Plains All American Pipeline, L.P
Plains All American Pipeline LP is a U.S.-based midstream energy partnership that gathers, transports, stores, and terminates crude oil and, to a lesser extent, natural gas liquids. Its asset base includes pipelines, terminals, storage facilities, trucks, and related infrastructure across major producing basins and transportation corridors in the United States and Canada.
Fiscal year 2025 · change from previous year
Development 2020–2025
Business
Share of revenuePipeline and gathering services that move crude oil from producing areas to market hubs and refineries.
Tankage, dock, and storage services that provide inventory handling and throughput capacity.
Purchase, aggregation, and resale of crude oil using owned and third-party logistics.
Natural gas liquids transportation and related midstream services, including Canadian assets.
Products
Reported · share of revenue- Products96.0 %
- Services4.0 %
Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.
Customers
Plains sells primarily to crude oil producers, gatherers, marketers, refiners, and other midstream counterparties that need access to transportation, storage, and market outlets. Its merchant activities also interact with third-party logistics providers and sales locations, including terminals, hubs, and refineries. Demand is driven by production volumes, basin connectivity, and the need to move barrels efficiently from supply regions to end markets.
They use gathering and transportation systems to move production from wellhead areas to market outlets.
They buy transported crude oil and storage/terminalling services to secure supply and manage flows.
They contract for logistics, storage, and capacity to arbitrage location and quality differentials.
They buy pipeline capacity and related services for basin-to-market transport.
They transact in crude oil volumes sourced and resold through Plains' network.
Strategy
Plains is focused on its core crude oil midstream platform, using its integrated asset base to connect producing basins with demand centers and export outlets. The company emphasizes disciplined capital allocation, accretive investments, and maintaining balance sheet flexibility while returning capital to unitholders. It also seeks to reduce exposure to more seasonal and commodity-sensitive businesses outside its core crude oil franchise.
The crude oil network is the main source of scale, connectivity, and operating leverage.
Disciplined investment supports returns while avoiding overbuilding in competitive basins.
Midstream assets require ongoing capital and resilience through commodity cycles.
Reducing non-core exposure can lower seasonality and commodity-linked volatility.
Geography
Plains operates across the United States and Canada, with assets concentrated in major crude oil basins and transportation corridors such as the Permian Basin, Eagle Ford, and Rockies/Bakken. Its network also connects to major market hubs and export-oriented infrastructure, which makes basin location and corridor access central to the business. Canadian exposure is smaller and includes NGL-related assets, while the core platform remains focused on North American crude oil.
Risks
Plains faces volume risk, basin overbuild, and competitive pressure because many of its markets have multiple midstream options and low barriers to entry. Its merchant activities add exposure to crude price differentials, time spreads, and throughput variability, while pipeline operations carry integrity, environmental, cybersecurity, and regulatory risks. Commodity cycles, producer activity, and public opposition to hydrocarbon infrastructure can also affect utilization and long-term asset economics.
- Overcapacity and recontracting pressureImpact: HighLikelihood: High
Competing infrastructure in key basins can force lower rates and reduce throughput.
Exposure: Crude oil gathering and transportation markets
- Commodity price differential volatilityImpact: HighLikelihood: Medium
Merchant activities depend on grade, location, and time-spread economics.
Exposure: Crude oil supply aggregation and resale
- Pipeline integrity and environmental incidentsImpact: HighLikelihood: Medium
Leaks, releases, and accidents can trigger remediation, downtime, and liabilities.
Exposure - Cybersecurity and IT disruptionImpact: MediumLikelihood: Medium
Operational technology failures can interrupt logistics and control systems.
Exposure: Network operations and third-party service providers
- Regulatory and social oppositionImpact: MediumLikelihood: Medium
Permitting, enforcement, and public sentiment can delay projects or increase costs.
Exposure: Hydrocarbon infrastructure in North America
Accounting
Judgemental itemsTransportation, storage, and crude sales follow different recognition patterns and can shift quarterly revenue mix.
Impact: Affects reported revenue timing and segment comparability
Commodity-linked hedges and risk management positions can create earnings volatility.
Impact: Can materially affect net income and OCI
Merchant crude oil inventories are exposed to market price changes and location differentials.
Impact: Affects gross margin and working capital
Long-lived pipeline and terminal assets must be tested when economics weaken or assets are underused.
Impact: Can lead to non-cash write-downs
Environmental and decommissioning obligations depend on estimates of future costs and timing.
Impact: Affects liabilities and expense recognition
Similar listed companies
Publicly listed companies with a comparable business focus.
Plains GP Holdings, L.P. - Class A Shares representing limited partner interests
PAGP · Pipe Lines (No Natural Gas)
Plains GP Holdings LP is a Delaware limited partnership that holds interests in Plains All American Pipeline through its ownership of AAP units and its managing member interest in GP LLC.
NGL Energy Partners LP
NGL · Natural Gas Transmission
NGL Energy Partners LP is a Delaware master limited partnership that operates midstream energy assets in the United States and Canada.
Western Midstream Partners, LP
WES · Natural Gas Transmission
Western Midstream Partners, LP is a U.S.-based midstream energy partnership that gathers, compresses, treats, processes, and transports natural gas and also…
MPLX LP Common Units Representing Limited Partner Interests
MPLX · Pipe Lines (No Natural Gas)
MPLX LP is a U.S.
Enterprise Products Partners L.P
EPD · Natural Gas Transmission
Hess Midstream LP
HESM · Crude Petroleum & Natural Gas
Hess Midstream LP is a fee-based midstream partnership that owns and operates gathering, processing, terminaling, storage and water-handling assets in the…
Last updated: 24/09/2026