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Plains All American Q3 Earnings Lag Estimates, Sales Increase Y/Y
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Key Takeaways
PAA reported a Q3 adjusted loss of 4 cents per unit, while sales rose 31.1% to $15.17B but missed estimates.
PAA's adjusted EBITDA rose 6.3% to $711M, supported by higher pipeline volumes and Cactus III.
PAA's Permian pipeline volumes rose 7.8% to 8.07M barrels per day, while its 2026 EBITDA outlook held steady.
Plains All American Pipeline, L.P. (PAA - Free Report) reported a third-quarter 2026 adjusted loss of 4 cents per share, missing the Zacks Consensus Estimate of earnings of 40 cents. The bottom line also declined from the year-ago quarter's adjusted earnings of 39 cents.
The company reported a GAAP loss of 6 cents per share against the earnings of 55 cents in the year-ago period.
PAA’s Total Revenues
Net sales of $15.17 billion missed the Zacks Consensus Estimate of $16.41 billion by 7.5%. However, the top line increased 31.1% from the year-ago quarter's figure of $11.58 billion.
Plains All American Pipeline, L.P. Price, Consensus and EPS Surprise
Total costs and expenses were $14.66 billion, up 32.1% year over year. Purchases and related costs increased 32.5% to $14.03 billion, while field operating costs rose to $306 million from $288 million. General and administrative expenses declined to $78 million from $83 million.
Depreciation and amortization expenses increased to $235 million from $230 million in the year-ago quarter.
Operating income advanced 6.6% to $516 million from $484 million. Net interest expense declined 3% to $131 million. Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) attributable to PAA totaled $711 million, up 6.3% from $669 million in the prior-year quarter.
PAA’s Segmental Performance
During the third quarter of 2026, Plains reorganized its historical Crude Oil and natural gas liquids (NGL) segments into a single consolidated operating segment following the sale of its Canadian NGL business in May 2026.
Adjusted EBITDA from continuing operations increased 20.7% year over year to $711 million from $589 million, supported by the Cactus III acquisition, increased pipeline volumes and optimization initiatives.
Total crude oil pipeline tariff volumes rose 6.3% year over year to 10.51 million barrels per day from 9.88 million barrels per day.
Permian Basin pipeline volumes increased 7.8% to 8.07 million barrels per day from 7.49 million barrels per day. Western region volumes rose to 353,000 barrels per day from 283,000 barrels per day.
Meanwhile, South Texas/Eagle Ford volumes declined to 505,000 barrels per day from 538,000 barrels per day, while Gulf Coast volumes decreased to 187,000 barrels per day from 227,000 barrels per day.
PAA’s Financial Update
As of Sept. 30, 2026, cash and cash equivalents were $879 million compared with $328 million as of Dec. 31, 2025.
Long-term debt totaled $9.91 billion compared with $10.7 billion at the end of 2025.
Long-term debt-to-total book capitalization was 51% compared with 52% as of Dec. 31, 2025.
PAA's net cash provided by operating activities in the first nine months of 2026 was $2.04 billion compared with $2.15 billion in the year-ago period.
PAA Maintains 2026 Outlook and Capital Plan
For 2026, Plains All American continues to expect adjusted EBITDA attributable to PAA of $2.88 billion, plus or minus $50 million. Adjusted free cash flow is anticipated to be $1.75 billion, excluding changes in assets and liabilities.
PAA expects investment capital expenditures of approximately $425 million and maintenance capital expenditures of nearly $175 million, bringing total capital spending to approximately $600 million, net to PAA.
ONEOK, Inc. (OKE - Free Report) reported third-quarter 2026 earnings of $2.13 per share, which beat the Zacks Consensus Estimate of $1.46 by 45.89%. The bottom line increased 43% from the year-ago quarter's figure of $1.49.
Operating revenues for the third quarter totaled $12.46 billion, which topped the Zacks Consensus Estimate of $11.77 billion by 5.81%. The top line improved 44.3% from $8.63 billion in the prior-year quarter.
TotalEnergies SE (TTE - Free Report) reported third-quarter 2026 operating earnings of $4.03 (€3.50) per share, which lagged the Zacks Consensus Estimate of $4.11 by 1.95%. The bottom line improved 127.7% from the year-ago figure of $1.77 (€1.50).
Total revenues were $66.82 billion, which rose 37.2% year over year and surpassed the Zacks Consensus Estimate of $53.72 billion by 24.39%.
CNX Resources Corporation (CNX - Free Report) reported third-quarter 2026 operating earnings of 61 cents per share, missing the Zacks Consensus Estimate of 65 cents by 6.2%.
CNX reported revenues of $373 million, lagging the Zacks Consensus Estimate of $400 million by 6.8%. Revenues declined 7.1% from $401 million in the year-ago quarter.
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Plains All American Q3 Earnings Lag Estimates, Sales Increase Y/Y
Key Takeaways
Plains All American Pipeline, L.P. (PAA - Free Report) reported a third-quarter 2026 adjusted loss of 4 cents per share, missing the Zacks Consensus Estimate of earnings of 40 cents. The bottom line also declined from the year-ago quarter's adjusted earnings of 39 cents.
The company reported a GAAP loss of 6 cents per share against the earnings of 55 cents in the year-ago period.
PAA’s Total Revenues
Net sales of $15.17 billion missed the Zacks Consensus Estimate of $16.41 billion by 7.5%. However, the top line increased 31.1% from the year-ago quarter's figure of $11.58 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
PAA's Operating Picture Improves
Total costs and expenses were $14.66 billion, up 32.1% year over year. Purchases and related costs increased 32.5% to $14.03 billion, while field operating costs rose to $306 million from $288 million. General and administrative expenses declined to $78 million from $83 million.
Depreciation and amortization expenses increased to $235 million from $230 million in the year-ago quarter.
Operating income advanced 6.6% to $516 million from $484 million. Net interest expense declined 3% to $131 million. Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) attributable to PAA totaled $711 million, up 6.3% from $669 million in the prior-year quarter.
PAA’s Segmental Performance
During the third quarter of 2026, Plains reorganized its historical Crude Oil and natural gas liquids (NGL) segments into a single consolidated operating segment following the sale of its Canadian NGL business in May 2026.
Adjusted EBITDA from continuing operations increased 20.7% year over year to $711 million from $589 million, supported by the Cactus III acquisition, increased pipeline volumes and optimization initiatives.
Total crude oil pipeline tariff volumes rose 6.3% year over year to 10.51 million barrels per day from 9.88 million barrels per day.
Permian Basin pipeline volumes increased 7.8% to 8.07 million barrels per day from 7.49 million barrels per day. Western region volumes rose to 353,000 barrels per day from 283,000 barrels per day.
Meanwhile, South Texas/Eagle Ford volumes declined to 505,000 barrels per day from 538,000 barrels per day, while Gulf Coast volumes decreased to 187,000 barrels per day from 227,000 barrels per day.
PAA’s Financial Update
As of Sept. 30, 2026, cash and cash equivalents were $879 million compared with $328 million as of Dec. 31, 2025.
Long-term debt totaled $9.91 billion compared with $10.7 billion at the end of 2025.
Long-term debt-to-total book capitalization was 51% compared with 52% as of Dec. 31, 2025.
PAA's net cash provided by operating activities in the first nine months of 2026 was $2.04 billion compared with $2.15 billion in the year-ago period.
PAA Maintains 2026 Outlook and Capital Plan
For 2026, Plains All American continues to expect adjusted EBITDA attributable to PAA of $2.88 billion, plus or minus $50 million. Adjusted free cash flow is anticipated to be $1.75 billion, excluding changes in assets and liabilities.
PAA expects investment capital expenditures of approximately $425 million and maintenance capital expenditures of nearly $175 million, bringing total capital spending to approximately $600 million, net to PAA.
PAA’s Zacks Rank
The company currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Recent Sector Releases
ONEOK, Inc. (OKE - Free Report) reported third-quarter 2026 earnings of $2.13 per share, which beat the Zacks Consensus Estimate of $1.46 by 45.89%. The bottom line increased 43% from the year-ago quarter's figure of $1.49.
Operating revenues for the third quarter totaled $12.46 billion, which topped the Zacks Consensus Estimate of $11.77 billion by 5.81%. The top line improved 44.3% from $8.63 billion in the prior-year quarter.
TotalEnergies SE (TTE - Free Report) reported third-quarter 2026 operating earnings of $4.03 (€3.50) per share, which lagged the Zacks Consensus Estimate of $4.11 by 1.95%. The bottom line improved 127.7% from the year-ago figure of $1.77 (€1.50).
Total revenues were $66.82 billion, which rose 37.2% year over year and surpassed the Zacks Consensus Estimate of $53.72 billion by 24.39%.
CNX Resources Corporation (CNX - Free Report) reported third-quarter 2026 operating earnings of 61 cents per share, missing the Zacks Consensus Estimate of 65 cents by 6.2%.
CNX reported revenues of $373 million, lagging the Zacks Consensus Estimate of $400 million by 6.8%. Revenues declined 7.1% from $401 million in the year-ago quarter.