Plains Adds Funding for Permian, Canadian Gathering Projects

Plains All American Pipeline raised its 2026 growth capital budget to $400 million-$450 million as it advances pipeline and gathering projects across the Permian Basin and Canada.

(P&GJ) — Plains All American Pipeline and Plains GP Holdings have increased their 2026 growth capital spending forecast, citing continued expansion opportunities across their Permian Basin and Canadian pipeline systems.

The company now expects 2026 growth capital expenditures of $400 million to $450 million, up from its previous estimate of approximately $350 million. Maintenance capital spending remains unchanged at roughly $185 million.

Plains said the higher budget will support multiple projects across its Permian long-haul pipeline network, Permian gathering systems and Canadian gathering operations. Additional investments are also planned across the company's broader Permian footprint, particularly in New Mexico's Delaware Basin, where gathering volumes continue to increase.

The projects are expected to generate returns beginning in 2027 and support future EBITDA growth. Plains said it plans to provide additional details on the projects during its August earnings call.

"The oil market environment has improved significantly since the start of the year, and customer activity has allowed us to advance several high-return projects," Chairman and CEO Willie Chiang said.

Chiang said stronger global crude oil supply and demand fundamentals have increased interest in North American energy infrastructure. He noted that Plains' system includes approximately 1.2 million barrels per day of crude oil purchases and direct access to export markets along the Gulf Coast.

The company said current market conditions continue to support investment in pipeline and gathering infrastructure needed to move growing production volumes from key North American producing regions.