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Plains All American Pipeline LP PAA Stock Quote

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Morningstar‘s Stock Analysis PAA

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Plains Is Seeing Some Modest Benefits From Higher Permian Volumes

Stephen Ellis Sector Strategist

Business Strategy and Outlook

| Stephen Ellis |

We believe the returns from Plains All American's pipeline network have been materially negatively impacted by the oversupply of Permian oil takeaway capacity, which we expect to persist for years. In a bit of a setback, Plains will see higher Permian volumes in 2022, but the financial benefit will be more muted, as the volumes are moving from fully owned assets to joint-venture assets, meaning Plains will only see a fraction of the earned tariffs. As a result, improved operating leverage from higher Permian volumes is essentially shelved until 2023. Still, Plains is pursuing a balanced capital allocation approach, including a "no regrets" growth capital investment framework, a 21% distribution increase, a continued focus on debt reduction, and unit buybacks with the remainder of excess cash flow.

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Key Statistics PAA

Company Profile PAA

Business Description

Plains All American provides transportation, storage, processing, fractionation, and marketing services for crude oil, refined products, natural gas liquids, liquefied petroleum gas, and related products. Plains' assets span the United States and Alberta, Canada, but are heavily concentrated in the Permian Basin.

333 Clay Street, Suite 1600
Houston, TX, 77002
T +1 713 646-4100
Sector Energy
Industry Oil & Gas Midstream
Most Recent Earnings Jun 30, 2022
Fiscal Year End Dec 31, 2022
Employees 4,100

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