PAA Q2 2026: Adjusted EBITDA climbs 10% to $738M; leverage drops to 3.1x after $3.9B Canadian NGL sale
PAA sits 49% above its 52-week low of $15.685.
Summary
PAA posted Q2 2026 Adjusted EBITDA of $738 million, up 10% year-over-year, and cut leverage to 3.1x after closing the $3.9 billion Canadian NGL sale. Proceeds were used to pay down debt and extend the credit facility.
Key Events · Earnings and Guidance · PAA
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Adjusted EBITDA Up 10%
Driven by strength in the crude oil segment, Q2 2026 Adjusted EBITDA attributable to PAA reached $738 million, a 10% increase from $672 million in Q2 2025.
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Leverage Reduced to 3.1x
Leverage fell to 3.1x at June 30, 2026, from 3.4x at year-end 2025, reflecting debt paydown with proceeds from the Canadian NGL sale.
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$3.9B Canadian NGL Sale Closed
The sale of the Canadian NGL business to Keyera closed on May 12, 2026, generating cash proceeds of approximately $3.9 billion and a $1.6 billion gain.
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Debt Reduced by $2.8B
Total debt fell to $8.4 billion from $11.3 billion at year-end 2025, including repayment of a $1.1 billion term loan and redemption of $750 million senior notes.
Analysis · PAA · Energy & Transportation
A strong second quarter for Plains All American Pipeline saw Adjusted EBITDA rise 10% year-over-year to $738 million, powered by its crude oil segment. The $3.9 billion sale of the Canadian NGL business closed, and proceeds were immediately put to work—slashing debt by $2.8 billion and extending the credit facility to 2031. Leverage tightened to 3.1x, a meaningful improvement from 3.4x at year-end 2025. While a $1.6 billion gain on the sale boosted net income, the real story is the fortified balance sheet and operational momentum. A pipeline release in Los Angeles and a Canadian competition lawsuit present manageable headwinds.
How filings like this one have moved
In the 30 days to Oct 19, 2026, 37.9% of the 895 measured filings Wiseek scored 8 moved their stock by 5% or more by the next session's close. The median move was -0.87%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, PAA was trading at $23.30 on NASDAQ in the Energy & Transportation sector, with a market capitalization of approximately $16.1B. The 52-week trading range was $15.69 to $25.03. This filing was assessed with positive market sentiment and an importance score of 8 out of 10.