Plains All American (PAA) Q3 2026 Earnings Report

The call was predominantly positive. Plains reported strong third-quarter EBITDA, reaffirmed 2026 guidance, advanced its crude-focused strategy, expanded its Permian and Rockies footprints, captured Cactus III synergies, and improved distributable cash flow through balance-sheet optimization. The principal challenges were a modestly lower fourth-quarter EBITDA outlook, Silver Spur transition costs and delayed ramp, Permian pipeline utilization near 90%, volatile geopolitical and commodity conditions, and the possibility that some 2026 market benefits will not repeat in 2027.

For 2026, Plains is on track to achieve its guidance targets, narrowing the EBITDA range to plus or minus $50 million with a midpoint of $2.88 billion, and expects to be at or slightly above the midpoint of the range for the year; implied fourth-quarter adjusted EBITDA is about $700 million, down about $10 million from the third quarter. The company has captured $50 million of synergies in connection with the Cactus III Pipeline acquisition and remains on track to deliver $50 million of efficiencies across the organization by year-end 2026. Permian production growth is expected to be towards the high end of the previous range, about 200,000 barrels a day on a year-end exit-to-exit basis for 2026, with 200,000 to 300,000 barrels a day of growth for the foreseeable future; additional brownfield expansions are expected in that '28 to '29 time period, or sometime in 2028 to early 2029. Silver Spur is expected to ramp into 2028, with system buildout through 2027, 2028 forward described as a great thing for the asset, and EBITDA at roughly 9 to 10x in the first 12 months. Guidance for 2027 will be provided on the call in February.