Plains All American Pipeline, L.P. (PAA) is a Houston based master limited partnership founded in 1981 as Plains Resources, originally focused on oil and gas exploration and production. Going public in 1998, the company shifted its focus to midstream operations, growing into one of North America’s largest providers of transportation, storage, and logistics services for crude oil, natural gas liquids (NGLs), and refined products. Over the years, it has expanded through strategic acquisitions—such as the All American Pipeline System (1998), Murphy Oil’s midstream assets (2001), and the Permian-focused Alpha Crude Connector (2017)—building a comprehensive footprint across key production basins and market hubs.
Plains All American operates an extensive network of approximately 18,370 miles of pipelines, 75 million barrels of crude oil storage, 28 million barrels of NGL storage, and five natural gas processing plants in the U.S. and Canada. Its service offering includes crude oil and NGL gathering, terminaling, transportation, fractionation, and logistics—supporting the end-to-end movement of energy commodities. Major assets include the Sunrise Pipeline (Permian–Cushing), the Cactus II system to the Gulf Coast, and a growing portfolio in the Eagle Ford basin.
The company has built a reputation for disciplined, bolt-on growth and optimization of existing assets. Its vertically integrated model allows Plains to capitalize on emerging production trends, especially in the Permian Basin, where it handles roughly 1.2 million barrels per day and transports 6 million barrels daily to market hubs. Notably, Plains is also recognized for responsive infrastructure developments, including frequent expansions and debottlenecking projects—such as the Fort Saskatchewan fractionation plant and terminal upgrades—that enhance efficiency and reliability .
Plains All American is transitioning from rapid infrastructure build-out to a phase emphasizing optimization and utilization. Its strategy centers on smaller, synergistic acquisitions in key basins and targeted capacity enhancements to deliver immediate, fee-based growth. Projects in progress include the Eagle Ford processing plant, Permian bolt-ons, and terminal expansions (such as Paulsboro, NJ), reinforcing liquidity and distribution growth. The company’s execution of bolt-on strategies and network improvements cements its position as a foundational midstream energy provider in North America.