Plains All American Q2 2026: Adjusted EBITDA $738M, up 10% YoY; NGL sale closed

PLAINS GP HOLDINGS LP

Net income attributable to PAA $1.830B incl. ~$1.6B gain from Canadian NGL sale to Keyera (closed May 12, 2026).
Adjusted EBITDA attributable to PAA $738M, +10% YoY; pro forma leverage 3.3x after ~$2.9B debt reduction.
Quarterly distribution raised 10% to $0.4175/unit ($1.67 annualized); implied DCF $0.70/unit.
2026 organic growth capex raised to $400-450M (from $350M) for Cactus III 75 Mb/d expansion; maintenance capex cut to $175M.
Adjusted free cash flow $4.189B, boosted by NGL divestiture proceeds; full-year EBITDA guidance on track.

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