Plains All American Updates NGL Divestiture Timeline to May
Written by Emily J. Thompson, Senior Investment Analyst
Updated: 1 day ago
0mins
Should l Buy PAA?
Plains All American (PAA) and Plains GP Holdings (PAGP) provided an update on the expected timing for completion of the Canadian NGL business divestiture to Keyera Corp. The transaction continues to advance through the regulatory process, including review by the Competition Bureau. Based on the current status of this process, we now expect closing in May. Plains and Keyera continue to work constructively through the regulatory process and are confident in the completion of the transaction. Both companies are also advancing integration planning activities to support a smooth transition upon closing. Completion of the NGL divestiture will transform Plains to a pure play crude oil midstream company with integrated assets spanning from Canada to the U.S. Gulf Coast.
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Analyst Views on PAA
Wall Street analysts forecast PAA stock price to fall
8 Analyst Rating
3 Buy
4 Hold
1 Sell
Hold
Current: 22.470
Low
16.50
Averages
20.19
High
23.00
Current: 22.470
Low
16.50
Averages
20.19
High
23.00
About PAA
Plains All American Pipeline, L.P. owns and operates midstream energy infrastructure and provides logistics services for crude oil and natural gas liquids (NGL). It owns a network of pipeline gathering and transportation systems, in addition to terminalling, storage, processing, fractionation and other infrastructure assets serving key producing basins, transportation corridors and major market hubs and export outlets in the United States and Canada. Its Crude Oil segment operations consist of gathering and transporting crude oil using pipelines, gathering systems, trucks and, at times, on barges or railcars. Its assets provide services to third parties as well as to its merchant activities. Its NGL segment operations involve natural gas processing and NGL fractionation, storage, transportation and terminalling. NGL segment offers merchant activities including the acquisition of extraction rights from producers and/or shippers of the gas streams that pass through its Empress facility.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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See More
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- Historical Context: The Santa Ynez Pipeline System has been shut down since the 2015 Refugio oil spill, which resulted in 142,000 gallons of oil leaking and contaminating a biologically diverse area along the U.S. West Coast; ExxonMobil acquired the pipeline system in 2022 and sold it to Sable Offshore for $643 million later that year.
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- Legal Challenges: Despite the emergency restart, Sable Offshore faces opposition from California's Department of Parks and Recreation, which has demanded the removal of a section of the pipeline crossing Gaviota State Park, leading Sable to sue the state, creating a risk of potential shutdown again.
See More
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- Legal Challenge Risks: Despite the pipeline's restart, Sable Offshore faces legal challenges from the California Department of Parks and Recreation, which has demanded the removal of a section of the pipeline crossing Gaviota State Park, leading Sable to sue the state and creating a risk of another shutdown.
- Market Impact Analysis: The ongoing war with Iran has constrained global oil supplies, prompting the Trump administration to take measures to alleviate the impact, and while restarting the pipeline will increase supply, Sable Offshore's reliance on a single operational area makes its stock highly risky, warranting caution from investors.
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- Portfolio Income Opportunities: Bank of America recommends investors hold master limited partnerships (MLPs), which offer a 3% yield and are valued below historical averages, creating a win/win scenario for both rising and falling oil prices.
- Attractive Dividend Yields: The Tortoise North American Pipeline Fund (TPYP) and Global X MLP & Energy Infrastructure ETF (MLPX) provide dividend yields of 3.3% and 4.1%, respectively, both up about 20% in 2026, indicating strong investment potential.
- Natural Gas Market Dynamics: Energy Transfer has risen 14% in 2026 with a current dividend yield of 7.1%, gaining attention due to agreements with Oracle and CloudBurst Data Centers, while analysts note that Qatar's LNG production shutdown may create new opportunities in the U.S. natural gas market.
See More
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See More
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- Midstream Company Advantages: Midstream infrastructure firms like Kinder Morgan and Energy Transfer generate stable cash flows by charging transportation and storage fees, making their business models particularly attractive in an environment where reliable income is hard to find.
- Diverse Investment Options: Companies like Plains All American and MPLX focus on crude oil and natural gas infrastructure, offering yields that often reach into the high single digits, appealing to investors seeking stable income while mitigating exploration risks.
- ETF Investment Convenience: The InfraCap MLP ETF provides diversified exposure to the midstream sector, simplifying tax reporting and appealing to investors who wish to avoid the complexities of K-1 forms while still benefiting from high yields.
See More
