Plains ALL American Pipeline LP PAA

What this company does

Plains All American Pipeline owns a network of pipeline transportation, terminalling, storage and gathering assets in crude oil and NGL producing basins, including the Permian Basin, in transportation corridors and at major market hubs in the United States and Canada. Its business model joins large-scale supply aggregation to the ownership and operation of midstream infrastructure systems that connect producing regions to demand centers and export terminals. Business activities are conducted through two segments, Crude Oil and NGL. The Crude Oil segment gathers and transports crude oil using pipelines, trucks and, at times, barges or railcars, and provides terminalling, storage and other related services across the United States and Canada. As of December 31, 2025, the assets used in the Crude Oil segment included 20,405 miles of active crude oil transportation pipelines and gathering systems and 76 million barrels of commercial crude oil storage capacity. The same inventory of assets took in 42 million barrels of active, above-ground tank capacity and five marine facilities in the United States. The NGL segment carries out NGL storage and terminalling from assets located primarily in the Southwestern United States, drawing revenues from storage and terminalling services and from the transport, storage and sale of specification NGL products. Plains All American Pipeline, L.P. is a publicly traded Delaware limited partnership, and its common units are listed on the Nasdaq Global Select Market under the ticker symbol PAA.

Written from the business description in PLAINS ALL AMERICAN PIPELINE LP's annual report to the U.S. Securities and Exchange Commission, filed 27 February 2026. Every sentence was checked against that document before publication.