pipeline transportation services for crude oil across key production basins including the Permian Basin and major market hubs, generating approximately 85% of FY2026 EBITDA. Serves upstream E&P producers, refiners, and export customers under filed tariffs and multi-year contracts.
• Crude Oil Storage and Terminalling Crude oil storage terminals and terminalling infrastructure at major hub locations including Cushing and Patoka, and Gulf Coast export facilities, providing storage and loading services to producers, refiners, and traders.
• Crude Oil and NGL Gathering Services Gathering pipeline infrastructure for crude oil and natural gas liquids in key producing basins, connecting wellhead production to long-haul pipelines for upstream operators.
• Plains Marketing Crude Oil Price Bulletins Crude oil price bulletins and historical pricing information published by Plains Marketing, L.P. for customers, including California and historical U.S. crude oil price series.

Quantifiable outcome

• 85% of FY2026 EBITDA from fee-based transport services
• +3 more outcomes

Named customers2 records

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Four partnerships are on record, tiered core, major and minor.

• Keyera Corp.coreStrategic or Co-development Partner · 12 May 2026Completed sale of Canadian NGL business (Plains Midstream Canada ULC) to Keyera Corp. for approximately $3.3 billion in net cash proceeds on May 12, 2026. The transaction completed Plains' transformation into a pure-play crude oil midstream company. The sale was subject to regulatory review by Canada's Competition Bureau, which challenged the deal but did not prevent closing.
• EPIC (Epic Midstream)coreStrategic or Co-development Partner · 1 November 2025Plains completed acquisition of 100% equity interest in EPIC by acquiring the remaining 45% stake from a private equity portfolio for approximately $1.33 billion, finalized on November 1, 2025. The deal unified ownership of the EPIC Crude Oil Pipeline, which was renamed Cactus III. The acquisition provides cost savings and synergy benefits, strengthening Plains' Permian Basin pipeline network.
• Kinetik Holdings Inc.majorStrategic or Co-development Partner · 2 September 2025Kinetik Holdings announced divestiture of its 27.5% stake in EPIC Crude Holdings, LP to Plains All American Pipeline for approximately $500 million, with additional $96 million contingent on capacity expansion approval. The transaction valued EPIC Crude at roughly $2.85 billion and was expected to close by early 2026.
• DMC Global Inc.minorStrategic or Co-development PartnerSharon Spurlin, Senior Vice President at Plains All American Pipeline, was appointed to the board of DMC Global Inc., aligning with DMC's growth strategies and demonstrating cross-industry board relationships.

Scale indicators17 records

Recent moves9 records

Expansion highlights4 records

Direct peers

• Enterprise Products Partners: Enterprise Products Partners is the largest U.S. midstream MLP with extensive crude oil, NGL, natural gas processing, and pipeline assets including significant Permian-to-Gulf Coast crude oil transportation. Directly competes with Plains across gathering, long-haul pipelines, terminalling, and storage, with overlapping Permian basin exposure and Gulf Coast export connectivity.
• Magellan Midstream Partners: Magellan Midstream Partners operates a 9,700-mile refined products pipeline system and crude oil infrastructure including the Longhorn Pipeline and Cushing storage. Comparable to Plains in pipeline transportation, terminalling, and storage business model, though more weighted to refined products vs. Plains' pure-play crude oil focus.
• Western Midstream Partners: Western Midstream Partners is a Permian-focused midstream MLP providing crude oil, natural gas, and water gathering and processing services primarily in the Delaware Basin. Highly comparable to Plains' Permian gathering and crude oil transportation business, with direct customer overlap among Permian E&P operators.
• Sunoco LP: Sunoco LP is a master limited partnership focused on fuel distribution and midstream operations including crude oil pipelines, terminals, and storage following its acquisition of Zenith Energy and NuStar. Directly comparable to Plains in crude oil terminalling, storage, and pipeline transportation services.
• MPLX: MPLX is a master limited partnership sponsored by Marathon Petroleum with significant crude oil, refined products, and NGL pipeline and terminalling assets. Competes with Plains in crude oil transportation and gathering, with substantial Permian and Gulf Coast midstream operations that overlap Plains' core footprint.
• Phillips 66 Partners (now Phillips 66): Phillips 66 (which absorbed PSXP) operates midstream assets including crude oil pipelines, terminals, and storage connected to its refining system. Competes with Plains in crude oil transportation and terminalling, with comparable Permian-to-Gulf Coast logistics capabilities.
• Energy Transfer: Energy Transfer operates one of the largest and most diversified midstream systems in the U.S., with major crude oil pipelines including the Permian Highway Pipeline and Gulf Coast export assets. Direct competitor to Plains across long-haul crude transportation, terminalling, and NGL infrastructure, with overlapping Permian and Gulf Coast geographies.

Broad incumbents

• Kinder Morgan: Kinder Morgan is one of the largest North American energy infrastructure companies with broad crude oil, refined products, NGL, natural gas, and CO2 pipeline operations. While it competes with Plains in crude oil transportation, its portfolio spans much wider midstream segments rather than focusing on Plains' pure-play crude oil niche.
• Targa Resources: Targa Resources is a leading midstream operator focused on natural gas and NGL gathering, processing, and transportation, particularly in the Permian Basin. Comparable infrastructure exposure in the Permian, but its NGL-centric portfolio is distinct from Plains' crude oil pure-play model following the Canadian NGL divestiture.
• ONEOK: ONEOK is a leading midstream service provider specializing in natural gas liquids (NGL) gathering, processing, transportation, and storage across key U.S. shale plays. Overlaps with Plains' prior NGL business before the Keyera divestiture, but ONEOK's NGL-focused model is increasingly adjacent to rather than directly competing with Plains' pure-play crude oil focus.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

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Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Subsidiaries4 records

Funding overview

Funding rounds6 records

Investors7 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A11 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Plains All American Pipeline