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Plains All American Q1 Earnings Miss Estimates, Revenues Increase Y/Y
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Key Takeaways
Plains All American posted Q1 adjusted earnings of 39 cents per unit, missing estimates by 4.88%.
PAA's revenues rose 8.65% year over year, driven partly by Cactus III pipeline acquisition synergies.
PAA expects 2026 adjusted EBITDA of $2.88B and adjusted free cash flow of $1.85B.
Plains All American Pipeline, L.P. (PAA - Free Report) 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
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.
CNX Resources Corporation (CNX - Free Report) 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 - Free Report) 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 - Free Report) 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%.
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Plains All American Q1 Earnings Miss Estimates, Revenues Increase Y/Y
Key Takeaways
Plains All American Pipeline, L.P. (PAA - Free Report) 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 - Free Report) 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 - Free Report) 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 - Free Report) 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%.