Plains All American Q2 Earnings Beat Estimates, Sales Increase Y/Y

Plains All American Pipeline, L.P. PAA reported second-quarter 2026 adjusted earnings of 41 cents per unit, which surpassed the Zacks Consensus Estimate of 40 cents by 2.5%. The bottom line also increased 13.9% from the year-ago quarter’s 36 cents.

The company reported GAAP earnings of $2.51 per unit compared with 21 cents in the year-ago period.

PAA’s Total Revenues

Net sales of $17.69 billion beat the Zacks Consensus Estimate of $14.68 billion by 20.5%. The top line also increased 66.3% from the year-ago quarter’s figure of $10.64 billion.

PAA's Operating Picture Improves

Total costs and expenses were $17.3 billion, up 66.3% year over year. Purchases and related costs increased 69.7% to $16.56 billion, while field operating costs rose to $328 million from $286 million. General and administrative expenses increased to $110 million from $82 million.

Operating income advanced 66.5% to $398 million. Net interest expense increased 15% to $153 million. Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) attributable to PAA totaled $738 million, up 9.8% from $672 million in the prior-year quarter.

PAA’s Segmental Performance

Crude Oil adjusted EBITDA increased 19% year over year to $690 million. The improvement reflected contributions from the Cactus III pipeline acquisition, higher pipeline volumes, market opportunities and optimization initiatives.

NGL adjusted EBITDA fell 54% year over year to $40 million, primarily because Plains closed the sale of substantially all of its Canadian NGL business on May 12, 2026.

PAA’s Financial Update

As of June 30, 2026, cash and cash equivalents were $1.06 billion compared with $0.33 billion as of Dec. 31, 2025.

As of June 30, 2026, long-term debt was $8.43 billion compared with $10.7 billion as of Dec. 31, 2025.

As of June 30, 2026, long-term debt-to-total book capitalization was 43% compared with 52% as of Dec. 31, 2025.

PAA’s net cash provided by operating activities in the first six months of 2026 was $1.37 billion compared with $1.33 billion in the year-ago period.

PAA Raises Capital Plan, Maintains 2026 Outlook

For 2026, Plains All American continues to expect adjusted EBITDA to be $2.88 billion. Adjusted free cash flow is anticipated to be $1.75 billion (excluding changes in assets and liabilities). 

PAA increased organic growth capital guidance to $400-$450 million from $350 million and reduced maintenance capital guidance to $175 million from $185 million.

PAA’s Zacks Rank

The company currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Recent Sector Releases

CNX Resources Corporation CNX reported second-quarter 2026 operating earnings of 72 cents per share, beating the Zacks Consensus Estimate of 57 cents by 26.3%. The bottom line increased 22% from the year-ago quarter’s 59 cents. 

The company reported revenues of $389 million, which missed the Zacks Consensus Estimate of $413 million by 5.8%.

Murphy Oil Corporation MUR reported second-quarter 2026 adjusted earnings of $1.55 per share, up 474.1% year over year. The figure topped the Zacks Consensus Estimate of $1.51 per share by 2.7%.

Revenues of $928.3 million increased 33.5% and beat the consensus estimate of $871 million by 6.5%.

National Fuel Gas Company NFG reported third-quarter fiscal 2026 adjusted earnings of $1.54 per share, which beat the Zacks Consensus Estimate of $1.47 by 4.8%. However, earnings declined 6.1% from $1.64 in the year-ago quarter.

NFG reported sales of $537.5 million, which missed the consensus estimate of $564 million by 4.7%. However, the top line increased 1.1% from the prior-year recorded figure of $531.8 million.

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