Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

Plains All American Pipeline, L.P. / Equity Bottom-Up

Plains All American Pipeline, L.P. (PAA US)

<ul><li>Plains All American Pipeline is moving to expand its U.S. crude oil infrastructure footprint through an agreement to acquire Silver Creek Midstream’s Powder River Basin assets for approximately $585 million in cash.</li><li>The transaction would give Plains control of roughly 600 miles of gathering and transmission pipelines in Wyoming, approximately 1.2 million barrels of operational storage and a 49% non-operated interest in the Powder River Gateway Joint Venture.</li><li>The system currently handles about 125,000 barrels of crude oil per day and is supported by approximately 915,000 dedicated acres under long-term agreements and minimum volume commitments, with more than eight years of average contract life remaining.</li></ul>

Plains All American Pipeline is moving to expand its U.S. crude oil infrastructure footprint through an agreement to acquire Silver Creek Midstream’s Powder River Basin assets for approximately $585 million in cash.The transaction would give Plains control of roughly 600 miles of gathering and transmission pipelines in Wyoming, approximately 1.2 million barrels of operational storage and a 49% non-operated interest in the Powder River Gateway Joint Venture.The system currently handles about 125,000 barrels of crude oil per day and is supported by approximately 915,000 dedicated acres under long-term agreements and minimum volume commitments, with more than eight years of average contract life remaining.

Plains All American Pipeline Acquisition Brings 600 Miles Of Strategic Infrastructure!

<ul><li>Plains All American Pipeline, L.P. reported second-quarter 2026 adjusted EBITDA attributable to the company of $738 million, keeping it positioned within full-year adjusted EBITDA guidance of approximately $2.88 billion plus or minus $75 million.</li><li>The company highlighted geopolitical volatility, particularly in the Middle East and disruptions involving the Strait of Hormuz, as reinforcing the strategic importance of its energy infrastructure.</li><li>Its priorities remain reducing leverage through asset sales, capturing pipeline expansion synergies, and improving organizational efficiency.</li></ul>

Plains All American Pipeline, L.P. reported second-quarter 2026 adjusted EBITDA attributable to the company of $738 million, keeping it positioned within full-year adjusted EBITDA guidance of approximately $2.88 billion plus or minus $75 million.The company highlighted geopolitical volatility, particularly in the Middle East and disruptions involving the Strait of Hormuz, as reinforcing the strategic importance of its energy infrastructure.Its priorities remain reducing leverage through asset sales, capturing pipeline expansion synergies, and improving organizational efficiency.

Plains All American Pipeline Unlocks 75,000 Barrels A Day With Cactus III Expansion!

<ul><li>Plains All American Pipeline, L.P. reported an adjusted EBITDA of $730 million for the first quarter of 2026, aligning with internal expectations and reflecting impacts from recent weather disruptions and operational maintenance.</li><li>The company increased its full-year adjusted EBITDA guidance midpoint by $130 million to $2.88 billion, driven by stronger-than-anticipated performance in its natural gas liquids (NGL) segment and incremental benefits from system optimizations, tariff escalations, and increased volumes, particularly in the Permian Basin and West Coast markets.</li><li>The macroeconomic backdrop includes ongoing geopolitical tension related to the closure of the Strait of Hormuz, which has constrained Middle East supply and disrupted shipping channels, contributing to elevated commodity prices.</li></ul>

Plains All American Pipeline, L.P. reported an adjusted EBITDA of $730 million for the first quarter of 2026, aligning with internal expectations and reflecting impacts from recent weather disruptions and operational maintenance.The company increased its full-year adjusted EBITDA guidance midpoint by $130 million to $2.88 billion, driven by stronger-than-anticipated performance in its natural gas liquids (NGL) segment and incremental benefits from system optimizations, tariff escalations, and increased volumes, particularly in the Permian Basin and West Coast markets.The macroeconomic backdrop includes ongoing geopolitical tension related to the closure of the Strait of Hormuz, which has constrained Middle East supply and disrupted shipping channels, contributing to elevated commodity prices.

Plains All American’s $2.88 Billion Guidance Raise: Can NGL Strength Offset Macro Risk?

<ul><li>Plains All American Pipeline, L.P. reported adjusted EBITDA of $738 million for the fourth quarter and $2.833 billion for the full year 2025, navigating a complex market environment marked by geopolitical tensions, OPEC’s oil supply increases, and tariff uncertainties.</li><li>The company continued its strategic shift toward becoming a pure-play crude oil midstream operator, exemplified by the divestiture of its natural gas liquids (NGL) business and acquisition of the Epic pipeline—which has been integrated and renamed Cactus III.</li><li>These moves aim to enhance cash flow quality and improve distributable cash flow, while better positioning Plains All American for market cycles ahead.</li></ul>

Plains All American Pipeline, L.P. reported adjusted EBITDA of $738 million for the fourth quarter and $2.833 billion for the full year 2025, navigating a complex market environment marked by geopolitical tensions, OPEC’s oil supply increases, and tariff uncertainties.The company continued its strategic shift toward becoming a pure-play crude oil midstream operator, exemplified by the divestiture of its natural gas liquids (NGL) business and acquisition of the Epic pipeline—which has been integrated and renamed Cactus III.These moves aim to enhance cash flow quality and improve distributable cash flow, while better positioning Plains All American for market cycles ahead.

Plains All American Pipeline Unlocks Powerful Synergies From Cactus III Acquisition!

<ul><li>Plains All American Pipeline (PAA) reported strong third-quarter 2025 results, delivering an adjusted EBITDA of $669 million.</li><li>The company is continuing its strategic focus on becoming a leading North American pure-play crude midstream entity.</li><li>A significant move in this direction is the pending sale of its Natural Gas Liquids (NGL) business, expected to conclude by the first quarter of 2026.</li></ul>

Plains All American Pipeline (PAA) reported strong third-quarter 2025 results, delivering an adjusted EBITDA of $669 million.The company is continuing its strategic focus on becoming a leading North American pure-play crude midstream entity.A significant move in this direction is the pending sale of its Natural Gas Liquids (NGL) business, expected to conclude by the first quarter of 2026.

Plains All American Pipeline Eyes Canadian Crude Routes—Could This Unlock Massive New Revenue?

United States

Plains All American Pipeline, L.P. is involved in intrastate crude oil pipeline transportation and terminalling storage activities. The Partnership is also involved in gathering and marketing activities. Plains owns and operates a seasonally heated, common carrier crude oil pipe-line extending from CA to TX, and an oil gathering system in CA.

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Plains All American Pipeline, L.P. (PAA US)

Plains All American Pipeline Acquisition Brings 600 Miles Of Strategic Infrastructure!

Plains All American Pipeline is moving to expand its U.S. crude oil infrastructure footprint through an agreement to acquire Silver Creek...

Baptista Research

Plains All American Pipeline Unlocks 75,000 Barrels A Day With Cactus III Expansion!

Plains All American Pipeline, L.P. reported second-quarter 2026 adjusted EBITDA attributable to the company of $738 million, keeping it positioned...

Baptista Research

Plains All American’s $2.88 Billion Guidance Raise: Can NGL Strength Offset Macro Risk?

Plains All American Pipeline, L.P. reported an adjusted EBITDA of $730 million for the first quarter of 2026, aligning with internal expectations...

Baptista Research

Plains All American Pipeline Unlocks Powerful Synergies From Cactus III Acquisition!

Plains All American Pipeline, L.P. reported adjusted EBITDA of $738 million for the fourth quarter and $2.833 billion for the full year 2025,...

Baptista Research

Plains All American Pipeline Eyes Canadian Crude Routes—Could This Unlock Massive New Revenue?

Plains All American Pipeline (PAA) reported strong third-quarter 2025 results, delivering an adjusted EBITDA of $669 million. The company is...

Baptista Research

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