The midstream energy firm raised 2026 growth capital outlook and expects Permian production growth of 100K-200K barrels per day.
Plains All American Pipeline reported second-quarter adjusted EBITDA of $738 million, aligning with its full-year 2026 guidance of $2.88 billion, plus or minus $75 million. The company reduced pro forma leverage to 3.3 times following the sale of its Canadian NGL business in May.
The firm increased its 2026 growth capital outlook to $400 million-$450 million, focusing on Permian and Canadian gathering expansions. It also sanctioned a 75,000-barrel-per-day Cactus III expansion, boosting total capacity to 725,000 barrels per day. Plains expects Permian oil production to rise by 100,000-200,000 barrels per day in 2026.
Management anticipates $1.75 billion in 2026 free cash flow, targeting distribution increases and efficiency savings while maintaining balance-sheet flexibility.