ACQUISITION · JUNE 2025
Plains All American Pipeline to Divest NGL Business for $3.75 Billion, Pivoting to Crude Oil "Pure Play"
In a major strategic shift, Plains All American Pipeline (PAA) announced the sale of substantially all of its Natural Gas Liquids (NGL) business to Keyera Corp. for approximately $3.75 billion USD. This transformative deal is intended to reposition PAA as a more focused crude oil midstream company, reducing its commodity exposure and creating a more durable cash flow stream. The company stated that proceeds from the sale, expected to close in the first quarter of 2026, will be prioritized for disciplined bolt-on acquisitions, optimizing the capital structure, and potential unit repurchases.