Plains All American Raises 2026 EBITDA Guidance by $130M After Strong Q1
Plains All American reported Q1 2026 net income of $152M, operating cash flow of $418M, and adjusted EBITDA of $730M. The company raised full-year 2026 Adjusted EBITDA guidance midpoint by $130M to $2.88B ± $75M and lifted free cash flow outlook to ~$1.85B while maintaining quarterly distribution at $0.4175.
1. First-Quarter Financial Performance
Plains All American generated net income of $152M in Q1 2026, net cash provided by operating activities of $418M, and Adjusted EBITDA of $730M. The company declared a quarterly cash distribution of $0.4175 per unit, representing an annualized yield of approximately 7.5%.
2. Increased 2026 Guidance
The company increased the midpoint of its full-year Adjusted EBITDA guidance by $130M to $2.88B ± $75M and raised Adjusted Free Cash Flow outlook to about $1.85B, reflecting a strong oil macro environment and extended Canadian NGL asset ownership into May. Growth capital remains $350M with maintenance capital at $185M.
3. NGL Divestiture and Strategic Outlook
Plains All American expects to close the sale of its Canadian NGL business in May 2026, moving leverage toward the midpoint of its 3.25–3.75x target range and shifting to a pure-play crude midstream model. Management forecasts $100M in synergies from Cactus III and system efficiencies, underpinning balance sheet strength and ongoing capital returns.