Plains All American Pipeline LPRaised 2026 capex forecast and sold Canadian midstream business for $3.3B to reduce leverage and improve dividend coverage.

Plains All American Pipeline shares have risen 36% year to date, outperforming the S&P Energy Sector Index's 31.4% gain, as West Texas Intermediate crude prices jumped 49%. The midstream operator raised its 2026 capital spending forecast to between $400 million and $450 million, up from a prior estimate of $350 million, citing strength in its Canadian and Permian Basin operations. The company offers a 6.8% dividend yield and has more than doubled its trailing-12-month payout over the past five years. It also raised $3.3 billion from the May sale of its Canadian midstream business to reduce leverage and improve dividend coverage. CEO Willie Chiang noted that tight global crude supplies are boosting demand for North American oil and the company's transportation and storage services.
Plains All American Pipeline LPRaised 2026 capex forecast and sold Canadian midstream business for $3.3B to reduce leverage and improve dividend coverage.