---
schema_version: "secwatch.filing_event.v1"
accession: "0001070423-26-000028"
form_type: "8-K"
ticker: "PAA"
cik: "0001070423"
company_name: "PLAINS ALL AMERICAN PIPELINE LP"
filed_at: "2026-08-07T13:14:58+00:00"
generated_at: "2026-08-07T13:16:08.369017+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

# PAA Q2: net income $1.83B on Canadian NGL sale; adjusted EBITDA $738M, up 10% YoY

## Summary
- Q2 net income $1.830B incl. ~$1.6B gain on Canadian NGL sale to Keyera; diluted EPS $2.51 vs $0.21 prior year.
- Adjusted EBITDA attributable to PAA $738M, up 10% YoY; adjusted EPS $0.41 vs $0.36; distribution raised 10% to $0.4175/unit.
- Closed Canadian NGL Business sale May 12, 2026 to Keyera; used ~$2.9B proceeds for debt reduction, leverage now 3.3x.
- 2026 organic growth capex raised to $400-450M (from $350M) incl. 75 Mb/d Cactus III expansion; maintenance capex cut $10M to $175M.
- Captured $50M Cactus III synergies; on track for $50M cost reductions through year-end 2026.

## SEC filing metadata
- accession: 0001070423-26-000028
- form_type: 8-K
- ticker: PAA
- cik: 0001070423
- company_name: PLAINS ALL AMERICAN PIPELINE LP
- filed_at: 2026-08-07T13:14:58+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 2.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1070423/000107042326000028/0001070423-26-000028-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1070423/000107042326000028/paa-20260807.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001070423-26-000028
- JSON: https://secwatch.observer/filing/0001070423-26-000028.json
- Plain text: https://secwatch.observer/filing/0001070423-26-000028.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.