secwatch.observer — SEC 8-K summary
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Issuer:     PLAINS ALL AMERICAN PIPELINE LP (PAA)
CIK:        0001070423
Form:       8-K
Filed at:   2026-05-08T23:59:59+00:00
Accession:  0001070423-26-000017
Event type: earnings
Sentiment:  positive
Materiality: 0.60
Item codes: 2.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Plains All American Q1 net income $152M; raises 2026 EBITDA midpoint by $130M
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- Q1 GAAP net income $152M ($0.14/unit) vs $443M YoY; adjusted net income $325M ($0.39/unit).
- Q1 Adjusted EBITDA attributable to PAA $730M ($852M total); declared $0.4175/unit distribution (10% increase).
- Raises FY 2026 Adj. EBITDA guidance midpoint to $2.880B (+$130M); growth capex $350M, maintenance $185M.
- Pro forma leverage 4.1x; targeting 3.25-3.75x after closing NGL divestiture to Keyera (expected May 2026).
- FY 2026 Adjusted Free Cash Flow guidance raised to ~$1.850B (excl. NGL proceeds and working capital changes).

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1070423/000107042326000017/0001070423-26-000017-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1070423/000107042326000017/paa-20260508.htm
  HTML page:      https://secwatch.observer/filing/0001070423-26-000017

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer