Plains All American Pipeline LP

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Plains All American Pipeline LP (NYSE: PAA) is a midstream energy limited partnership that owns and operates crude oil and natural gas liquids pipeline, storage, and gathering infrastructure across North America. The partnership generates revenue primarily through fee-based transportation and storage services, charging tariffs and fees for moving and storing crude oil and NGL volumes through its network. As a midstream operator, PAA sits between upstream producers and downstream refiners and processors, providing toll-road-style infrastructure services. The partnership is structured as a master limited partnership (MLP), organized and headquartered in the United States, and files as a well-known seasoned issuer with the SEC under Commission file standards. The 10-K filed 2026-02-27 covers fiscal year ended in that period. PAA's fee-based model ties revenue to throughput volumes rather than direct commodity price exposure, though volume levels in its key operating basins drive earnings. The partnership is capital-intensive by nature, given the pipeline and storage asset base it maintains across its North American footprint.