Plains All American Pipeline, L.P. reported a 6% year-over-year increase in third-quarter adjusted EBITDA to $711 million, while diluted results swung to a loss per common unit, leaving a mixed earnings picture.
Net income attributable to Plains fell 18% to $363 million. The partnership reported a diluted loss of $0.06 per common unit, compared with earnings of $0.55 per common unit in the year-earlier quarter.
Revenue reached $15.173 billion, up from $11.578 billion. Purchases and related costs increased to $14.03 billion from $10.585 billion, while net cash provided by operating activities fell 18% to $669 million.
The measures moved in different directions: adjusted EBITDA attributable to PAA rose even as Plains’ net income and operating cash declined. Plains presents adjusted EBITDA, a non-GAAP measure, alongside its GAAP results.
Among the factors weighing on adjusted EBITDA, Plains cited higher environmental remediation and property tax costs, the effect of certain Permian long-haul rates resetting to market in 2025, and the absence of the Canadian natural gas liquids business it sold in May. The Cactus III acquisition, higher pipeline volumes largely tied to Permian Basin production, and commercial optimization helped support the result.
Plains said it remained on track to deliver full-year 2026 adjusted EBITDA attributable to PAA of $2.88 billion, plus or minus $50 million. The company gave no next decision date alongside the target.
