Income StatementBalance SheetCash FlowSegments
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Plains All American Pipeline, L.P. Business Segments

Business, geographic, and product segment breakdowns

Plains All American Pipeline, L.P. generates $45.3B in annual revenue across 2 key segments: Crude Oil ($45.3B), and NGL ($150.0M). The company-wide operating margin is 3.28%. Based on the Q1 2026 filing.

Crude Oil (TTM)$45.3BNGL (TTM)$150.0M
Latest FilingQ1 2026
Report Date2026-05-08
Market Cap$16.1B
P/E Ratio14.05
ROE8.92%

Products & Services

Remaining performance obligation

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Pipeline revenues supported by minimum volume commitments and capacity agreements$482.0M———$835.0M$837.0M
Terminalling, storage and other agreement revenues$748.0M$751.0M$488.0M$492.0M$423.0M$426.0M

Revenues from related parties

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Product sales revenues$11.6B$11.0B$10.2B$11.2B$10.1B$12.0B
Services revenues$442.0M$431.0M$445.0M$428.0M$452.0M$444.0M

Total revenues

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Product sales revenues$340.0M$498.0M$181.0M$139.0M$368.0M$256.0M
Services revenues$27.0M$36.0M$30.0M$37.0M$29.0M$38.0M

Revenue from contracts with customers

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Transportation—$312.0M$340.0M$337.0M—$338.0M
Terminalling, Storage and Other$100.0M$88.0M$89.0M$86.0M$93.0M$96.0M

Geographic

Long-Lived Assets

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Canada$1.4B———$1.5B—
United States$18.0B———$21.4B—

Total revenues

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Canada$1.3B$1.1B$1.1B$1.1B$1.1B—
United States$10.9B$9.9B$9.9B$9.9B$9.9B—

Business Segments

Deficiencies under minimum volume commitments, net

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Crude Oil-$41.0M-$7.0M-$9.0M-$6.0M-$17.0M-$32.0M
NGL$0.0$0.0$0.0$0.0$0.0—

Depreciation And Amortization Of Unconsolidated Entities

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Crude Oil$25.0M$20.0M$20.0M$21.0M$22.0M$20.0M
NGL$0.0—$0.0$0.0—$0.0

Equity earnings in unconsolidated entities

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Crude Oil$154.0M$103.0M$94.0M$96.0M$90.0M$89.0M

Equity-indexed compensation expense

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Crude Oil$8.0M$9.0M$8.0M$10.0M$9.0M$10.0M
NGL$0.0$0.0$0.0$0.0$0.0—

Field operating costs

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Crude Oil$502.0M$292.0M$279.0M$281.0M$274.0M$291.0M
NGL$7.0M$8.0M$7.0M$7.0M$7.0M$10.0M

Gains (Losses) From Derivative Activities and Inventory Valuation Adjustments

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Crude Oil—$24.0M-$52.0M$30.0M$21.0M-$130.0M
NGL—$10.0M$0.0$0.0-$10.0M$0.0

Gains/(losses) on asset sales, asset impairments and other, net

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Crude Oil—$11.0M$11.0M$11.0M$11.0M—

General and administrative expenses

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Crude Oil$75.0M$79.0M$75.0M$74.0M$85.0M$76.0M
NGL$7.0M$6.0M$7.0M$9.0M$6.0M$5.0M

Investment and acquisition capital expenditures

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Crude Oil$187.0M$785.0M$218.0M$305.0M$2.0B$171.0M

Investments in unconsolidated entities

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Crude Oil$2.8B$2.7B$2.7B$2.9B$2.8B$2.8B
NGL$0.0—$0.0$0.0$0.0$0.0

Long-term inventory costing adjustments

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Crude Oil—$0.0$17.0M$10.0M$18.0M-$112.0M
NGL—-$3.0M$0.0$0.0$3.0M$0.0

Maintenance capital expenditures

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Crude Oil$48.0M$31.0M$43.0M$36.0M$43.0M$35.0M
NGL—$2.0M$1.0M$0.0$1.0M$0.0

Net Gain (Loss) On Foreign Currency Revaluation

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Crude Oil-$40.0M$0.0-$9.0M$3.0M$18.0M$4.0M

Other revenues

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Crude Oil$70.0M$31.0M-$33.0M$22.0M$23.0M$104.0M
NGL$90.0M$0.0$0.0$0.0$1.0M$0.0

Proceeds from sale of productive assets and agreements

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Crude Oil—$20.3M$20.3M$20.3M$20.3M—

PROPERTY AND EQUIPMENT

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Crude Oil$14.6B———$18.4B—
NGL$364.0M———$365.0M—

Purchases and related costs

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Crude Oil$11.0B$10.5B$9.7B$10.6B$9.5B$11.6B
NGL$62.0M$32.0M$22.0M$18.0M$56.0M$33.0M

Revenue from contracts with customers

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Crude Oil$12.0B$11.4B$10.7B$11.6B$10.5B$12.5B
NGL$81.0M$41.0M$26.0M$24.0M$59.0M$41.0M

Segment Adjusted EBITDA

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Crude Oil$569.0M$559.0M$580.0M$593.0M$611.0M$582.0M
NGL-$154.0M-$5.0M-$10.0M-$10.0M-$10.0M-$7.0M

Segment Amounts Attributable To Noncontrolling Interests

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Crude Oil-$949.0M$127.0M$140.0M$137.0M-$941.0M$121.0M

Segment Reporting, Other Segment Item, Amount

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Crude Oil—-$124.0M-$40.0M-$135.0M-$110.0M-$109.0M
NGL$0.0$0.0$0.0$0.0$0.0$0.0

Significant Segment Expenses

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Crude Oil$11.6B$10.9B$10.1B$10.9B$9.9B$11.9B
NGL$76.0M$46.0M$36.0M$34.0M$69.0M$48.0M

Segment amounts attributable to noncontrolling interests

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
NGL$0.0$0.0$0.0$0.0$0.0—

Transaction-Related Expenses

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
NGL—$0.0$0.0$0.0$0.0—