Plains All American Pipeline, L.P. · PAA · FY2026 Q3 · Calendar Q4 2026
PAA Reaffirms 2026 Guidance Amid Permian Growth and Acquisitions
PAA’s Q3 call supports a measured growth narrative: management reaffirmed 2026 guidance and cited organic expansion, acquisition synergies and a new Midland gathering agreement. The outlook depends on executing those projects and converting anticipated volume growth into durable cash generation amid capacity and integration risks.
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Earnings scorecard
Reported versus consensusMarket reaction
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Transcript intelligence
What changed
Management highlighted the completed Canadian NGL business sale, $50 million of Cactus III acquisition synergies, the Silver Spur acquisition and a 10-year Midland gathering agreement. It also described balance-sheet actions following a $1.5 billion junior subordinated notes issuance and preferred-stock redemption.
Guidance delta
Management reaffirmed 2026 guidance. No change to the guidance range was reported in the supplied analysis.
Key takeaways
- Q3 adjusted EBITDA was $711 million, according to the supplied transcript analysis.
- Management cited $50 million of synergies from the Cactus III pipeline acquisition.
- The Silver Spur acquisition expands PAA’s Powder River Basin presence; the supplied analysis says it adds 915,000 acres.
- Management expects 200,000–300,000 barrels per day of Permian growth through 2027, as stated in the transcript analysis.
Management priorities
- Execute the 10-year Midland gathering agreement and related infrastructure build-out.
- Pursue organic Permian expansions and additional bolt-on acquisitions.
- Monitor potential Western Canadian egress projects.
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Analyst 52W Price Targets
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Nov 7, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Jefferies | Buy | Buy | Maintain | Oct 28, 2026 |
| UBS | Buy | Buy | Maintain | Oct 9, 2026 |
| Mizuho | Outperform | Outperform | Maintain | Sep 21, 2026 |
| Barclays | Underweight | Underweight | Maintain | Sep 21, 2026 |
| Citigroup | Neutral | Neutral | Maintain | Sep 17, 2026 |
| Scotiabank | Sector Outperform | Sector Outperform | Maintain | Sep 10, 2026 |
| JP Morgan | Neutral | Neutral | Maintain | Sep 3, 2026 |
| Morgan Stanley | Equal Weight | Equal Weight | Maintain | Aug 18, 2026 |
| RBC Capital | Sector Perform | Sector Perform | Maintain | Aug 17, 2026 |
| Truist Securities | Buy | Buy | Maintain | Jul 15, 2026 |
| Goldman Sachs | Neutral | Sell | Upgrade | Jun 4, 2026 |
| Wells Fargo | Equal Weight | Equal Weight | Maintain | May 12, 2026 |
| Stifel | Buy | Buy | Maintain | Mar 6, 2026 |
| Raymond James | Strong Buy | Strong Buy | Maintain | Oct 24, 2025 |
| Wolfe Research | Peer Perform | Outperform | Downgrade | Jul 25, 2025 |
| Bernstein | Market Perform | Outperform | Downgrade | Feb 7, 2023 |
| Seaport Global | Buy | Neutral | Upgrade | Aug 1, 2022 |
| B of A Securities | Neutral | Underperform | Upgrade | Jul 19, 2022 |
| Credit Suisse | Outperform | Neutral | Upgrade | May 12, 2022 |
| Evercore ISI Group | Outperform | In Line | Upgrade | Nov 15, 2021 |
| SMBC Nikko | Outperform | Outperform | Maintain | Dec 3, 2020 |
| TD Securities | Buy | Buy | Maintain | Nov 3, 2020 |
| SunTrust Robinson Humphrey | Buy | Buy | Maintain | Apr 22, 2020 |
| Baird | Neutral | Outperform | Downgrade | Mar 9, 2020 |
| Bank of America | Buy | Buy | Maintain | Oct 23, 2019 |
| Piper Jaffray | Overweight | Overweight | Maintain | Jul 17, 2019 |
| Stifel Nicolaus | Buy | Hold | Upgrade | Sep 24, 2018 |
| Deutsche Bank | Buy | Buy | Maintain | Apr 20, 2018 |
| BMO Capital | Outperform | Market Perform | Upgrade | Aug 28, 2017 |
| Guggenheim | Neutral | Neutral | Maintain | Apr 18, 2017 |
| Piper Sandler | Overweight | Neutral | Upgrade | Oct 13, 2016 |
| FBR Capital | Perform | Market Perform | Maintain | Sep 9, 2016 |
| Oppenheimer | Sector Perform | Outperform | Downgrade | Dec 21, 2015 |
| Scotia Howard Weil | Perform | Sector Perform | Maintain | Aug 24, 2015 |
| Wunderlich Securities | Hold | Buy | Downgrade | Aug 6, 2015 |
| Wunderlich | Hold | Buy | Downgrade | Aug 6, 2015 |
| Clarksons Platou | Outperform | Market Perform | Upgrade | Nov 25, 2013 |
| Clarkson Capital Markets | Outperform | Market Perform | Upgrade | Nov 25, 2013 |
| Ladenburg Thalmann | Buy | Neutral | Upgrade | Jun 25, 2013 |
| Global Hunter Securities | Buy | Accumulate | Maintain | Aug 15, 2012 |
| Canaccord Genuity | Hold | Hold | Maintain | May 17, 2012 |
| Morgan Keegan | Outperform | Outperform | Maintain | Feb 10, 2012 |
Named analyst price targets
Upside is calculated against the persisted current price $23.92. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Jefferies | Julien Dumoulin-Smith | $30 | $26.41 | +25.4% | Oct 27, 2026 |
| Raymond James | Analyst unavailable | $28 | $25.25 | +17.1% | Oct 19, 2026 |
| Scotiabank | Mark Lear | $28 | $25.14 | +17.1% | Oct 15, 2026 |
| UBS | Manav Gupta | $31 | $24.5 | +29.6% | Oct 9, 2026 |
| Jefferies | Julien Dumoulin-Smith | $27 | $24.42 | +12.9% | Oct 9, 2026 |
| UBS | Analyst unavailable | $28 | $25.27 | +17.1% | Sep 21, 2026 |
| Raymond James | Justin Jenkins | $27 | $25.37 | +12.9% | Sep 21, 2026 |
| Mizuho Securities | Gabriel Moreen | $30 | $25.37 | +25.4% | Sep 21, 2026 |
| Barclays | Theresa Chen | $24 | $25.37 | +0.3% | Sep 21, 2026 |
| Scotiabank | Analyst unavailable | $27 | $25.85 | +12.9% | Sep 10, 2026 |
| Morgan Stanley | Robert Kad | $26 | $24.16 | +8.7% | Aug 18, 2026 |
| RBC Capital | Elvira Scotto | $26 | $23.9 | +8.7% | Aug 17, 2026 |
| RBC Capital | Elvira Scotto | $23 | $24.31 | -3.8% | Jul 21, 2026 |
| Barclays | Analyst unavailable | $23 | $23.35 | -3.8% | Jul 16, 2026 |
| Mizuho Securities | Gabriel Moreen | $27 | $22.6 | +12.9% | Jun 8, 2026 |
| Goldman Sachs | Analyst unavailable | $24 | $22.91 | +0.3% | Jun 3, 2026 |
| Morgan Stanley | Analyst unavailable | $25 | $23.86 | +4.5% | May 20, 2026 |
| Scotiabank | Analyst unavailable | $24 | $21.99 | +0.3% | May 12, 2026 |
| Seaport Global | Analyst unavailable | $24 | $22.54 | +0.3% | May 4, 2026 |
| Barclays | Theresa Chen | $21 | $21.92 | -12.2% | Apr 10, 2026 |
| Stifel Nicolaus | Selman Akyol | $25 | $21.97 | +4.5% | Mar 6, 2026 |
| Scotiabank | Analyst unavailable | $23 | $19.24 | -3.8% | Feb 9, 2026 |
| Mizuho Securities | Analyst unavailable | $23 | $19.14 | -3.8% | Jan 23, 2026 |
| Morgan Stanley | Robert Kad | $21 | $17.32 | -12.2% | Nov 25, 2025 |
| Raymond James | Analyst unavailable | $22 | $16.82 | -8.0% | Oct 24, 2025 |
| Barclays | Analyst unavailable | $17 | $16.71 | -28.9% | Oct 7, 2025 |
| Morgan Stanley | Analyst unavailable | $20 | $17.42 | -16.4% | Aug 26, 2025 |
| J.P. Morgan | Jeremy Tonet | $20 | $17.87 | -16.4% | Aug 8, 2025 |
| UBS | Manav Gupta | $25 | $18.65 | +4.5% | Jul 15, 2025 |
| Mizuho Securities | Gabriel Moreen | $22 | $18.41 | -8.0% | Jun 18, 2025 |
| Morgan Stanley | Robert Kad | $23 | $16.94 | -3.8% | May 9, 2025 |
| Scotiabank | Analyst unavailable | $22 | $19 | -8.0% | Mar 6, 2025 |
| Wolfe Research | Keith Stanley | $22 | $18.88 | -8.0% | Jan 10, 2025 |
| Bank of America Securities | Jean Ann Salisbury | $18 | $17.47 | -24.7% | Oct 17, 2024 |
| UBS | Manav Gupta | $22 | $18.03 | -8.0% | Jul 2, 2024 |
| RBC Capital | Elvira Scotto | $18 | $17.45 | -24.7% | May 14, 2024 |
| Goldman Sachs | John Mackay | $16 | $17.98 | -33.1% | Apr 12, 2024 |
| Bernstein | Analyst unavailable | $14.5 | $12.62 | -39.4% | Feb 7, 2023 |
| Citigroup | Analyst unavailable | $14 | $11.7 | -41.5% | Dec 9, 2022 |
| Truist Financial | Analyst unavailable | $15 | $12.19 | -37.3% | Dec 2, 2022 |
| Stifel Nicolaus | Selman Akyol | $16 | $11.66 | -33.1% | Aug 14, 2022 |
| Credit Suisse | Spiro Dounis | $14 | $10.24 | -41.5% | May 12, 2022 |
| Wells Fargo | Analyst unavailable | $16 | $10.39 | -33.1% | Apr 28, 2022 |
| Morgan Stanley | Analyst unavailable | $15 | $10.54 | -37.3% | Apr 26, 2022 |
| Raymond James | Analyst unavailable | $13 | $11.32 | -45.7% | Apr 20, 2022 |
| Truist Financial | Tristan Richardson | $13 | $10.47 | -45.7% | Nov 5, 2021 |
| Citigroup | Timm Schneider | $13 | $10.12 | -45.7% | Jul 13, 2021 |
| TD Securities | Linda Ezergailis | $13.5 | $10.51 | -43.6% | Jul 6, 2021 |
| Goldman Sachs | Michael Lapides | $11 | $8.59 | -54.0% | Apr 27, 2021 |
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Start freeCompany context
Snapshot as of publicationPlains All American Pipeline, L.P., through its subsidiaries, engages in the pipeline transportation, terminalling, storage, and gathering of crude oil and natural gas liquids (NGL) in the United States and Canada. The company operates through two segments, Crude Oil and NGL. The Crude Oil segment offers gathering and transporting crude oil through pipelines, trucks, and on barges or railcars. This segment provides terminalling, storage, and other related services, as well as merchant activities. The NGL segment is involved in natural gas processing and NGL fractionation, storage, transportation, and terminaling. This segment also includes ethane, propane, normal butane, iso-butane, and natural gasoline derived from natural gas production and processing activities, as well as crude oil refining processes. Its NGL components are used for various applications, such as heating, engine, and industrial fuels.The company was founded in 1981 and is headquartered in Houston, Texas. Plains All American Pipeline, L.P. operates as a subsidiary of Plains GP Holdings, L.P.
Historical context
All PAA earningsEnergy peers this season
Latest reports in the same sector| Company | Quarter | EPS surprise | Market move | Headline |
|---|---|---|---|---|
| DVN Devon Energy Corporation | FY2026 Q3 · Calendar Q4 2026 | +6.8% | -1.6% | Devon’s Q3 cash generation supports a lower-capital 2027 plan |
| EOG EOG Resources, Inc. | FY2026 Q3 · Calendar Q4 2026 | +8.9% | +2.2% | EOG pairs record Q3 production with premium-gas investments |
| PBA Pembina Pipeline Corporation | FY2026 Q3 · Calendar Q4 2026 | +13.5% | +1.0% | Pembina raises 2026 EBITDA outlook as NGL strength lifts Q3 |
| ENB Enbridge Inc. | FY2026 Q3 · Calendar Q4 2026 | — | -2.7% | Enbridge reiterates guidance as acquisitions and CEO transition reshape growth story |
Latest beats and misses
Who reports nextBeat on EPS
- AEEFY2026 Q3 · November 5, 2026+5.7% EPS+0.0% move
- SUZFY2026 Q3 · November 5, 2026+94.1% EPS+1.7% move
- DVNFY2026 Q3 · November 5, 2026+6.8% EPS-1.6% move
- RGAFY2026 Q3 · November 5, 2026+21.8% EPS+0.1% move
- REGFY2026 Q3 · November 5, 2026+94.1% EPS-1.4% move
- EOGFY2026 Q3 · November 5, 2026+8.9% EPS+2.2% move
Missed on EPS
- REGCOFY2026 Q3 · November 5, 2026-32.6% EPS+2.0% move
- REGCPFY2026 Q3 · November 5, 2026-32.6% EPS+0.6% move
- DKNGFY2026 Q3 · November 5, 2026-29.2% EPS-23.4% move
- WPMFY2026 Q3 · November 5, 2026-1.1% EPS+2.2% move
- CPTFY2026 Q3 · November 5, 2026-27.2% EPS-3.1% move
- VMRKFY2026 Q3 · November 4, 2026-425.6% EPS+2.4% move
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Sources
- Earnings call transcript and parsed analysis · 2026-11-06T20:06:50.035037+00:00
- FN2 earnings calendar · 2026-11-06T01:23:16.275024+00:00
- Polygon adjusted daily market bars · 2026-11-06T20:50:44.622500+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-11-06T20:50:44.619833+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-11-06. For educational purposes only; not investment advice.