Plains All American to Divest Canadian NGL Business

Plains All American Pipeline and Plains GP Holdings reported 2025 results and 2026 guidance, including a pro forma leverage ratio of 3.9x at year-end 2025. The companies said they expect to return toward the midpoint of a 3.25x to 3.75x target range following anticipated closing of an NGL divestiture toward the end of Q1 2026.

The filing frames the Canadian NGL sale as part of a broader transition toward becoming a North American pure-play crude oil midstream provider. The companies also referenced prior financing actions in November, including raising $750 million in senior unsecured notes and paying off a $1.1 billion EPIC term loan assumed in the EPIC acquisition by issuing a $1.1 billion senior unsecured term loan.