Plains All American rises after $670 mln deal for three pipeline systems

Plains All American Pipeline LP

08/01/2025 16:27

** U.S. midstream company Plains All American  PAA.O  up
5.2% to $18.55 in morning trade
    ** Company, after markets closed on Tuesday, announced three
acquisitions in a cash deal of $670 million 
    ** PAA acquired Ironwood Midstream Energy, which owns an
Eagle Ford Basin gathering system, from EnCap Flatrock
Midstream; acquired Medallion Midstream's Delaware Basin crude
oil gathering business from The Energy & Minerals Group; and
acquired the remaining 50% interest in Midway Pipeline LLC from
a subsidiary of CVR Energy
    ** Also announced a 20% increase in the quarterly dividend
payable in February 2025 
    ** RBC Capital analysts see the transactions driving
"incremental cash flow growth and stronger capital return to
common unitholders"
    ** PAA is up 8.5% YTD

 (Reporting by Seher Dareen in Bengaluru)
 ((Seher.Dareen@thomsonreuters.com;))