Plains All American Pipeline is a midstream crude oil infrastructure company that owns and operates pipelines, terminals, and storage facilities across North America, primarily moving crude oil from the Permian Basin to refineries and export terminals. Plains connects producers who need to move crude to market with refiners and exporters who need specific grades delivered to key hubs like Cushing, OK; Corpus Christi, TX; Houston, TX; and St. James, LA. Plains owns over 20,000 miles of crude oil pipelines and 76M barrels of commercial storage, with a fully integrated Permian system spanning wellhead gathering through long-haul export. Plains generates revenue two ways: fee-based infrastructure services (tariffs, transportation, storage, and throughput fees under long-term contracts and acreage dedications) and merchant activities (buying and selling physical crude to capture location spreads, quality differentials, and contango). The fee-based model is largely insulated from oil price levels; merchant margins fluctuate with market conditions. Plains is actively simplifying its business — in June 2025, Plains announced the sale of its Canadian NGL business to Keyera for ~CAD $5.15B, with proceeds largely redeployed into the Cactus III long-haul pipeline acquisition. Post-divestiture, Plains becomes a crude oil pure-play. Capital allocation priorities are distribution growth (targeting $0.15/unit annual increases), bolt-on M&A, balance sheet management, and organic growth capex focused on Permian well connects and terminal expansions.