Plains All American sells NGL business to Keyera for $3.75B

PLAINS ALL AMERICAN PIPELINE LP

Total cash consideration C$5.15B (~$3.75B USD); expected close in Q1 2026, subject to regulatory approvals.
Purchase price represents ~13x expected 2025 Distributable Cash Flow; Plains retains US NGL and Canadian crude assets.
Net proceeds ~$3.0B USD after taxes, expenses, and potential ~$0.35/unit special distribution to offset tax liabilities.
PAA expects ~$360M USD of Canadian entity-level taxes; transaction expected to generate foreign tax credits for unitholders.
Capital allocation priorities: bolt-on crude M&A, preferred unit repurchases, and opportunistic common unit buybacks.

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