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.
Source: SEC 10-K, filed 2026-02-27
Industry: Pipe Lines (No Natural Gas) Peers: Kinetik Holdings Inc DCP Midstream, LP DT Midstream Inc Enterprise Products Partners L.P Hess Midstream LP Magellan Midstream Partners, L.P. New Fortress Energy Inc Shell Midstream Partners, L.P. Targa Resources Corp Western Midstream Partners LP
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