Plains All American Pipeline, L.P. PAA reported first-quarter 2026 adjusted earnings of 39 cents per unit, which missed the Zacks Consensus Estimate of 41 cents by 4.88%. In the year-ago quarter, earnings were in line with the company’s reported figure.
The company reported GAAP earnings of 14 cents per unit compared with 49 cents in the year-ago period.
PAA’s Total Revenues
Net sales of $12.47 billion missed the Zacks Consensus Estimate of $12.54 billion by 0.54%. However, the top line increased 8.65% from the year-ago quarter’s figure of $11.5 billion.
Plains All American Pipeline, L.P. Price, Consensus and EPS Surprise
Plains All American Pipeline, L.P. price-consensus-eps-surprise-chart | Plains All American Pipeline, L.P. Quote
Highlights of PAA’s Earnings Release
Total costs and expenses were $12.1 billion, up 8.49% year over year. The increase was primarily due to a rise in purchases and related costs.
Operating income in the first quarter of 2026 was $405 million, up 13.76% from $356 million in the year-ago quarter.
Net interest expenses totaled $167 million, up 31.5% from the prior-year quarter’s level.
PAA’s Segmental Performance
The Crude Oil segment’s adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) were $582 million, up 4% from the year-ago quarter’s figure. This increase was primarily driven by synergies from the recently completed Cactus III pipeline acquisition and bolt-on acquisitions.
Adjusted EBITDA for the NGL segment was $145 million, down 23% from the prior-year period’s figure. This decrease was due to lower weighted average frac spreads and NGL sales volumes in the first quarter of 2026.
PAA’s Financial Update
As of March 31, 2026, cash and cash equivalents were $171 million compared with $328 million as of Dec. 31, 2025.
As of March 31, 2026, long-term debt was $10.96 billion compared with $10.7 billion as of Dec. 31, 2025.
As of March 31, 2026, long-term debt-to-total book capitalization was 53% compared with 52% as of Dec. 31, 2025.
PAA’s net cash provided by operating activities in the first three months of 2026 was $418.0 million compared with $639.0 million in the year-ago period.
PAA’s 2026 Guidance
For 2026, Plains All American expects adjusted EBITDA to be $2.88 billion. Adjusted free cash flow is anticipated to be $1.85 billion (excluding changes in assets and liabilities).
PAA remains focused on disciplined capital investments, expecting full-year 2026 growth capital and maintenance capital of $350 million and $185 million, respectively.
PAA’s Zacks Rank
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.
Recent Releases
CNX Resources Corporation CNX reported first-quarter 2026 operating earnings of $1.21 per share, which beat the Zacks Consensus Estimate of 93 cents by 30.11%.
CNX’s long-term (three to five years) earnings growth rate is 34.74%. The Zacks Consensus Estimate for 2026 earnings is pinned at $2.95 per share, which implies a year-over-year increase of 16.14%
Murphy Oil Corporation MUR delivered first-quarter 2026 adjusted net earnings of 32 cents per share, surpassing the Zacks Consensus Estimate of 29 cents by 10.3%
MUR has a dividend yield of 3.66%. The Zacks Consensus Estimate for 2026 earnings is pinned at $3.38 per share, which implies a year-over-year increase of 146.72%
ONEOK Inc. OKE reported first-quarter 2026 operating earnings per share of $1.30, which beat the Zacks Consensus Estimate of $1.26 by 3.2%.
OKE’s long-term earnings growth rate is 2.39%. The Zacks Consensus Estimate for 2026 earnings is pinned at $5.57 per share, which implies a year-over-year increase of 2.77%.
Radical New Technology Could Hand Investors Huge Gains
Quantum Computing is the next technological revolution, and it could be even more advanced than AI.
While some believed the technology was years away, it is already present and moving fast. Large hyperscalers, such as Microsoft, Google, Amazon, Oracle, and even Meta and Tesla, are scrambling to integrate quantum computing into their infrastructure.
Senior Stock Strategist Kevin Cook reveals 7 carefully selected stocks poised to dominate the quantum computing landscape in his report, Beyond AI: The Quantum Leap in Computing Power .
Kevin was among the early experts who recognized NVIDIA's enormous potential back in 2016. Now, he has keyed in on what could be "the next big thing" in quantum computing supremacy. Today, you have a rare chance to position your portfolio at the forefront of this opportunity.
See Top Quantum Stocks Now >>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
ONEOK, Inc. (OKE): Free Stock Analysis Report
CNX Resources Corporation. (CNX): Free Stock Analysis Report
Murphy Oil Corporation (MUR): Free Stock Analysis Report
This article originally published on Zacks Investment Research (zacks.com).