Full-Time
Midstream energy infrastructure and logistics provider
No salary listed
No H1B Sponsorship
Fort Laramie, WY, USA + 1 more
More locations: Cheyenne, WY, USA
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Plains All American Pipeline owns and operates midstream energy infrastructure across North America, providing logistics for crude oil, natural gas liquids (NGLs), and natural gas. It has Crude Oil and NGL segments offering gathering, transporting, terminalling, storage, fractionation, and marketing services, earning revenue from tariffs and margin-based activities. The network of pipelines, storage facilities, and terminalling assets connects producers and refiners to major market hubs, enabling efficient movement of energy products. Its goal is to deliver stable, integrated midstream services and generate steady cash flow for its stakeholders, organized as a master limited partnership.
Company Size
1,001-5,000
Company Stage
IPO
Headquarters
Houston, Texas
Founded
1981
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Dental Insurance
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Paid Vacation
Hybrid Work Options
Unlimited Paid Time Off
Plains All American Pipeline reported second-quarter 2026 revenue of $17.69 billion and net income of $1.83 billion, exceeding analyst expectations. Management attributed the strong performance to cost efficiencies and Cactus III pipeline synergies. The company sold its Canadian NGL business to reduce leverage and fund higher-return crude projects. Plains is increasing 2026 growth capital for Permian gathering and a 75,000-barrel-per-day Cactus III expansion. The strategy reinforces the investment case around crude projects and export connectivity. However, the more concentrated crude footprint increases exposure to potential Permian activity slowdowns or contract renewal challenges. Simply Wall St community valuations range from $24 to $77 per unit. The company's narrative projects $53.6 billion revenue and $1.5 billion earnings by 2029, yielding a $24.18 fair value estimate.
Plains All American Pipeline reported second-quarter adjusted EBITDA of $738 million and maintained its full-year 2026 guidance of $2.88 billion. The company's crude oil segment generated $690 million EBITDA, whilst the NGL segment contributed $40 million following the mid-May sale of its Canadian NGL business. The divestiture enabled approximately $2.9 billion in debt reduction, lowering the pro forma leverage ratio to 3.3 times. Plains increased growth capital spending guidance to $400–450 million whilst reducing maintenance capital to $175 million. The company expects to generate approximately $1.75 billion in free cash flow for 2026. Permian production is forecast to grow 100,000–200,000 barrels per day on an exit-to-exit basis. Plains is expanding its Cactus pipeline by 75,000 barrels per day, bringing total capacity to 725,000 barrels per day. The quarter included $14 million in environmental remediation expenses.
Plains All American Pipeline reported strong second quarter results driven by Cactus III synergies and operational efficiencies. The company divested its Canadian NGL business to focus on crude oil, reducing leverage to 3.3x. Management raised Permian production growth expectations to 100,000-200,000 barrels per day exit-to-exit, citing earlier-than-expected natural gas egress. Growth capital guidance increased to $400 million-$450 million, targeting Permian and Canada projects contributing to 2027 EBITDA. The Cactus III pipeline expansion, adding 75,000 barrels per day capacity, is expected online by late August 2026. Management targets $50 million in efficiency gains by year-end 2026, with another $50 million throughout 2027. Second quarter results included $14 million in non-recurring environmental remediation expenses. Maintenance capital guidance was lowered to $175 million following the NGL business sale.
Plains All American Pipeline and Plains GP Holdings have appointed Cynthia B. Taylor as an independent member of the Board of Directors of PAA GP Holdings. She will serve in Class III and join the Compensation Committee and the Health, Safety, Environmental and Sustainability Committee. Taylor brings over 30 years of energy industry experience, having served as CEO and President of Oil States International from May 2007 until her retirement in May 2026. She previously held senior financial roles at L.E. Simmons & Associates and Cliffs Drilling Company, and was a director at the Federal Reserve Bank of Dallas. Taylor currently serves on AT&T's board, chairing its audit committee. Plains All American Pipeline operates midstream energy infrastructure across the United States and Canada, handling over nine million barrels per day of crude oil and natural gas liquids.
Plains All American Pipeline has raised its full-year 2026 EBITDA guidance by $130 million, driven by outperformance in its NGL segment, crude optimisation gains and delayed asset divestiture timing. The company expects to reach the low end of its 3.25x to 3.75x leverage target by year-end following a $3.3 billion NGL asset sale. Management attributed first-quarter headwinds to Permian winter weather, system maintenance and timing of minimum volume commitments. The company anticipates incremental Permian production once natural gas takeaway constraints are resolved later this year, unlocking 200,000 to 300,000 barrels per day of shut-in oil. Net proceeds from the NGL divestiture increased approximately $100 million from previous estimates. Management cancelled a planned special distribution, as the Cactus III acquisition mitigated anticipated tax liabilities for unitholders.