Plains: Thoughts Into 2Q26: All Eyes on Update Details

研报英文原文证据摘录

Plains: Thoughts Into 2Q26: All Eyes on Update Details

J P M O R G A N North America Equity Research

09 July 2026

Plains

Thoughts Into 2Q26: All Eyes on Update Details

After speaking with the company and marking to market commodity prices, we Head of North America Power,

model a $718mm 2Q26 adj EBITDA result, versus the prior $735mm JPMe and Utilities, Midstream, LNG, and

$717mm Street median. We model a $696mm Crude Oil result, which reflects a Nuclear

~$50mm reversal of 1Q headwinds (largely driven by winter weather impacts and Jeremy Tonet, CFA AC

system maintenance) and $40mm Cactus synergy and commodity price tailwind. (1-212) 622-4915

Separately, Plains closed on the NGL asset divestiture on May 12, and we adjust jeremy.b.tonet@jpmorgan.com

our estimates as such. Fresh off a 2026 capex raise, management commentary at Vrathan Reddy

our JPM Natural Resources Conference discussed possible increased producer (1-212) 622-4692

vrathan.reddy@jpmchase.com

activity earlier than expected (due to earlier Permian gas egress) driving renewed

Eli Jossen, CFA

Permian opportunities. In addition to in-basin projects, we expect commentary on

(1-212) 622-4113

phased expansions at Cactus III. In addition, we see growth opportunities eli.jossen@jpmchase.com

materializing around Rainbow and/or Rangeland as likely. We expect finer details Francina Kolluri

on all these points to emerge alongside 2Q results. Separately, after recounting 7% (1-212) 270-5796

crude oil segment growth over the past five years, PAA likely messages the francina.kolluri@jpmchase.com

expectation for steady growth ahead. While details around the capital plan should J.P. Morgan Securities LLC

prove most topical, as well as disclosures on hedging, we also look for updated