Business Context and Reporting Period
This Form 8-K Current Report was filed by Plains All American Pipeline, L.P. (PAA) on May 11, 2026. The filing primarily addresses corporate governance changes, specifically the appointment of a new independent director to the Board of the Company's general partner, PAA GP Holdings LLC.
Key Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity metrics. This report focuses on personnel appointments rather than financial performance results.
Material Changes
The material change reported is the appointment of Cynthia B. Taylor as an independent member of the Board of Directors (Class III) on May 11, 2026. Ms. Taylor will also serve on the Compensation Committee and the Health, Safety, Environmental and Sustainability Committee.
Management Commentary and Compensation
Ms. Taylor brings over 30 years of energy industry experience, most recently serving as CEO and President of Oil States International, Inc. until her retirement in May 2026. Her background includes prior roles as CFO at L.E. Simmons & Associates and Cliffs Drilling Company, and service as a director for the Federal Reserve Bank of Dallas and AT&T Inc.
Her compensation package includes:
- An annual cash retainer of $120,000.
- An annual grant of phantom Class A Shares of PAGP with a market value of approximately $160,000.
- Vesting occurs one year from the date of grant, including associated distribution equivalent rights.
Investor Verification Checklist
- Verify the effective date of Ms. Taylor's board appointment and committee assignments.
- Confirm the specific vesting schedule and distribution rights associated with the phantom share grants.
- Review the full press release (Exhibit 99.1) for any additional context regarding the board's strategic direction.
- Check subsequent filings for any changes to the board composition or compensation policies.