PAA

Make better investment decisions with Simply Wall St's easy, visual tools that give you a competitive edge. Plains All American Pipeline (PAA) has just reported second quarter 2026 results, giving you fresh data to assess the stock. The headline numbers span revenue, profitability, leverage and capital spending. See our latest analysis for Plains All American Pipeline. Even with the strong second quarter headlines and growth projects like the Cactus III expansion and Permian gathering build out, Plains All American Pipeline’s 1-day share price return declined 3.02% and its 7-day share price return declined 7.16%. At the same time, the year to date share price return of 25.26% and 1-year total shareholder return of 38.25% point to momentum that has been building over a longer period. If you are looking beyond Plains All American Pipeline for other opportunities tied to energy infrastructure and grid demand, it can be useful to scan 37 power grid technology and infrastructure stocks The latest pullback in Plains All American Pipeline leaves the units trading below both analyst targets and some intrinsic value estimates. Is that gap a signal of mispricing, or a fair reflection of recent enthusiasm cooling? Plains All American Pipeline closed at $22.81 compared with a narrative fair value estimate of $24.18. That gap frames how analysts see the latest earnings against the longer term story. Read the complete narrative. The fair value hinges on a simple idea: higher throughput, fatter margins and a different earnings multiple in a few years. Curious which specific growth and margin assumptions need to play out for Plains All American Pipeline to meet that narrative path. Result: Fair Value of $24.18 (UNDERVALUED) Have a read of the narrative in full and understand what's behind the forecasts. However, you still need to weigh Plains All American Pipeline’s heavier focus on crude oil against energy transition risk, as well as the higher capital requirements that could pressure future cash returns. Find out about the key risks to this Plains All American Pipeline narrative. The narrative fair value suggests Plains All American Pipeline is trading at a discount, yet the current P/E of 19.6x tells a different story. It sits above the US Oil and Gas industry average of 12.9x and only slightly below a fair ratio of 25.5x, which points to limited margin of safety if sentiment turns. See what the numbers say about this price — find out in our valuation breakdown. With sentiment clearly mixed around Plains All American Pipeline, this is the moment to move quickly, review the numbers for yourself and decide whether the trade off between concerns and optimism makes sense for your portfolio using the 3 key rewards and 2 important warning signs. Do not stop with Plains All American Pipeline. Use this earnings update as a springboard to refresh your watchlist and look for stronger risk reward setups. Target potential mispricing opportunities by scanning 52 high quality undervalued stocks that combine solid fundamentals with prices that may not fully reflect their underlying businesses. Strengthen your income focus by reviewing 8 dividend fortresses that aim to pair higher yields with balance sheets that appear built to handle pressure. Protect your downside by filtering for 83 resilient stocks with low risk scores where business quality and lower risk scores help you avoid avoidable surprises. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include PAA. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

HOUSTON, Aug. 07, 2026 (GLOBE NEWSWIRE) -- Plains All American Pipeline, L.P. (Nasdaq: PAA) and Plains GP Holdings (Nasdaq: PAGP) today reported second-quarter 2026 results and provided the following highlights: Second-Quarter 2026 Results Second-quarter Net income attributable to PAA of $1.830 billion, including a net gain of approximately $1.6 billion from the Canadian NGL Business divestiture, and Net cash provided by operating activities of $956 million Delivered strong second-quarter Adjusted EBITDA attributable to PAA of $738 million Pro forma leverage ratio at quarter-end was 3.3x reflecting approximately $2.9 billion of debt reduction funded with proceeds from the Canadian NGL Business divestiture and toward the low-end of our target range of 3.25 to 3.75x Paid a quarterly cash distribution of $0.4175 per unit ($1.67 per unit annualized), representing a current distribution yield of ~7% Highlights and Recent Announcements Executing on three key initiatives for the year: closed the NGL sale, captured $50 million of synergies on the Cactus III acquisition and delivering on $50 million of targeted cost reductions through year-end 2026 Increased 2026 organic growth capital from $350 million to a range of $400 to $450 million including a 75 Mbbl/d expansion of the Cactus III pipeline, Canadian gathering systems and Permian gathering projects across the Delaware and Midland basins Maintenance capital guidance is being reduced by $10 million to $175 million largely based on timing of the NGL divestiture “Strong results in the quarter mark a significant improvement from first quarter levels and place us on-track to deliver on our full-year Adjusted EBITDA guidance. Year-to-date we are on pace to accomplish all three key initiatives outlined for 2026. In May, we successfully closed on the sale of our Canadian NGL business, completing a transition to a premier pure play crude oil midstream provider. Proceeds from the NGL sale were used to bring our leverage ratio back within our established target range. Cactus III synergies have been captured and we are now seeing additional upside potential from expanding the capacity of the pipeline by 75 Mbbl/d. Finally, we remain on-track to capture streamlining efficiencies throughout the organization this year. The combination of these key initiatives along with contributions from new organic investment opportunities and Permian volume growth provides momentum for the organization heading into 2027. The oil macro environment remains volatile but our well positioned asset footprint, integrated business model, and commercial relationships position us well to capture opportunities across our portfolio,” said Willie Chiang, Chairman, CEO and President. Financial Reporting Considerations from Sale of Canadian NGL Business On May 12, 2026, we completed the sale of substantially all of our NGL business in Canada (the “Canadian NGL Business”) to Keyera Corp. (“Keyera”), pursuant to a definitive share purchase agreement (as amended to date, the “SPA”) entered into on June 17, 2025. We determined that the operations of the Canadian NGL Business met the criteria for classification as held for sale and for discontinued operations reporting. Results throughout this release specify if they are presented from continuing operations (which exclude results related to the Canadian NGL Business) and/or discontinued operations. Plains All American Pipeline Summary Financial Information (unaudited)(in millions, except per unit data) Disaggregation of Adjusted EBITDA by Product (1) (2) (unaudited)(in millions) Second-quarter 2026 Adjusted EBITDA from Crude Oil increased 19% versus comparable 2025 results. Favorable results in the 2026 period from (i) contributions from our Cactus III pipeline acquisition, which was completed during the fourth quarter of 2025, (ii) higher volumes on our pipelines and (iii) market opportunities and optimization initiatives were partially offset by the impact of (iv) certain Permian long-haul pipeline contract rate resets. Second-quarter 2026 Adjusted EBITDA from NGL decreased 54% versus comparable 2025 results primarily due to the sale of the Canadian NGL Business, which closed on May 12, 2026. Plains GP Holdings PAGP owns an indirect non-economic controlling interest in PAA’s general partner and an indirect limited partner interest in PAA. As the control entity of PAA, PAGP consolidates PAA’s results into its financial statements, which is reflected in the condensed consolidating balance sheet and income statement tables attached hereto. Conference Call and Webcast Instructions PAA and PAGP will hold a joint conference call at 9:00 a.m. CT on Friday, August 7, 2026 to discuss second-quarter performance and related items. To access the internet webcast, please go to https://edge.media-server.com/mmc/p/d62hd2t2/lan/en. Alternatively, the webcast can be accessed on our website at https://ir.plains.com/news-events/events-presentations. Following the live webcast, an audio replay will be available on our website and will be accessible for a period of 365 days. Slides will be posted prior to the call at the above referenced website. Non-GAAP Financial Measures and Selected Items Impacting Comparability To supplement our financial information presented in accordance with GAAP, management uses additional measures known as “non-GAAP financial measures” in its evaluation of past performance and prospects for the future and to assess the amount of cash that is available for distributions, debt repayments, common equity repurchases and other general partnership purposes. The primary additional measures used by management are Adjusted EBITDA, Adjusted EBITDA attributable to PAA, Implied Distributable Cash Flow (“DCF”), Adjusted Free Cash Flow and Adjusted Free Cash Flow after Distributions. Our definition and calculation of certain non-GAAP financial measures may not be comparable to similarly-titled measures of other companies. Adjusted EBITDA, Adjusted EBITDA attributable to PAA, Implied DCF and certain other non-GAAP financial performance measures are reconciled to Net Income, and Adjusted Free Cash Flow, Adjusted Free Cash Flow after Distributions and certain other non-GAAP financial liquidity measures are reconciled to Net Cash Provided by Operating Activities (the most directly comparable measures as reported in accordance with GAAP) for the historical periods presented in the tables attached to this release, and should be viewed in addition to, and not in lieu of, our Consolidated Financial Statements and accompanying notes. In addition, we encourage you to visit the Investor Relations section of our website at www.plains.com (navigate to the “Financials” tab, then click on “Quarterly Results”), which presents a reconciliation of our commonly used non-GAAP and supplemental financial measures. We do not reconcile non-GAAP financial measures on a forward-looking basis as it is impractical to do so without unreasonable effort. Non-GAAP Financial Performance Measures Adjusted EBITDA is defined as earnings from continuing operations and discontinued operations before (i) interest expense, (ii) income tax (expense)/benefit from continuing operations and discontinued operations, (iii) depreciation and amortization (including our proportionate share of depreciation and amortization, including write-downs related to cancelled projects and impairments, of unconsolidated entities) from continuing operations and discontinued operations, (iv) gains and losses on asset sales, asset impairments and other, net from continuing operations and discontinued operations, (v) gains on investments in unconsolidated entities, net and (vi) interest income on promissory notes by and among certain Plains entities, and (vii) adjusted for certain selected items impacting comparability. Adjusted EBITDA attributable to PAA excludes the portion of Adjusted EBITDA that is attributable to noncontrolling interests. Adjusted EBITDA disaggregated by product (e.g., Adjusted EBITDA from Crude Oil and Adjusted EBITDA from NGL) excludes amounts related to Other income/(expense). Management believes that the presentation of Adjusted EBITDA, Adjusted EBITDA attributable to PAA and Implied DCF provides useful information to investors regarding our performance and results of operations because these measures, when used to supplement related GAAP financial measures, (i) provide additional information about our operating performance and ability to fund distributions to our unitholders through cash generated by our operations and (ii) provide investors with the same financial analytical framework upon which management bases financial, operational, compensation and planning/budgeting decisions. We also present these and additional non-GAAP financial measures, including adjusted net income attributable to PAA and basic and diluted adjusted net income per common unit, as they are measures that investors, rating agencies and debt holders have indicated are useful in assessing us and our results of operations. These non-GAAP financial performance measures may exclude, for example, (i) charges for obligations that are expected to be settled with the issuance of equity instruments, (ii) gains and losses on derivative instruments that are related to underlying activities in another period (or the reversal of such adjustments from a prior period), gains and losses on derivatives that are either related to investing activities (such as the purchase of linefill) or purchases of long-term inventory, and inventory valuation adjustments, as applicable, (iii) long-term inventory costing adjustments, (iv) items that are not indicative of our operating results and/or (v) other items that we believe should be excluded in understanding our operating performance. These measures may be further adjusted to include amounts related to deficiencies associated with minimum volume commitments whereby we have billed the counterparties for their deficiency obligation and such amounts are recognized as deferred revenue in “Other current liabilities” in our Consolidated Financial Statements. We also adjust for amounts billed by our equity method investees related to deficiencies under minimum volume commitments. Such amounts are presented net of applicable amounts subsequently recognized into revenue. Furthermore, the calculation of these measures contemplates tax effects as a separate reconciling item, where applicable. We have defined all such items as “selected items impacting comparability.” Due to the nature of the selected items, certain selected items impacting comparability may impact certain non-GAAP financial measures, referred to as adjusted results, but not impact other non-GAAP financial measures. We do not necessarily consider all of our selected items impacting comparability to be non-recurring, infrequent or unusual, but we believe that an understanding of these selected items impacting comparability is material to the evaluation of our operating results and prospects. Although we present selected items impacting comparability that management considers in evaluating our performance, you should also be aware that the items presented do not represent all items that affect comparability between the periods presented. Variations in our operating results are also caused by changes in volumes, prices, exchange rates, mechanical interruptions, acquisitions, divestitures, investment capital projects and numerous other factors. These types of variations may not be separately identified in this release, but will be discussed, as applicable, in management’s discussion and analysis of operating results in our Quarterly Report on Form 10-Q. Non-GAAP Financial Liquidity Measures Management uses the non-GAAP financial liquidity measures Adjusted Free Cash Flow and Adjusted Free Cash Flow after Distributions to assess the amount of cash that is available for distributions, debt repayments, common equity repurchases and other general partnership purposes. Adjusted Free Cash Flow is defined as Net Cash Provided by Operating Activities, less Net Cash Provided by/(Used in) Investing Activities, which primarily includes acquisition, investment and maintenance capital expenditures, investments in unconsolidated entities and related party notes and the impact from the purchase and sale of linefill, net of proceeds from the sales of assets and further impacted by distributions to and contributions from noncontrolling interests and proceeds from the issuance of related party notes. Adjusted Free Cash Flow is further reduced by cash distributions paid to our preferred and common unitholders to arrive at Adjusted Free Cash Flow after Distributions. We also present these measures and additional non-GAAP financial liquidity measures as they are measures that investors have indicated are useful. We present Adjusted Free Cash Flow (Excluding Changes in Assets & Liabilities) for use in assessing our underlying business liquidity and cash flow generating capacity excluding fluctuations caused by timing of when amounts earned or incurred were collected, received or paid from period to period. Adjusted Free Cash Flow (Excluding Changes in Assets & Liabilities) is defined as Adjusted Free Cash Flow excluding the impact of “Changes in assets and liabilities, net of acquisitions” on our Condensed Consolidated Statements of Cash Flows. In addition, we exclude impacts related to the Canadian NGL Business divestiture. Adjusted Free Cash Flow (Excluding Changes in Assets & Liabilities) is further reduced by cash distributions paid to our preferred and common unitholders to arrive at Adjusted Free Cash Flow after Distributions (Excluding Changes in Assets & Liabilities). Non-GAAP Financial Measures and Discontinued Operations From June 17, 2025, the date we entered into the SPA with Keyera to sell the Canadian NGL Business, through the closing of the divestiture on May 12, 2026, management reviewed such business as a component of our overall company performance and ability to fund distributions to our unitholders in the near term. As such, certain Non-GAAP financial performance measures, such as Adjusted EBITDA, Adjusted EBITDA attributable to PAA, Implied DCF, and certain Non-GAAP financial liquidity measures, such as Adjusted Free Cash Flow and Adjusted Free Cash Flow (Excluding Changes in Assets & Liabilities), are presented on a consolidated basis (e.g., the aggregate of continuing operations and discontinued operations) to provide relevant and useful information regarding our historical performance and results of operations and to assist in reconciling results presented in historical periods. PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIESFINANCIAL SUMMARY (unaudited) CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(in millions, except per unit data) PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIESFINANCIAL SUMMARY (unaudited) CONDENSED CONSOLIDATED BALANCE SHEET DATA(in millions) DEBT CAPITALIZATION RATIOS (1)(in millions, except percentages) PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIESFINANCIAL SUMMARY (unaudited) COMPUTATION OF BASIC AND DILUTED NET INCOME PER COMMON UNIT(in millions, except per unit data) PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIESFINANCIAL SUMMARY (unaudited) CONDENSED CONSOLIDATED CASH FLOW DATA(in millions) PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIESFINANCIAL SUMMARY(unaudited) CAPITAL EXPENDITURES(1)(in millions) PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIESFINANCIAL SUMMARY(unaudited) NON-GAAP RECONCILIATIONS(in millions, except per unit and ratio data) Net Income Per Common Unit to Adjusted Net Income Per Common Unit Reconciliation (1): PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIESFINANCIAL SUMMARY (unaudited) Net Income to Adjusted EBITDA attributable to PAA and Implied DCF Reconciliation: PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIESFINANCIAL SUMMARY (unaudited) Net Income Per Common Unit to Implied DCF Per Common Unit and Common Unit Equivalent Reconciliation (1): PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIESFINANCIAL SUMMARY (unaudited) PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIESFINANCIAL SUMMARY (unaudited) SELECTED ITEMS IMPACTING COMPARABILITY (in millions) PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIESFINANCIAL SUMMARY (unaudited) SELECTED FINANCIAL DATA BY CRUDE OIL(in millions) PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIESFINANCIAL SUMMARY (unaudited) SELECTED FINANCIAL DATA BY NGL(in millions) PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIESFINANCIAL SUMMARY (unaudited) DISCONTINUED OPERATIONS DETAIL(in millions) Components of Income from Discontinued Operations, Net of Tax: Reconciliation of Adjusted EBITDA from NGL Discontinued Operations: Investment Capital from NGL Discontinued Operations: PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIESFINANCIAL SUMMARY (unaudited) OPERATING DATA (1) PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIESFINANCIAL SUMMARY (unaudited) SUPPLEMENTAL NON-GAAP RECONCILIATIONS(in millions) Supplemental Adjusted EBITDA attributable to PAA Reconciliation: PLAINS GP HOLDINGS AND SUBSIDIARIESFINANCIAL SUMMARY (unaudited) CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS(in millions, except per share data) PLAINS GP HOLDINGS AND SUBSIDIARIESFINANCIAL SUMMARY (unaudited) CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS(in millions, except per share data) PLAINS GP HOLDINGS AND SUBSIDIARIESFINANCIAL SUMMARY (unaudited) CONDENSED CONSOLIDATING BALANCE SHEET DATA(in millions) PLAINS GP HOLDINGS AND SUBSIDIARIESFINANCIAL SUMMARY (unaudited) COMPUTATION OF BASIC AND DILUTED NET INCOME PER CLASS A SHARE(in millions, except per share data) Forward-Looking Statements Except for the historical information contained herein, the matters discussed in this release consist of forward-looking statements that involve certain risks and uncertainties that could cause actual results or outcomes to differ materially from results or outcomes anticipated in the forward-looking statements. These risks and uncertainties include, among other things, the following: general economic, market or business conditions in the United States and elsewhere (including the potential for a recession or significant slowdown in economic activity levels, the risk of persistently high inflation and supply chain issues, the impact of global public health events, such as pandemics, on demand and growth, and the timing, pace and extent of economic recovery) that impact (i) demand for crude oil, drilling and production activities and therefore the demand for the midstream services we provide and (ii) commercial opportunities available to us; declines in global crude oil demand and/or crude oil prices or other factors that correspondingly lead to a significant reduction of North American crude oil production (whether due to reduced producer cash flow to fund drilling activities or the inability of producers to access capital, or both, the unavailability of pipeline and/or storage capacity, the shutting-in of production by producers, government-mandated pro-ration orders, or other factors), which in turn could result in significant declines in the actual or expected volume of crude oil shipped, processed, purchased, stored, fractionated and/or gathered at or through the use of our assets and/or the reduction of the margins we can earn or the commercial opportunities that might otherwise be available to us; impacts of global geopolitical events, including conflicts in the Middle East and elsewhere, on commodity price volatility and crude oil supply and demand, as well as broader impacts on financial markets and the global macroeconomic environment; fluctuations in refinery capacity and other factors affecting demand for various grades of crude oil and resulting changes in pricing conditions or transportation throughput requirements; unanticipated changes in crude oil market structure, grade differentials and volatility (or lack thereof); the effects of competition and capacity overbuild in areas where we operate, including downward pressure on rates, volumes and margins, contract renewal risk and the risk of loss of business to other midstream operators who are willing or under pressure to aggressively reduce transportation rates in order to capture or preserve customers; the availability of, and our ability to consummate, acquisitions, divestitures, joint ventures or other strategic opportunities and realize benefits therefrom; the successful operation of joint ventures and joint operating arrangements we enter into from time to time, whether relating to assets operated by us or by third parties, and the successful integration and future performance of acquired assets or businesses; environmental liabilities, litigation or other events that are not covered by an indemnity, insurance or existing reserves; negative societal sentiment regarding the hydrocarbon energy industry and the continued development and consumption of hydrocarbons, which could influence consumer preferences and governmental or regulatory actions that adversely impact our business; the occurrence of a natural disaster, catastrophe, terrorist attack (including eco-terrorist attacks) or other event that materially impacts our operations, including cyber or other attacks on our or our service providers’ electronic and computer systems; weather interference with business operations or project construction, including the impact of extreme weather events or conditions (including hurricanes, floods, wildfires and drought); the impact of current and future laws, rulings, legislation, governmental regulations, executive orders, trade policies, trade tariffs, accounting standards and statements, and related interpretations that (i) prohibit, restrict or regulate the development of oil and gas resources and the related infrastructure on lands dedicated to or served by our pipelines or (ii) negatively impact our ability to develop, operate or repair midstream assets, or (iii) otherwise negatively impact our business or increase our exposure to risk; negative impacts on production levels in the Permian Basin or elsewhere due to issues associated with (or laws, rules or regulations relating to) hydraulic fracturing and related activities (including wastewater injection or disposal), including earthquakes, subsidence, expansion or other issues; the pace of development of natural gas or other infrastructure and its impact on expected crude oil production growth in the Permian Basin; the refusal or inability of our customers or counterparties to perform their obligations under their contracts with us (including commercial contracts, asset sale agreements and other agreements), whether justified or not and whether due to financial constraints (such as reduced creditworthiness, liquidity issues or insolvency), market constraints, legal constraints (including governmental orders or guidance), the exercise of contractual or common law rights that allegedly excuse their performance (such as force majeure or similar claims) or other factors; loss of key personnel and inability to attract and retain new talent; disruptions to futures markets for crude oil and other petroleum products, which may impair our ability to execute our commercial or hedging strategies; the effectiveness of our risk management activities; shortages or cost increases of supplies, materials or labor; maintenance of our credit ratings and ability to receive open credit from our suppliers and trade counterparties; our inability to perform our obligations under our contracts, whether due to non-performance by third parties, including our customers or counterparties, market constraints, third-party constraints, supply chain issues, legal constraints (including governmental orders or guidance), or other factors or events; the incurrence of costs and expenses related to unexpected or unplanned capital or maintenance expenditures, third-party claims or other factors; failure to implement or capitalize, or delays in implementing or capitalizing, on investment capital projects, whether due to permitting delays, permitting withdrawals or other factors; failure to implement or realize anticipated benefits from operational and organizational streamlining and efficiency efforts and initiatives; tightened capital markets or other factors that increase our cost of capital or limit our ability to obtain debt or equity financing on satisfactory terms to fund additional acquisitions, investment capital projects, working capital requirements and the repayment or refinancing of indebtedness; the amplification of other risks caused by volatile or closed financial markets, capital constraints, liquidity concerns and inflation; the use or availability of third-party assets upon which our operations depend and over which we have little or no control; the currency exchange rate of the Canadian dollar to the United States dollar; the deferral of current revenue recognition attributable to deficiency payments received from customers who fail to ship or move their minimum contracted volumes; significant under-utilization of our assets and facilities; increased costs, or lack of availability, of insurance; fluctuations in the debt and equity markets, including the price of our units at the time of vesting under our long-term incentive plans; risks related to the development and operation of our assets; and other factors and uncertainties inherent in the transportation, storage, terminalling and marketing of crude oil and other petroleum products as discussed in the Partnerships’ filings with the Securities and Exchange Commission. About Plains: PAA is a publicly traded master limited partnership that owns and operates midstream energy infrastructure and provides logistics services primarily for crude oil. PAA owns an extensive network of pipeline gathering and transportation systems, in addition to terminalling, storage, processing, fractionation and other infrastructure assets serving key producing basins, transportation corridors and major market hubs and export outlets in the United States and Canada. PAGP is a publicly traded entity that owns an indirect, non-economic controlling general partner interest in PAA and an indirect limited partner interest in PAA, one of the largest energy infrastructure and logistics companies in North America. PAA and PAGP are headquartered in Houston, Texas. For more information, please visit www.plains.com. Contacts: Blake FernandezVice President, Investor Relations(866) 809-1291 Ross HovdeDirector, Investor Relations(866) 809-1291

This article first appeared on GuruFocus. Adjusted EBITDA: $738 million for the second quarter of 2026. Full-Year 2026 EBITDA Guidance: $2.88 billion, plus or minus $75 million. Crude Oil Segment Adjusted EBITDA: $690 million for the second quarter. NGL Segment Adjusted EBITDA: $40 million, reflecting the mid-May closing of the Canadian NGL business sale. Growth Capital Spending: Increased to a range of $400 million to $450 million for 2026. Maintenance Capital: Decreased to $175 million for 2026. Free Cash Flow: Expected to generate approximately $1.75 billion in 2026. Leverage Ratio: Pro forma leverage ratio of 3.3 times at the end of the second quarter. Debt Reduction: Approximately $2.9 billion of debt reduction driven by the NGL divestiture. Permian Production Growth: Expected 100,000 to 200,000 barrels per day growth in 2026 versus 2025 on an exit-to-exit basis. Cactus Pipeline Expansion: Adding 75,000 barrels per day capacity, bringing total capacity to 725,000 barrels per day. One-Off Expenses: Approximately $14 million of environmental remediation expenses in the second quarter. Warning! GuruFocus has detected 13 Warning Signs with PAA. Is PAA fairly valued? Test your thesis with our free DCF calculator. Release Date: August 07, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Second quarter adjusted EBITDA of $738 million is on track to meet full-year 2026 guidance of $2.88 billion. Closed the sale of Canadian NGL business, reducing leverage to 3.3 times and enhancing balance sheet flexibility. Increased 2026 growth capital to $400-$450 million for high-return projects, including Permian gathering and Cactus pipeline expansion. Raised Permian production growth forecast to 100,000-200,000 barrels per day exit-to-exit, driven by earlier gas egress. Expect to capture $50 million in cost efficiencies by end of 2026 and an additional $50 million in 2027. Cactus 3 expansion adds 75,000 barrels per day capacity, capital-efficient and quickly fillable by marketing affiliate. Strong market positioning with record Gulf Coast exports and ability to capture volatility-driven opportunities. Second quarter results included $14 million of one-off environmental remediation expenses. 2026 EBITDA guidance remains unchanged despite higher volume outlook, as benefits are expected to materialize more in 2027. Market-based opportunities are not forecasted, and volatility in Q3/Q4 could be lower than Q2. Permian production growth will have minimal EBITDA impact this year, with momentum building only into 2027. Pipeline loss allowance revenue is only 70% hedged for the rest of 2026 at an average WTI of $62, leaving exposure to price fluctuations. Future Cactus 3 expansion phases will take longer to sanction and require customer commitments, limiting near-term upside. Canadian growth opportunities, while promising, are dependent on egress projects and may not be competitive with larger-scale alternatives. Q: Can you provide an update on the progress of capturing the $50 million in cost efficiencies by the end of 2026 and the additional $50 million expected in 2027?A: Chris Chandler, Chief Operating Officer, stated that the company has made good progress, realizing a little less than half of the $50 million target for 2026 so far this year. The NGL sale was a catalyst, but not the sole driver. The savings are coming from streamlining the organizational structure, reducing leadership roles, rightsizing the trucking business, and consolidating marketing offices. The company is on track to capture the remaining amount by year-end 2026 and is confident in achieving the additional $50 million in 2027. Q: Given the strong Q2 results and the raised Permian production forecast, why was the 2026 EBITDA guidance left unchanged?A: Al Swanson, CFO, explained that Q2 crude oil segment EBITDA of $690 million was a significant increase from Q1. The guidance midpoint for the second half of the year is modeled to be in the low $700 million range, which already reflects a strong exit to the year. The increased Permian volumes are expected to create momentum for 2027 rather than drive a raise for the second half of 2026, as the current guidance already incorporates a robust performance. Q: How sustainable is the increased growth capital spending level of $400 million to $450 million for 2026, and what is the outlook for 2027?A: Chris Chandler, COO, noted that the increase is driven by projects in the Permian, Canada, and the Cactus pipeline. While some projects are typical 18-24 month developments, the spend will carry into 2027 and potentially 2028. He does not expect 2027 to look significantly different from 2026, though it is trending higher than the historical $300 million to $400 million range. Full-year 2027 guidance will be provided in early 2027. Q: Can you elaborate on the economics of the Cactus 3 expansion and the potential for future phases?A: Chris Chandler, COO, confirmed that the 75,000 barrels per day expansion was highly economic, costing tens of millions of dollars, far less than originally anticipated. Jeremy Goebel, Chief Commercial Officer, added that the marketing affiliate can fill the new capacity immediately to capture market volatility, with the goal of contracting it on a term basis over time. Future expansion phases will be more expensive and take longer, but they are also looking more economic than originally premised and will be backed by customer commitments. Q: What are the key drivers and expectations for Permian production growth, and how does this impact Plains' outlook?A: Willie Chiang, CEO, stated that Permian production is now expected to grow by 100,000 to 200,000 barrels per day in 2026 on an exit-to-exit basis, up from a prior forecast of relatively flat production. This is due to natural gas egress coming online earlier than expected. Jeremy Goebel, Chief Commercial Officer, noted that recent volumes in July and August are trending favorably, and the company has a positive bias. The growth is expected to create meaningful momentum into 2027, with minimal impact on 2026 EBITDA. Q: How is the company thinking about the balance between organic growth projects and bolt-on acquisitions?A: Willie Chiang, CEO, stated that the company evaluates all opportunities, including organic projects, bolt-on acquisitions, returning more cash to shareholders, and even taking out preferred equity. With a strong balance sheet and leverage at 3.3 times, the company has multiple levers to pull and will play the right card when the time comes. Q: Can you discuss the market-based opportunities and the outlook for the second half of 2026?A: Jeremy Goebel, Chief Commercial Officer, stated that the company does not forecast market-based opportunities beyond what has already been captured. However, the team is well-positioned to play time, quality, and location spreads across the system if volatility presents itself, similar to what was captured in Q2. Willie Chiang, CEO, added that the market is shifting from a supply-push to a demand-pull model, which is creating new opportunities for security of supply, as evidenced by record crude exports out of the Gulf Coast in Q2. Q: What are the opportunities for growth in the Canadian gathering systems, and how do they fit into the broader portfolio?A: Jeremy Goebel, Chief Commercial Officer, expressed excitement about Canada, particularly the Clearwater formation around the Rainbow asset and the DuVernay formation around the Rangeland asset. The company is adding capacity and building laterals, with long-term contracts backing these investments. There may also be opportunities to partner with egress projects coming out of Canada, which could have knock-on effects for assets like the Cushing terminal and the Cap line. Q: How is the company thinking about the impact of increasing heavy supply from Venezuela and potential Canadian egress expansions on heavy differentials?A: Jeremy Goebel, Chief Commercial Officer, noted that the pace of growth in Canada and Venezuela will dictate the impact on heavy differentials. Dislocations in the market create opportunities for the company to capture value, but the preference is to move barrels for customers. Willie Chiang, CEO, added that Venezuelan barrels coming into the Gulf Coast are healthy as they push other barrels back, creating more opportunities for Plains. Q: Can you provide more color on the outlook for crude exports and the flows to Corpus Christi versus Houston?A: Jeremy Goebel, Chief Commercial Officer, stated that both Corpus Christi and Houston are very good markets with close to 90% utilization. Corpus Christi demands a premium due to its single-quality WTI barrel, while Houston has a broader mix and more refining capacity. The company is seeing new customers interested in securing supply, which could lead to additional term contracts. Willie Chiang, CEO, highlighted that the company's assets are well-positioned to capture opportunities regardless of whether flows shift to Cushing or the Gulf Coast. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Management attributed the strong second quarter performance to the successful capture of Cactus III synergies, organizational efficiencies, and the absence of first-quarter operational headwinds. The divestiture of the Canadian NGL business was a strategic pivot to focus on crude oil as a pure-play entity, successfully reducing leverage to 3.3x and providing a catalyst for cost streamlining. Permian production growth expectations were revised upward to 100,000-200,000 barrels per day exit-to-exit, primarily driven by natural gas egress coming online earlier than anticipated. The company is shifting its strategic focus toward a 'demand pull' market model, positioning its infrastructure to serve as a secure supply source amid global energy volatility and low inventories. Operational efficiencies are being realized through organizational rightsizing, consolidation of marketing offices, and a reduction in leadership roles following the NGL business exit. Management emphasized that the premier crude oil footprint is creating new organic investment opportunities, particularly in the Midland and Delaware Basins where dedicated acreage now totals approximately 5.1 million acres. Growth capital guidance was increased to a range of $400 million to $450 million, targeting 'quick hit' projects in the Permian and Canada expected to contribute to 2027 EBITDA. The Cactus III pipeline expansion, adding 75,000 barrels per day, is expected to be online by late August 2026 to support increased export demand from the Corpus Christi market. Management expects to realize $50 million in efficiency gains by the end of 2026, with an additional $50 million targeted for capture throughout 2027. The ramp-up in Permian oil production is expected to create significant momentum for 2027, though it will have a minimal impact on the remaining 2026 EBITDA results. Capital allocation priorities remain focused on annual $0.15 per unit distribution increases, accretive bolt-on acquisitions, and maintaining a flexible balance sheet at the low end of the target leverage range. Second quarter results included approximately $14 million in one-off environmental remediation expenses, which management confirmed will not recur in the second half of the year. Maintenance capital guidance was lowered to $175 million, primarily due to the timing of the NGL business sale and associated asset removals. Pipeline loss allowance (PLA) revenue is approximately 70% hedged for the remainder of 2026 at an average WTI price of around $62. Management is contemplating the removal of the NGL segment from financial reporting starting in the third quarter to transition to a single-segment reporting structure. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. Management indicated that 2027 spend is not expected to look significantly different from 2026, though it may trend slightly higher than the historical $300 million to $400 million range. Current projects are typically 18- to 24-month cycles, meaning spend will naturally carry into 2027 and potentially early 2028. The 75,000 barrel per day expansion was described as highly capital-efficient and unlikely to negatively impact the overall supply-demand balance given much higher basin production forecasts. The marketing affiliate will initially fill the new space to capture volatility before transitioning the capacity to long-term contracts. Management views the influx of Venezuelan barrels as healthy for the Gulf Coast, as these refineries were originally designed for such grades. Increased heavy supply creates dislocations and spreads that the commercial team can capture, while potentially pushing Canadian barrels to other markets or egress routes. Growth is being driven by filling latent capacity in the Rangeland system and expanding the Rainbow mainline to service the Clearwater formation. Management is seeing 'substantial activity' in the Manitou asset and exploring partnerships for incremental egress coming out of Canada.

Interested in Plains All American Pipeline Lp? Here are five stocks we like better. Plains All American Pipeline reported second-quarter adjusted EBITDA of $738 million and reaffirmed its 2026 guidance of $2.88 billion, plus or minus $75 million. The Canadian NGL sale reduced pro forma leverage to 3.3 times. Plains raised its 2026 growth capital outlook to $400 million-$450 million, primarily for Permian and Canadian gathering expansions. It also sanctioned a 75,000-barrel-per-day Cactus III expansion, bringing total capacity to 725,000 barrels per day and supporting growing Corpus Christi exports. The company now expects Permian oil production to rise by 100,000-200,000 barrels per day in 2026, strengthening its outlook into 2027. Management expects about $1.75 billion in 2026 free cash flow while targeting distribution increases, efficiency savings and continued balance-sheet flexibility. The Midstream Energy Play That Keeps Powering Higher Plains All American Pipeline (NASDAQ:PAA) reported second-quarter adjusted EBITDA attributable to Plains of $738 million and said it remains on track to meet its full-year 2026 adjusted EBITDA guidance of $2.88 billion, plus or minus $75 million. Chairman, CEO and President Willie Chiang said the company is executing on its priorities for 2026, including reducing leverage following the sale of its Canadian NGL business, capturing synergies from the Cactus III acquisition, and streamlining operations. The Canadian NGL sale closed in May and reduced Plains’ pro forma leverage ratio to 3.3 times, according to Executive Vice President and CFO Al Swanson. → Meta’s Earnings Drop Shows Wall Street Wants More Than Ad Growth Seesaw Effect: As Banks Drop, These 3 Stocks Are Going Up Plains increased its 2026 growth capital spending outlook to a range of $400 million to $450 million, from $350 million previously. Chiang said the projects are predominantly “quick-hit” investments expected to contribute to EBITDA in 2027 and generate returns above the company’s hurdle rate. The expanded program includes additional build-out of Plains’ Permian gathering system in the Midland and Delaware basins. The projects serve acreage backed by producer commitments and bring the company’s POP joint venture dedicated Permian acreage to about 5.1 million acres. → 4 Oil and Gas ETF Plays as Prices Stay Sky-High 3 Silver Stocks to Watch in February The company is also expanding Canadian gathering systems supporting projects in the Clearwater and Duvernay formations. Jeremy Goebel, executive vice president and chief commercial officer, said Plains continues to see activity around its Rainbow, Rangeland and Manitou assets. He said capacity additions around Rainbow have filled as they have been added and described the contracts as long term. Chris Chandler, executive vice president and chief operating officer, said some of the spending associated with the expanded capital program will carry into 2027 and potentially into 2028. He said 2027 investment is not expected to look “significantly different” from 2026, though it is trending above Plains’ historical annual range of $300 million to $400 million net to the company. → Sandisk Just Delivered a Blowout Quarter—Here's Why the Stock Is Falling Plains sanctioned a 75,000-barrel-per-day expansion of the Cactus III pipeline, lifting total capacity on the line to 725,000 barrels per day. The expansion was expected to enter service by the end of July and is intended to serve rising demand for export barrels moving through Corpus Christi. Goebel said Plains’ marketing affiliate can fill the new capacity initially and seek to place it under term contracts over time. He said the expansion was executed earlier than originally anticipated because of market volatility, growing production, new buyers and the project’s short development timeline and capital efficiency. Chandler said the latest expansion was completed more quickly and at a lower cost than Plains had anticipated when it acquired Cactus III. While he did not disclose a specific project cost, he characterized the investment as being in the “tens of millions of dollars” excluding a previously disclosed earn-out. Future expansion phases would require firm customer commitments and would take longer than the latest 75,000-barrel-per-day addition, management said. Goebel said the additional 75,000 barrels per day would not materially change the Permian takeaway market, given Plains’ outlook for basin production growth. He said Cactus I and Cactus II are well contracted and the company is continuing to market Cactus III capacity. Plains now expects Permian oil production to grow by approximately 100,000 to 200,000 barrels per day in 2026 compared with 2025 on an exit-to-exit basis, an improvement from its prior expectation for relatively flat output. Chiang attributed the higher outlook primarily to natural-gas takeaway capacity entering service earlier than expected. Swanson said the improved volume forecast supports a stronger finish to 2026 but is expected to have a greater effect on 2027 results. He said the midpoint of Plains’ second-half crude segment EBITDA outlook is in the low-$700 million range per quarter, already above the $690 million reported in the second quarter. Second-quarter crude oil segment adjusted EBITDA of $690 million increased by more than $100 million from the first quarter, driven by Cactus III synergies, operating efficiencies, market-based opportunities and the absence of first-quarter headwinds, Swanson said. The result included about $14 million of one-time environmental remediation expenses that the company does not expect to recur in the second half. Plains’ NGL segment reported $40 million of adjusted EBITDA during the quarter, reflecting the mid-May closing of the Canadian NGL business sale. Swanson said Plains is considering discontinuing separate NGL segment EBITDA reporting in the third quarter and reporting adjusted EBITDA as a single segment. Swanson said Plains expects to generate approximately $1.75 billion of free cash flow in 2026. The company maintained its capital-allocation priorities of annual distribution increases targeted at $0.15 per unit, accretive bolt-on acquisitions and organic investment, and preserving balance-sheet flexibility. The company reduced its 2026 maintenance capital forecast to $175 million, primarily because of the timing of the NGL divestiture. Plains also said it is approximately 70% hedged on pipeline loss allowance revenue for the remainder of 2026 at an average WTI price of about $62 per barrel. Management reiterated its expectation to realize $50 million of organizational efficiencies by the end of 2026 and another $50 million by the end of 2027. Chandler said Plains had captured somewhat less than half of the 2026 target through the second quarter. The savings are being generated through organizational streamlining, changes to leadership and management roles, trucking-business right-sizing, and the closure and consolidation of marketing offices. Chiang said Plains continues to evaluate both organic projects and bolt-on acquisitions, while emphasizing that investment decisions will be driven by strategic fit and returns rather than a specific region. Plains All American Pipeline (NASDAQ: PAA) is a publicly traded energy infrastructure company that provides midstream services for crude oil and natural gas liquids (NGLs). The company’s core activities include gathering, transporting, storing and marketing hydrocarbons, using an integrated network of pipelines, storage terminals, rail and truck transloading facilities. Plains also offers logistics and marketing services that connect upstream producers with refiners, traders and export markets. Plains owns and operates a portfolio of pipeline and terminal assets concentrated in major U.S. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Plains All American Pipeline Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

Plains All American Pipeline, L.P. PAA reported second-quarter 2026 adjusted earnings of 41 cents per unit, which surpassed the Zacks Consensus Estimate of 40 cents by 2.5%. The bottom line also increased 13.9% from the year-ago quarter’s 36 cents.The company reported GAAP earnings of $2.51 per unit compared with 21 cents in the year-ago period. Net sales of $17.69 billion beat the Zacks Consensus Estimate of $14.68 billion by 20.5%. The top line also increased 66.3% from the year-ago quarter’s figure of $10.64 billion. Plains All American Pipeline, L.P. price-consensus-eps-surprise-chart | Plains All American Pipeline, L.P. Quote Total costs and expenses were $17.3 billion, up 66.3% year over year. Purchases and related costs increased 69.7% to $16.56 billion, while field operating costs rose to $328 million from $286 million. General and administrative expenses increased to $110 million from $82 million.Operating income advanced 66.5% to $398 million. Net interest expense increased 15% to $153 million. Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) attributable to PAA totaled $738 million, up 9.8% from $672 million in the prior-year quarter. Crude Oil adjusted EBITDA increased 19% year over year to $690 million. The improvement reflected contributions from the Cactus III pipeline acquisition, higher pipeline volumes, market opportunities and optimization initiatives.NGL adjusted EBITDA fell 54% year over year to $40 million, primarily because Plains closed the sale of substantially all of its Canadian NGL business on May 12, 2026. As of June 30, 2026, cash and cash equivalents were $1.06 billion compared with $0.33 billion as of Dec. 31, 2025.As of June 30, 2026, long-term debt was $8.43 billion compared with $10.7 billion as of Dec. 31, 2025.As of June 30, 2026, long-term debt-to-total book capitalization was 43% compared with 52% as of Dec. 31, 2025.PAA’s net cash provided by operating activities in the first six months of 2026 was $1.37 billion compared with $1.33 billion in the year-ago period. For 2026, Plains All American continues to expect adjusted EBITDA to be $2.88 billion. Adjusted free cash flow is anticipated to be $1.75 billion (excluding changes in assets and liabilities). PAA increased organic growth capital guidance to $400-$450 million from $350 million and reduced maintenance capital guidance to $175 million from $185 million. The company currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. CNX Resources Corporation CNX reported second-quarter 2026 operating earnings of 72 cents per share, beating the Zacks Consensus Estimate of 57 cents by 26.3%. The bottom line increased 22% from the year-ago quarter’s 59 cents. The company reported revenues of $389 million, which missed the Zacks Consensus Estimate of $413 million by 5.8%.Murphy Oil Corporation MUR reported second-quarter 2026 adjusted earnings of $1.55 per share, up 474.1% year over year. The figure topped the Zacks Consensus Estimate of $1.51 per share by 2.7%.Revenues of $928.3 million increased 33.5% and beat the consensus estimate of $871 million by 6.5%.National Fuel Gas Company NFG reported third-quarter fiscal 2026 adjusted earnings of $1.54 per share, which beat the Zacks Consensus Estimate of $1.47 by 4.8%. However, earnings declined 6.1% from $1.64 in the year-ago quarter.NFG reported sales of $537.5 million, which missed the consensus estimate of $564 million by 4.7%. However, the top line increased 1.1% from the prior-year recorded figure of $531.8 million. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Plains All American Pipeline, L.P. (PAA) : Free Stock Analysis Report CNX Resources Corporation. (CNX) : Free Stock Analysis Report Murphy Oil Corporation (MUR) : Free Stock Analysis Report National Fuel Gas Company (NFG) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Plains All American Pipeline, L.P. PAA is set to report second-quarter 2026 results on Aug. 7, before the market opens. The firm reported a negative earnings surprise of 4.88% in the last reported quarter.Let us discuss the factors that are likely to be reflected in the upcoming quarterly results. The Zacks Consensus Estimate for earnings is pegged at 40 cents per share, implying 11.11% year-over-year growth. The consensus estimate for revenues is pinned at $14.87 billion, indicating an increase of 39.74% from the year-ago reported figure. Plains All American Pipeline's second-quarter earnings are expected to have benefited from its transition to a pure-play crude oil midstream company, which is likely to have strengthened earnings stability and support EBITDA growth. The completion of the sale of its Canadian NGL business marks PAA's transformation into a pure-play crude oil midstream company.PAA's ongoing efforts to improve operational efficiency and reduce costs are expected to have supported its second-quarter performance. Synergies from the Cactus III acquisition, along with the company's continued focus on improving operational efficiency, are expected to have provided a tailwind to PAA's second-quarter 2026 results.The firm’s second-quarter earnings are likely to have benefited from strong fee-based contracts. Higher pipeline volumes, increased regulated transportation rates and better utilization of its pipeline network are expected to have supported PAA's crude oil business in the second quarter.However, the partial-quarter contribution from the Canadian NGL business following its divestiture and management's assumption of flat Permian production may have some adverse impact on second-quarter earnings. Our proven model does not predict an earnings beat for Plains All American Pipeline this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. However, that is not the case here, as you will see below.PAA’s Earnings ESP: The firm has an Earnings ESP of 0.00% at present. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.PAA’s Zacks Rank: Currently, Plains All American Pipeline carries a Zacks Rank #3. You can see the complete list of today's Zacks #1 Rank stocks here. Plains All American Pipeline, L.P. price-eps-surprise | Plains All American Pipeline, L.P. Quote Investors may consider the following players from the same sector, as these have the right combination of elements to post an earnings beat this reporting cycle.Western Midstream Partners WES is scheduled to report second-quarter 2026 results on Aug. 5 and is likely to have registered an earnings beat. It has an Earnings ESP of +0.33% and a Zacks Rank #2 at present.The Zacks Consensus Estimate for second-quarter sales is pinned at $1.13 billion, which implies a year-over-year increase of 19.96%. The Zacks Consensus Estimate for second-quarter earnings is pegged at 90 cents per share, which implies a year-over-year increase of 3.45%.Calumet, Inc. CLMT is scheduled to report second-quarter results on Aug. 7 and is likely to have registered an earnings beat. It has an Earnings ESP of +169.57% and a Zacks Rank #2 at present.The Zacks Consensus Estimate for second-quarter sales is pinned at $1.07 billion, which implies a year-over-year increase of 4.09%. The Zacks Consensus Estimate for second-quarter earnings is pegged at a loss of 23 cents per share, which implies a year-over-year increase of 86.47%.National Energy Services Reunited NESR is scheduled to report second-quarter results on Aug. 10 and is likely to have registered an earnings beat. It has an Earnings ESP of +7.80% and a Zacks Rank #2 at present.The Zacks Consensus Estimate for second-quarter sales is pinned at $458.42 million, which implies a year-over-year increase of 40.03%. The Zacks Consensus Estimate for second-quarter earnings is pegged at 35 cents per share, which implies a year-over-year increase of 66.67%. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Plains All American Pipeline, L.P. (PAA) : Free Stock Analysis Report Western Midstream Partners, LP (WES) : Free Stock Analysis Report Calumet, Inc. (CLMT) : Free Stock Analysis Report National Energy Services Reunited (NESR) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Get insights on thousands of stocks from the global community of over 7 million individual investors at Simply Wall St. Plains All American Pipeline has delivered a very strong 5 year share price return, but the latest valuation checks present a more mixed picture that stops short of calling the stock an outright bargain. The gain of around 236% over 5 years points to a stock that has already rewarded patient investors and raises the bar for what counts as good value today. Plans to lift capital spending in 2026 to US$400 million to US$450 million may support future earnings, but higher investment also introduces execution and return on capital risk if projects underperform expectations. With a value score of 4 out of 6, Plains All American Pipeline screens as moderately cheap on some measures, while other checks suggest only a fair price rather than a clear discount. The issue now is whether Plains All American Pipeline's current valuation still offers enough potential to justify the risk after such a strong multi year run. Plains All American Pipeline delivered 31.7% returns over the last year. See how this stacks up to the rest of the Oil and Gas industry. P/E is a useful cross check for Plains All American Pipeline because earnings remain a key reference point for how the market values its cash generating ability. The stock currently trades on a P/E of about 20.7x, which is slightly below the peer group average of 21.8x and above the broader Oil and Gas industry average of 13.4x. That combination points to a company priced at a premium to the sector overall, but not stretched relative to closer peers. On Simply Wall St’s fair P/E estimate of 24.6x, which reflects factors such as Plains All American Pipeline’s margins, risk profile and size, the current 20.7x multiple implies a discount to what the model suggests as a more tailored benchmark. Despite the recent announcement of higher 2026 capital spending, the market is not assigning a higher P/E than that implied fair level. Putting those reference points together, the current P/E multiple suggests that Plains All American Pipeline stock may be trading below the valuation implied by this particular model. See what the numbers say about this price — find out in our valuation breakdown. Simply Wall St Narratives give you a way to connect Plains All American Pipeline's current valuation puzzle to concrete assumptions about its future growth, margins and earnings by spelling out what would need to happen for the stock to be worth much more or much less than today’s price. Each narrative ties a fair value to a specific mix of potential catalysts and risks so you can track over time which version of Plains All American Pipeline's story appears to be unfolding on the Community page. If you have a number driven view on whether Plains All American Pipeline's higher 2026 capital spending guidance of US$400 million to US$450 million delivers, share a Narrative and be one of the early voices shaping how the Simply Wall St community tracks this story. Setting out your case on Plains All American Pipeline now gives you a clear reference point you can return to as new results and project updates arrive. Do you think there's more to the story for Plains All American Pipeline? Head over to our Community to see what others are saying! For Plains All American Pipeline, current market multiples hint at an undervalued stock, but broader checks paint a more mixed picture that leaves less room for error. The key question is whether the planned increase in 2026 capital spending can earn solid returns without eroding the company’s financial discipline. For now, the valuation debate hinges on a single issue: whether those projects translate into durable earnings power or simply justify why the market is cautious about paying up from here. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include PAA. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]