Plains All American Pipeline (accessible to public investors via Plains GP Holdings, or PAGP) is one of the largest crude oil midstream infrastructure companies in North America. Plains gathers, transports, stores, and terminals crude oil — moving crude from the wellhead to refineries and export terminals across the U.S. and Canada. Plains owns over 20,000 miles of crude oil pipelines, 76 million barrels of commercial storage capacity, and terminals at major hubs including Cushing, Oklahoma; St. James, Louisiana; and Corpus Christi, Texas. The Permian Basin is Plains' most important market, accounting for roughly 60% of crude segment EBITDA, where Plains operates an integrated system from wellhead gathering to long-haul pipelines running to Gulf Coast export terminals. Plains generates revenue through two mechanisms: fee-based infrastructure services (tariffs, storage, and throughput fees under long-term contracts) and merchant activities (buying and selling crude to capture location and basis differentials, volumetrically hedged to avoid directional commodity exposure). Plains is divesting substantially all of its Canadian NGL business to Keyera for ~$3.75B, transitioning to a pure-play crude oil midstream company. Growth is driven by bolt-on acquisitions, organic well connections in the Permian, and cost reductions tied to the simplified business. PAGP itself holds no operating assets — it holds an indirect interest in Plains All American Pipeline and passes through distributions to Class A shareholders, with PAGP electing corporate tax treatment so holders receive Form 1099s rather than K-1s.