HOUSTON, May  05, 2026  (GLOBE NEWSWIRE) -- Plains All American Pipeline, L.P. (Nasdaq: PAA) and Plains GP Holdings (NASDAQ:PAGP) (collectively, &#34;Plains&#34;) today provided an update on the expected timing for completion of

Plains All American Pipeline and Plains GP Holdings Provide Update on the NGL Sale Process

PAA expects successful NGL divestiture by May 2026 despite regulatory challenge

<section class="insight" data-version="1">
  <section data-block="information">
    <h3>Information</h3>
    <p>HOUSTON, May  05, 2026  (GLOBE NEWSWIRE) -- Plains All American Pipeline, L.P. (Nasdaq: PAA) and Plains GP Holdings (NASDAQ:PAGP) (collectively, &amp;#34;Plains&amp;#34;) today provided an update on the expected timing for completion of</p>
  </section>

  <section data-block="ai-summary-paragraph">
    <h3>AI Summary</h3>
    <p>Plains All American Pipeline anticipates finalizing its NGL business sale to Keyera Corp by May 2026, even with a challenge from the Canadian Competition Bureau. This transition to a crude oil-focused business model is expected to enhance PAA&#039;s strategic positioning and operational efficiencies.</p>
  </section>

  <section data-block="ai-summary-bullets">
    <h3>Key Points</h3>
    <ul><li>PAA expects to complete NGL divestiture to Keyera Corp by May 2026.</li><li>Canadian Competition Bureau filed a challenge, but it won’t block the transaction.</li><li>Completion will position PAA as a pure crude oil midstream company.</li><li>The move could enhance operational and strategic advantages for PAA.</li><li>PAA manages about nine million barrels per day of oil and NGL.</li></ul>
  </section>

  <section data-block="companies-mentioned">
    <h3>Companies Mentioned</h3>
    <ul><li><strong>Keyera Corp (KEY)</strong>: Keyera&#039;s acquisition of PAA&#039;s NGL business could enhance PAA&#039;s strategic focus.</li><li><strong>Plains GP Holdings (PAGP)</strong>: PAGP&#039;s performance is closely tied to PAA’s operational changes.</li></ul>
  </section>

  <section data-block="category">
    <h3>Corporate Developments</h3>
    <p>This announcement falls under &#039;Corporate Developments&#039; as it signals a significant strategic shift for PAA. The divestiture reflects a pivot towards a focused operation in crude oil, which could lead to greater efficiency and profitability.</p>
  </section>

  <section data-block="market-moving">
    <h3>Market-Moving</h3>
    <ul><li>Completion of the divestiture could boost PAA&#039;s stock performance.</li><li>A successful transition may enhance investor sentiment and operational margins.</li><li>Regulatory approval risks are present but manageable, not expected to delay closure.</li><li>The shift to crude-only assets positions PAA competitively in the market.</li></ul>
  </section>

  <section data-block="key-facts">
    <h3>Key Facts</h3>
    <ul><li>PAA manages approximately nine million barrels/day of crude oil and NGL.</li><li>The Canadian Competition Bureau has filed a challenge against the divestiture.</li><li>PAA plans to finalize the NGL divestiture in May 2026.</li><li>Post-divestiture, PAA will focus solely on crude oil midstream operations.</li></ul>
  </section>

  <section data-block="trading-thesis">
    <h3>Trading Thesis</h3>
    <p>Consider buying PAA shares ahead of the expected divestiture completion in May.</p>
  </section>
</section>


<link type="text/css" rel="stylesheet" href="https://www.globenewswire.com/styles/gnw_nitf.css"></link><p align="justify">HOUSTON, May  05, 2026  (GLOBE NEWSWIRE) -- Plains All American Pipeline, L.P. (Nasdaq: <a href="https://www.globenewswire.com/Tracker?data=LAqXUYRlE48kJFthRk7vJfNaFcDoGLUZLW7yAe7JC7LefDKuZMBg19VieNwM7oBT6GHwrPOrY0-FIcvFAhr0ig==" rel="nofollow" target="_blank">PAA</a>) and Plains GP Holdings (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/PAGP">PAGP</a>) (collectively, "Plains") today provided an update on the expected timing for completion of the Canadian NGL business divestiture to Keyera Corp ("Keyera").</p>  <p align="justify">PAA and certain of its affiliates have received a filing from the Canadian Competition Bureau challenging the proposed transaction. This filing and the associated proceeding do not enjoin, prohibit, make illegal or otherwise prevent the parties from closing the transaction, and Keyera and PAA intend to close the transaction in May 2026.</p>  <p align="justify">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.</p>  <p align="justify"><strong>Forward-Looking Statements </strong><br></br>Except for the historical information contained herein, the matters discussed in this release consist of forward-looking statements including, but not limited to, statements regarding the expected closing of the sale of Plains' NGL business to Keyera Corp and the terms, timing and anticipated operational, financial and strategic benefits thereof. There are a number of risks and uncertainties that could cause actual results or outcomes to differ materially from results or outcomes anticipated in the forward-looking statements. These risks and uncertainties include, among other things: changes in or disruptions to economic, market or business conditions; substantial declines in commodity prices or demand for crude oil and NGL; third-party constraints; legal constraints (including the impact of governmental regulations, orders or policies); unforeseen delays with respect to the receipt of regulatory approvals and completion of other closing conditions; and other factors and uncertainties inherent in transactions of the type discussed herein or in our business as discussed in PAA's and PAGP's filings with the Securities and Exchange Commission. </p>  <p align="justify"><strong>About Plains</strong><br></br>PAA is a publicly traded master limited partnership that owns and operates midstream energy infrastructure and provides logistics services for crude oil and natural gas liquids (NGL). PAA owns an extensive 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. On average, PAA handles approximately nine million barrels per day of crude oil and NGL. </p>  <p align="justify">PAGP is a publicly traded entity that owns an indirect, non-economic controlling general partner interest in PAA and an indirect limited partner interest in PAA, one of the largest energy infrastructure and logistics companies in North America. </p>  <p align="justify">PAA and PAGP are headquartered in Houston, Texas. More information is available at <a href="https://www.globenewswire.com/Tracker?data=IkHYMg5tn6UCWXRPev2jMW5CHlByfUg5yHKqLOQNiJ3xC_qxGhT4djAyMhdIw5JH4L163HqNk1x-StTW1XagHw==" rel="nofollow" target="_blank">www.plains.com</a>.</p>  <p align="justify"><strong>Investor Relations Contacts:</strong><br></br>Blake Fernandez<br></br>Ross Hovde<br></br><a href="https://www.globenewswire.com/Tracker?data=vjLp4iIx-84XVylBRLFXymu0AgtiGk0GQXvRkJ9um3ZTBswM8_tf04s0uAtp-bzLT_oUTdVWy8dzyShiiNAYDGDWmE8fV3B99VguHq9ow54=" rel="nofollow" target="_blank">PlainsIR@plains.com</a><br></br>(866) 809-1291</p> <img alt="" class="__GNW8366DE3E__IMG" src="https://www.globenewswire.com/newsroom/ti?nf=OTcxMzc3MyM3NTg1MzU3IzIxOTQ2Mzc="></img> <br></br><img alt="" src="https://ml.globenewswire.com/media/ZTAxNGQ4OWYtOTAwOC00YTFjLTlmODctZjE2ZTE0NzE5ZGJkLTEyMDYxOTAtMjAyNi0wNS0wNS1lbg==/tiny/Plains-All-American-Pipeline-L.png" referrerpolicy="no-referrer-when-downgrade"></img><p><a href="https://www.globenewswire.com/NewsRoom/AttachmentNg/4ea44c82-a745-4f12-97bc-6437b9a0389b"><img src="https://ml.globenewswire.com/media/4ea44c82-a745-4f12-97bc-6437b9a0389b/small/plains-logo-horizontal-1147x445-png.png" border="0" width="150" height="58" alt="Primary Logo"></img></a></p>

Plains All American Pipeline anticipates finalizing its NGL business sale to Keyera Corp by May 2026, even with a challenge from the Canadian Competition Bureau. This transition to a crude oil-focused business model is expected to enhance PAA's strategic positioning and operational efficiencies.

Plains All American Pipeline and Plains GP Holdings Provide Update on the NGL Sale Process

AI Summary

Sentiment Rationale

Trading Thesis

Market-Moving

Key Facts

Companies Mentioned

Corporate Developments

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