Plains All American Posts Weaker Q3 Results
The pipeline operator reported an adjusted loss and revenue that trailed analyst estimates, and its shares fell on Friday.
Updated on Nov. 6, 2026 in Oil and Gas
Plains All American reported an adjusted loss of 4 cents per share in the third quarter, well below the 41 cents per share analysts had estimated. Revenue of $15.173 billion also came in slightly under the $15.208 billion analyst estimate, and shares fell 3.44% to $23.68 on Friday.
Why it matters
Despite the earnings miss, adjusted EBITDA attributable to PAA rose 6% year over year to $711 million, and the company narrowed its 2026 adjusted EBITDA forecast. The results highlight how pipeline operators are balancing near-term earnings pressure against longer-term growth in the Permian Basin.
Plains reported an adjusted loss of 4 cents per share against a 41-cent analyst estimate, while adjusted EBITDA rose 6% to $711 million and the 2026 forecast was narrowed to $2.88 billion plus or minus $50 million. The source does not explain the gap between the per-share loss and the EBITDA gain, and detailed 2027 guidance is not due until February.
The players
Plains All American
A major midstream energy company that operates crude oil and natural gas liquids pipelines and storage across North America.
The details
Plains said adjusted EBITDA growth was supported by the Cactus III acquisition, higher pipeline volumes and market opportunities. The company also sold its Canadian natural gas liquids business in May and acquired Silver Creek on Oct. 1, renaming it Silver Spur.
Timeline
May 2026: Plains sold its Canadian natural gas liquids business.
Oct. 1, 2026: Plains acquired Silver Creek and renamed it Silver Spur.
Late 2027 or early 2028: Contributions from the new Permian agreement are expected to begin.
Market Landscape
The 10-year Permian Midland Gathering agreement adds 270,000 dedicated acres and pushes Plains' total Permian acreage above 5.3 million acres, reinforcing its position in the basin's pipeline competition. The move also reflects the broader midstream push to lock in long-term producer commitments as Permian volumes grow.
For investors holding Plains shares, the 3.44% drop to $23.68 on Friday reflects the earnings miss, while the narrowed 2026 EBITDA forecast offers a clearer guide to near-term expectations. Pipeline users and shippers in the Permian and Powder River Basin may see the effects of added capacity, including 75,000 barrels per day added this summer.
The takeaway
Plains' results show that near-term earnings can lag analyst expectations even while core cash-flow measures grow. Investors should watch the February 2027 guidance for a clearer read on the company's trajectory.
What happens next
Plains plans to provide detailed 2027 guidance in February.
Further reading
For more on the sector, explore our coverage of Oil and Gas developments across the United States.
