Plains All American Pipeline, L.P. ( PAA ) shares are trading higher after it reported revenue of $11.995 billion, missing the consensus of $12.977 billion.

The company reported an operating income of $370 million, compared to $473 million a year ago. The adjusted EBITDA attributable to PAA remained broadly flat Y/Y at $718 million.

The Crude Oil Segment Adjusted EBITDA rose 7% Y/Y to $553 million, led by higher tariff volumes on the pipelines, tariff escalations and contributions from acquisitions.

NGL Segment Adjusted EBITDA decreased 17% Y/Y to $159 million, due to lower realized frac spreads. PAA generated an adjusted free cash flow of $262 million in the quarter.

Adjusted earnings per common unit was $0.41 (flat Y/Y), beating the consensus of $0.39.

Also Read: Plains All American Pipeline Gears Up For Q1 Print; These Most Accurate Analysts Revise Forecasts Ahead Of Earnings Call

The company increased annualized common distribution by $0.20 to $1.27 per unit (an increase of 19% Y/Y, paid in February).

Outlook: The company expects underlying growth in the business and contributions from efficient growth investments to offset lower contracted rates, resulting in broadly flat adjusted EBITDA in 2026 vs. 2024 guidance for the Crude Oil segment.

“Separately, we successfully extended the duration of our Permian long-haul portfolio, including Cactus I. This represents a major milestone and provides greater clarity on the outlook for our long-haul assets. Better visibility around re-contracting combined with our disciplined operational and financial performance should provide investors with greater confidence in the outlook for the business and our ability to continue generating significant free cash flow for years to come,” commented Willie Chiang, Chairman and CEO.

Investors can gain exposure to the stock via InfraCap MLP ETF ( AMZA ) and Alerian MLP ETF ( AMLP ) .

Price Action: PAA shares are up 1.68% at $17.52 at the last check Friday.