Plains All American Pipeline (NASDAQ:PAA) posted stronger-than-expected second-quarter earnings despite missing revenue forecasts, as the company navigated volatile energy market conditions.

Adjusted earnings were $0.36 per share, topping the $0.34 consensus. Revenue came in at $10.64 billion, below the $13.42 billion estimate. Adjusted EBITDA attributable to PAA totaled $672 million, and the company ended the quarter with leverage at 3.3x, the low end of its 3.25x–3.75x target range.

CEO Willie Chiang said the company continued to execute on strategic initiatives and that its planned NGL divestiture, expected to close in Q1 2026, will bolster free cash flow, increase flexibility, and streamline operations.