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Plains All American Pipeline, L.P. logo

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$15.8B
P/E Ratio13.82
ROE8.92%

Products & Services

Remaining performance obligation

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Pipeline revenues supported by minimum volume commitments and capacity agreements$482M———$835M$837M
Terminalling, storage and other agreement revenues$748M$751M$488M$492M$423M$426M

Revenues from related parties

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Product sales revenues$11.6B$11B$10.2B$11.2B$10.1B$12B
Services revenues$442M$431M$445M$428M$452M$444M

Total revenues

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Product sales revenues$340M$498M$181M$139M$368M$256M
Services revenues$27M$36M$30M$37M$29M$38M

Revenue from contracts with customers

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Transportation—$312M$340M$337M—$338M
Terminalling, Storage and Other$100M$88M$89M$86M$93M$96M

Geographic

Long-Lived Assets

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Canada$1.4B———$1.5B—
United States$18B———$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-$41M-$7M-$9M-$6M-$17M-$32M
NGL$0$0$0$0$0—

Depreciation And Amortization Of Unconsolidated Entities

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Crude Oil$25M$20M$20M$21M$22M$20M
NGL$0—$0$0—$0

Equity earnings in unconsolidated entities

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Crude Oil$154M$103M$94M$96M$90M$89M

Equity-indexed compensation expense

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Crude Oil$8M$9M$8M$10M$9M$10M
NGL$0$0$0$0$0—

Field operating costs

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Crude Oil$502M$292M$279M$281M$274M$291M
NGL$7M$8M$7M$7M$7M$10M

Gains (Losses) From Derivative Activities and Inventory Valuation Adjustments

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Crude Oil—$24M-$52M$30M$21M-$130M
NGL—$10M$0$0-$10M$0

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

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Crude Oil—$11M$11M$11M$11M—

General and administrative expenses

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Crude Oil$75M$79M$75M$74M$85M$76M
NGL$7M$6M$7M$9M$6M$5M

Investment and acquisition capital expenditures

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Crude Oil$187M$785M$218M$305M$2B$171M

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

Long-term inventory costing adjustments

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Crude Oil—$0$17M$10M$18M-$112M
NGL—-$3M$0$0$3M$0

Maintenance capital expenditures

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Crude Oil$48M$31M$43M$36M$43M$35M
NGL—$2M$1M$0$1M$0

Net Gain (Loss) On Foreign Currency Revaluation

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Crude Oil-$40M$0-$9M$3M$18M$4M

Other revenues

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Crude Oil$70M$31M-$33M$22M$23M$104M
NGL$90M$0$0$0$1M$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$364M———$365M—

Purchases and related costs

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Crude Oil$11B$10.5B$9.7B$10.6B$9.5B$11.6B
NGL$62M$32M$22M$18M$56M$33M

Revenue from contracts with customers

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Crude Oil$12B$11.4B$10.7B$11.6B$10.5B$12.5B
NGL$81M$41M$26M$24M$59M$41M

Segment Adjusted EBITDA

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Crude Oil$569M$559M$580M$593M$611M$582M
NGL-$154M-$5M-$10M-$10M-$10M-$7M

Segment Amounts Attributable To Noncontrolling Interests

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Crude Oil-$949M$127M$140M$137M-$941M$121M

Segment Reporting, Other Segment Item, Amount

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Crude Oil—-$124M-$40M-$135M-$110M-$109M
NGL$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$76M$46M$36M$34M$69M$48M

Segment amounts attributable to noncontrolling interests

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
NGL$0$0$0$0$0—

Transaction-Related Expenses

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
NGL—$0$0$0$0—