Plains All American Pipeline LP has announced the divestment of its NGL business to Keyera, establishing a midstream crude oil pure play. The transaction, approved by both companies' boards, involves a total cash consideration of approximately $5.15 billion CAD, or $3.75 billion USD. Plains expects to receive around $3.0 billion USD in proceeds after taxes, expenses, and a special one-time distribution. The deal is expected to close in the first quarter of 2026, subject to customary closing conditions, including regulatory approvals. The divestment aims to enhance cash flow durability and financial flexibility while reducing commodity-related earnings and working capital needs. You can access the full presentation through the link below.
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