Plains

What Plains does

Plains All American Pipeline, L.P. (NYSE: PAA) is one of the largest independent crude oil midstream companies in North America, operating approximately 20,000 miles of active crude oil pipelines and gathering systems with throughput of roughly 9 million barrels per day. Its infrastructure footprint spans key U.S. and Canadian basins — anchored in the Permian Basin and extending from Corpus Christi, Texas to Northern Alberta — and includes approximately 75 million barrels of commercial crude oil storage capacity, ~40 million barrels of above-ground tank capacity, major hub terminals at Cushing (27 million barrels), St. James (12.5 million barrels), and Patoka (6.1 million barrels), plus 5 marine facilities, 8 rail terminals, a 120,000 bbl/day condensate processing facility, and a trucking fleet of ~675 trucks and ~1,200 trailers. Technology and operations are supported by a SCADA-based pipeline monitoring system, an Operations Management System (OMS) covering safety, asset integrity, and emergency response, and an asset integrity program that includes in-line inspections, hydrostatic testing, corrosion control, and aerial surveillance.

The company earns revenue primarily on a tariff-based, fee-for-service model. Pipeline transportation, terminalling, and storage services are billed via published tariffs that govern pipeline movements and are accessed through the ENom Portal, with Plains Marketing, L.P. providing crude oil price bulletins and marketing services. Customers include major integrated oil companies, independent E&P operators, refiners, and crude oil traders; the value proposition centers on flow assurance, market optionality through hub connectivity (including export access via Corpus Christi), and cost-effective gathering from producing regions. Plains' go-to-market is enterprise-focused, executed through dedicated commercial teams managing long-term negotiated contracts and tariff-based commercial relationships.

Plains All American traces its origins to 1981 (IPO of PAA in 1998, IPO of Plains GP Holdings in 2013). Following the May 2026 divestiture of its Canadian NGL business to Keyera Corp for $3.3 billion, the company completed its transition to a pure-play crude oil midstream provider. Recent strategic activity has been heavy: the 2025 acquisition of 100% of EPIC Crude Holdings (including the EPIC Pipeline, financed with $1.25 billion in senior notes), the 2025 acquisition of the Cactus III Pipeline, and the existing Plains Oryx Permian Basin JV with Oryx Midstream (~5,500 miles, ~6.8 million bbl/day capacity). Plains has executed 16 bolt-on acquisitions totaling approximately $4.3 billion in net investment during 2022–2025, and raised its 2026 growth capital guidance to $400–$450 million net to PAA, up from approximately $350 million.

Name

Plains

Legal name

Plains All American Pipeline

Website

https://plains.com

Company type

Public

Founded year

1981

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Plains All American Pipeline is a publicly traded North American midstream operator providing crude oil pipeline transportation, terminalling, and storage across ~20,000 miles of pipe and ~75 million barrels of storage, serving E&P producers, refiners, and crude oil shippers via tariff-based fee-for-service contracts.

Ownership category

akta.pro rank

Product category

Crude Oil Midstream Services

NAICS

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

SIC

Pipe Lines (No Natural Gas) (4610), Crude Petroleum & Natural Gas (1311)

akta.pro primary industry

Crude Oil & Condensate Gathering (EUALACAB)

Keywords

• Crude oil pipelines
• Midstream energy services
• Crude oil storage
• Pipeline transportation
• Crude oil logistics

Headquarters

HQ city

Houston

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Infrastructure, Personnel, Technology or R&D, Supply Chain, Marketing or Sales

Revenue model

1. Pipeline Transportation Services: Fee-for-service revenue from transporting crude oil through approximately 20,000 miles of pipeline infrastructure. Revenue is generated through tariffs based on volumes transported, providing stable, fee-based income with minimal commodity price exposure.
2. Terminating and Storage Services: Revenue from providing crude oil storage capacity (~75 million barrels commercial storage, ~40 million barrels above-ground tank capacity) and terminalling services at major hub locations including Cushing, St. James, and Patoka.
3. Gathering and Other Midstream Services: Revenue from crude oil gathering systems, trucking operations (~675 trucks, ~1,200 trailers), condensate processing, and rail terminal services. These services aggregate crude oil supply from producing regions to mainline pipelines.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels4 records

Core offering

Plains is a pure-play crude oil midstream provider that transports, terminates, stores, gathers, and markets crude oil for producers, shippers, and refiners across North America. The company operates approximately 20,000 miles of active crude oil pipelines and gathering systems, approximately 75 million barrels of commercial storage capacity, plus rail, marine, trucking, and condensate processing assets connecting Permian and other producing basins to major hubs such as Cushing, St. James, and Patoka. Services are offered on a fee-for-service, tariff-based model through long-term contracts and direct commercial relationships.

Product overview

Plains All American Pipeline is a premier integrated crude oil midstream infrastructure company offering a comprehensive suite of services including pipeline transportation, terminalling, storage, gathering, trucking, rail, and marine transportation. The company operates approximately 20,000 miles of active crude oil pipelines and gathering systems, approximately 75 million barrels of commercial crude oil storage capacity, and manages operations across key basins and transportation corridors from Corpus Christi, Texas to Northern Alberta, Canada. Major products include named pipeline systems (Cactus II, Cactus III, Diamond Pipeline, Red River Pipeline, EPIC Pipeline), major storage terminals (Cushing with 27 million barrels, St. James with 12.5 million barrels, Patoka with 6.1 million barrels), and the Plains Oryx Permian Basin joint venture. The company completed the divestiture of its Canadian NGL business in 2026, transitioning to a pure-play crude oil midstream provider.

Differentiator

Problem solved

Functional benefit

Brands

• Plains Oryx Permian Basin: Joint venture between Plains and Oryx Midstream Services providing crude oil pipeline and storage services in the Permian Basin
• EPIC Pipeline
• Cactus II Pipeline

Products and services

• Crude Oil Pipeline Transportation Tariff-based transportation of crude oil through approximately 20,000 miles of active crude oil pipelines and gathering systems across the U.S. and Canada, anchored in the Permian Basin and connecting to major market hubs; offered to crude oil producers, shippers, refiners, and trading houses on a fee-for-service basis.
• Crude Oil Terminalling and Storage Provides approximately 75 million barrels of commercial crude oil storage capacity and approximately 40 million barrels of above-ground tank capacity at major hub locations including Cushing (OK), St. James (LA), and Patoka (IL), serving crude oil producers, shippers, refiners, and traders needing market access and optionality.
• Cactus II Pipeline Joint venture pipeline with Enbridge transporting up to 670,000 barrels per day of crude oil from Wink, Texas to Corpus Christi, Texas, providing long-haul takeaway from the Permian Basin to Gulf Coast markets.
• Cactus III Pipeline Pipeline acquired in 2025 providing long-haul takeaway capacity from the Permian and Eagle Ford basins to Corpus Christi, Texas, for crude oil producers needing Gulf Coast and export access.
• Diamond Pipeline Joint venture pipeline with Valero moving up to 110,000 barrels per day of crude oil from Cushing, Oklahoma to Longview, Texas; described as the largest organic pipeline system construction project in Plains' history.
• Red River Pipeline Pipeline that entered service in 2016, capable of moving 110,000 barrels per day of crude oil from Cushing, Oklahoma to Longview, Texas, supporting shippers moving barrels from the Cushing hub.
• Alpha Crude Connector Gathering System Crude oil gathering system acquired in the Permian Basin in 2017, aggregating crude oil from upstream producers into the Plains pipeline network.
• Plains Oryx Permian Basin Joint venture between Plains and Oryx Midstream Services formed in 2021, combining approximately 5,500 miles of pipeline, approximately 6.8 million barrels per day of pipeline capacity, and approximately 16.9 million barrels of operational storage in the Permian Basin.
• Plains Marketing, L.P. Plains Marketing, L.P. is the subsidiary that provides crude oil marketing services, purchases crude oil from producers, and publishes crude oil price bulletins (current, historical, and California) for customers on the Plains customer portal.
• Crude Oil Rail and Marine Logistics Crude oil rail and marine logistics services comprising 8 crude oil rail terminals and 5 marine facilities, providing transportation flexibility and storage support in addition to the pipeline network.
• Trucking Services Crude oil trucking services utilizing approximately 675 trucks and approximately 1,200 trailers to gather and transport crude oil from producing regions into the Plains pipeline and terminal network.
• EPIC Pipeline Crude oil pipeline operated by EPIC Crude Holdings, LP (a wholly-owned subsidiary of Plains following the Q3 2025 acquisition), providing long-haul transportation from the Permian Basin.
• Condensate Processing Facility Condensate processing facility with 120,000 barrels per day capacity that supports condensate stabilization and handling in the Plains midstream system.

Quantifiable outcome

• Move more than 9 million barrels per day of crude oil
• +1 more outcomes

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Five partnerships are on record, tiered core.

• Keyera Corp.coreStrategic or Co-development Partner · 1 June 2025Keyera Corp. announced acquisition of Plains' Canadian NGL business for $5.15 billion in June 2025. The transaction includes 193,000 barrels per day of fractionation capacity, 23 million barrels of storage, and over 2,400 kilometres of pipeline. The deal faced regulatory delays with closing now targeted for May 2026 pending Canadian Competition Bureau approval. This transaction marks Plains' transition to a pure-play crude oil midstream provider.
• EPIC Crude Holdings, LPcoreStrategic or Co-development Partner · 1 January 2025Plains completed acquiring 100% ownership of EPIC Crude Holdings, LP including its EPIC Pipeline in Q3 2025. The company raised $1.25 billion through senior notes to fund the acquisition and expects to realize significant synergies and cost savings.
• Oryx Midstream ServicescoreStrategic or Co-development Partner · 1 January 2021Plains Oryx Permian Basin joint venture formed between Plains and Oryx Midstream Services. The combined system includes approximately 5,500 miles of pipeline, approximately 6.8 million barrels per day of pipeline capacity, and approximately 16.9 million barrels of operational storage capacity.
• EnbridgecoreStrategic or Co-development Partner · 1 January 2019Cactus II Pipeline entered service as a joint venture with Enbridge. The system is capable of transporting 670,000 barrels of crude oil per day from Wink to Corpus Christi, Texas.
• ValerocoreStrategic or Co-development Partner · 1 January 2017Diamond Pipeline, a joint venture with Valero and the largest organic pipeline system construction project in Plains' history, entered service in 2017. Capable of moving 110,000 barrels per day of crude oil from Cushing, Oklahoma to Longview, Texas.

Scale indicators9 records

Recent moves9 records

Expansion highlights6 records

Direct peers

• The Williams Companies, Inc. A large midstream operator with significant natural gas and crude oil gathering and transportation assets. While Williams has historically been more natural gas-focused, its crude oil midstream operations overlap with Plains' gathering and transportation services.
• ONEOK Inc. A leading midstream operator with major crude oil and NGL pipeline systems, including significant Permian presence following its acquisition of Magellan Midstream Partners. ONEOK competes with Plains across crude oil gathering, transportation, and storage segments.
• TC Energy Corporation: A major North American pipeline operator with crude oil transportation assets (formerly including the Cushing Marketlink system). TC Energy competes with Plains in long-haul crude oil transportation from key basins to refining and export markets.
• Energy Transfer LP: A large MLP with extensive crude oil, NGL, and natural gas pipeline operations. Energy Transfer operates significant Permian and Gulf Coast midstream assets that compete head-to-head with Plains' gathering, transportation, and storage services.
• Sunoco LP: A wholesale fuel distribution and pipeline company with crude oil pipeline and terminalling assets, particularly in the Permian Basin and Gulf Coast. Sunoco competes with Plains in crude oil logistics and storage services.
• Enterprise Products Partners L.P. A major publicly traded MLP with significant crude oil pipeline, storage, and terminalling assets across the U.S., including substantial Gulf Coast infrastructure. Enterprise directly competes with Plains for crude oil logistics contracts and Permian takeaway.
• Enbridge Inc. One of the largest North American energy infrastructure companies with extensive crude oil and liquids pipeline networks. Enbridge is Plains' JV partner on the Cactus II Pipeline and operates competing Permian-to-Corpus Christi takeaway capacity, making it a direct competitor in long-haul crude transportation.
• Phillips 66: An integrated downstream and midstream energy company operating extensive crude oil pipelines, terminals, and storage. Phillips 66 operates competing pipeline systems serving Permian and other major producing basins, making it a direct midstream peer.

Emerging players

• Keyera Corp. A Canadian midstream company that recently acquired Plains' Canadian NGL business for $5.15 billion. While primarily focused on NGL infrastructure in Canada, Keyera's expanded scale post-acquisition creates competitive overlap with Plains' remaining North American crude oil midstream operations.

Broad incumbents

• HollyFrontier Corporation (HF Sinclair): A diversified refining and midstream company that operates crude oil pipeline and terminalling assets through Holly Energy Partners. While integrated downstream operations distinguish it from Plains' pure midstream focus, HF Sinclair competes in crude oil logistics and storage across overlapping geographies.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/plains-all-american
• Facebookfacebook.com/profile.php

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

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

M&A

Investments

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

Frequently asked questions about Plains