Plains All American Pipeline Lp Liquidation Value Calculator
Plains All American Pipeline Lp
Current Price: N/A
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Advanced: All 94 XBRL Tags
Every XBRL tag from SEC EDGAR filings, grouped by financial statement type. total = may include children, fact = independent leaf value.
Balance Sheet
| Tag | Value | Unit | ||
|---|---|---|---|---|
| accounts_receivable | ||||
| Receivables Net Current total ReceivablesNetCurrent |
$4.82B | USD | ||
| cash | ||||
| Cash And Cash Equivalents At Carrying Value total CashAndCashEquivalentsAtCarryingValue |
$171.00M | USD | ||
| Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents total CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents |
$171.00M | USD | ||
| current_liabilities | ||||
| Debt Current total DebtCurrent |
$420.00M | USD | ||
| Other Liabilities Current total OtherLiabilitiesCurrent |
$634.00M | USD | ||
| inventory | ||||
| Inventory Net total InventoryNet |
$380.00M | USD | ||
| AI Insight · Current inventory of $380M plus noncurrent inventory (linefill) of $315M totals $695M. Crude oil inventory recovers at approximately 60% under liquidation haircuts, implying a $417M recovery on $695M carrying value, a $278M write-down. The $112M long-term inventory costing adjustment recognized in Q1 2026 segment results (unfavorable) signals that some inventory is already carried at elevated legacy cost relative to spot, which may reduce even the 60% haircut assumption. | ||||
| liabilities_current | ||||
| Liabilities Current total LiabilitiesCurrent |
$6.54B | USD | ||
| AI Insight · Current liabilities of $6.5B exceed current assets of $6.2B, producing a working capital deficit of approximately $380M as disclosed by management. The current liability stack includes $4.9B trade payables, $634M other current liabilities, $420M current debt, and $561M disposal group current liabilities. In liquidation all current obligations must be settled at face value before any distribution to equity, and the deficit means current assets alone cannot cover current claims. | ||||
| long_term_debt | ||||
| Debt And Capital Lease Obligations total DebtAndCapitalLeaseObligations |
$11.38B | USD | ||
| Long Term Debt And Capital Lease Obligations total LongTermDebtAndCapitalLeaseObligations |
$10.96B | USD | ||
| AI Insight · Total long-term debt and capital leases of $10.96B, versus $11.4B total debt including current portion, creates a $420M current maturity obligation. Variable-rate debt outstanding of approximately $2.2B (commercial paper and revolving facilities) at 4.4% average rate adds to the face-value liability stack with no haircut. The pending Canadian NGL divestiture proceeds of ~$3.3B targeted for debt reduction would materially reduce this figure post-close. | ||||
| long_term_investments | ||||
| Equity Method Investments total EquityMethodInvestments |
$2.84B | USD | ||
| AI Insight · Equity method investments of $2.8B (primarily Permian JV, Cactus II, other pipeline JVs) carry zero market price discovery in the XBRL balance sheet. Liquidation recovery depends on bid depth for midstream pipeline joint venture interests, which is deal-specific and illiquid. The 35% Permian JV and 30% Cactus II minority stakes distributed $97M in Q1 2026, implying positive cash generation, but forced-sale discount for minority interests in regulated pipeline assets can be severe (50%+). Filing does not separately tag individual investment carrying values. | ||||
| operating_lease_liability | ||||
| Operating Lease Liability Noncurrent fact OperatingLeaseLiabilityNoncurrent |
$202.00M | USD | ||
| AI Insight · Operating lease noncurrent liability of $202M does not extinguish on wind-up under ASC 842; the full remaining obligation remains enforceable at face value. The corresponding ROU asset of $197M recovers at effectively zero in liquidation (leasehold interests in pipeline corridors and facilities have no standalone market). Net impact is approximately $200M negative to liquidation recovery. | ||||
Unmapped Tags (82)
| Accounts And Other Receivables Net Current AccountsAndOtherReceivablesNetCurrent | $11.31B | USD | ||
| AI Insight · Total receivables of $11.3B includes $4.8B trade receivables and $5.4B contract assets (crude oil accrued revenues), reflecting the high-volume merchant crude business. At 90-95% liquidation recovery this yields approximately $10.2B-$10.7B. This is the largest liquid asset on the balance sheet. The contract asset component ($5.4B) is subject to counterparty settlement risk on wind-up and may warrant a lower recovery assumption than clean trade receivables. | ||||
| Accounts Payable Trade Current AccountsPayableTradeCurrent | $4.93B | USD | ||
| Assets Assets | $31.64B | USD | ||
| Assets Current AssetsCurrent | $6.16B | USD | ||
| Assets Of Disposal Group Including Discontinued Operation Current AssetsOfDisposalGroupIncludingDiscontinuedOperationCurrent | $602.00M | USD | ||
| Cash Provided By Used In Investing Activities Discontinued Operations CashProvidedByUsedInInvestingActivitiesDiscontinuedOperations | $-16.00M | USD | ||
| Cash Provided By Used In Operating Activities Discontinued Operations CashProvidedByUsedInOperatingActivitiesDiscontinuedOperations | $18.00M | USD | ||
| Derivative Liability Collateral Right To Reclaim Cash Offset DerivativeLiabilityCollateralRightToReclaimCashOffset | $-88.00M | USD | ||
| Disposal Group Including Discontinued Operation Assets Noncurrent DisposalGroupIncludingDiscontinuedOperationAssetsNoncurrent | $2.54B | USD | ||
| AI Insight · Non-current assets of disposal group (Canadian NGL Business held for sale) of $2.5B, combined with $602M current assets, total $3.1B gross disposal group assets against $1.2B disposal group liabilities. Net $1.9B balance sheet carrying value versus expected $3.3B net sale proceeds implies the balance sheet understates the realizable value of this specific asset block. Post-close, proceeds reduce leverage and improve recovery posture for common equity. | ||||
| Equity Method Investment Dividends Or Distributions EquityMethodInvestmentDividendsOrDistributions | $97.00M | USD | ||
| Finite Lived Intangible Assets Net FiniteLivedIntangibleAssetsNet | $1.69B | USD | ||
| AI Insight · Finite-lived intangibles net of $1.7B carry zero recovery under the liquidation lens. This balance reflects customer contracts, rights-of-way, and other midstream-specific intangibles acquired in Cactus III and prior transactions. Under a wind-up scenario, pipeline-specific contract intangibles are not separable from the operating business and have no standalone sale value. The $1.7B carrying value is a pure loss to equity in liquidation. | ||||
| Interest Costs Capitalized InterestCostsCapitalized | $2.00M | USD | ||
| Inventory Noncurrent InventoryNoncurrent | $315.00M | USD | ||
| Liabilities And Stockholders Equity LiabilitiesAndStockholdersEquity | $31.64B | USD | ||
| Liabilities Noncurrent LiabilitiesNoncurrent | $12.27B | USD | ||
| Liabilities Of Disposal Group Including Discontinued Operation Current LiabilitiesOfDisposalGroupIncludingDiscontinuedOperationCurrent | $561.00M | USD | ||
| Liabilities Of Disposal Group Including Discontinued Operation Noncurrent LiabilitiesOfDisposalGroupIncludingDiscontinuedOperationNoncurrent | $665.00M | USD | ||
| Operating Lease Right Of Use Asset OperatingLeaseRightOfUseAsset | $197.00M | USD | ||
| Other Assets Current OtherAssetsCurrent | $190.00M | USD | ||
| Other Assets Noncurrent OtherAssetsNoncurrent | $150.00M | USD | ||
| Other Liabilities Noncurrent OtherLiabilitiesNoncurrent | $449.00M | USD | ||
| AI Insight · Other noncurrent liabilities of $449M represent deferred revenue (minimum volume commitment deficiencies deferred at $47M contractual liability per XBRL), environmental remediation accruals, and other long-tail obligations. These survive wind-up at face value and rank senior to equity. The composition is not separately XBRL-tagged beyond the $47M ContractWithCustomerLiability, so the remaining approximately $400M is opaque in the XBRL context. | ||||
| Other Long Term Debt Noncurrent OtherLongTermDebtNoncurrent | $1.84B | USD | ||
| AI Insight · Other long-term debt noncurrent of $1.8B represents variable-rate obligations (term loan and revolving credit facility borrowings not classified as commercial paper or senior notes). At approximately 4.4% average rate and with reset periods of one month or less, this carries full face-value liability in liquidation. The Third Amendment to the Credit Agreement filed February 26, 2026 adjusted covenant terms, likely related to the pending divestiture. | ||||
| Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect | $-157.00M | USD | ||
| Deferred Income Tax Expense Benefit DeferredIncomeTaxExpenseBenefit | $-215.00M | USD | ||
| Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents | $-3.00M | USD | ||
| Gain Loss On Sales Of Assets And Asset Impairment Charges GainLossOnSalesOfAssetsAndAssetImpairmentCharges | $53.00M | USD | ||
| Increase Decrease In Operating Capital IncreaseDecreaseInOperatingCapital | $-54.00M | USD | ||
| Net Cash Provided By Used In Financing Activities NetCashProvidedByUsedInFinancingActivities | $-339.00M | USD | ||
| Net Cash Provided By Used In Investing Activities NetCashProvidedByUsedInInvestingActivities | $-233.00M | USD | ||
| Net Cash Provided By Used In Investing Activities Continuing Operations NetCashProvidedByUsedInInvestingActivitiesContinuingOperations | $-217.00M | USD | ||
| Net Cash Provided By Used In Operating Activities NetCashProvidedByUsedInOperatingActivities | $418.00M | USD | ||
| Net Cash Provided By Used In Operating Activities Continuing Operations NetCashProvidedByUsedInOperatingActivitiesContinuingOperations | $400.00M | USD | ||
| Payments Of Dividends Minority Interest PaymentsOfDividendsMinorityInterest | $103.00M | USD | ||
| Payments To Acquire Businesses And Interest In Affiliates PaymentsToAcquireBusinessesAndInterestInAffiliates | $88.00M | USD | ||
| Payments To Acquire Property Plant And Equipment PaymentsToAcquirePropertyPlantAndEquipment | $130.00M | USD | ||
| Proceeds From Payments For Other Financing Activities ProceedsFromPaymentsForOtherFinancingActivities | $-4.00M | USD | ||
| Proceeds From Repayments Of Commercial Paper ProceedsFromRepaymentsOfCommercialPaper | $116.00M | USD | ||
| Proceeds From Sale Of Productive Assets ProceedsFromSaleOfProductiveAssets | $3.00M | USD | ||
| Property Plant And Equipment And Finance Lease Right Of Use Asset Accumulated Depreciation And Amortization PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAccumulatedDepreciationAndAmortization | $5.81B | USD | ||
| Property Plant And Equipment And Finance Lease Right Of Use Asset After Accumulated Depreciation And Amortization PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization | $16.87B | USD | ||
| AI Insight · Net PP&E of $16.9B on gross cost of $22.7B (accumulated D&A of $5.8B) is the largest single asset class and the primary driver of liquidation value uncertainty. At a 50-70% recovery haircut, this yields $8.4B-$11.8B, a $3.4B range that alone determines whether common equity recovery is zero or negative. The gross base has grown materially versus the prior 10-K period ($22.7B vs. approximately $19-20B) reflecting the Cactus III and other 2025 acquisitions absorbed into the continuing operations asset base. | ||||
| Property Plant And Equipment And Finance Lease Right Of Use Asset Before Accumulated Depreciation And Amortization PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetBeforeAccumulatedDepreciationAndAmortization | $22.69B | USD | ||
| Comprehensive Income Net Of Tax ComprehensiveIncomeNetOfTax | $103.00M | USD | ||
| Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest | $79.00M | USD | ||
| Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest | $182.00M | USD | ||
| Contract With Customer Liability Revenue Recognized ContractWithCustomerLiabilityRevenueRecognized | $19.00M | USD | ||
| Cost Of Goods And Services Sold CostOfGoodsAndServicesSold | $11.49B | USD | ||
| Costs And Expenses CostsAndExpenses | $12.06B | USD | ||
| Current Income Tax Expense Benefit CurrentIncomeTaxExpenseBenefit | $216.00M | USD | ||
| AI Insight · Current income tax expense of $216M in Q1 2026 is a direct cash obligation tied to internal restructuring activities in connection with the Canadian NGL divestiture. This is excluded from management's Implied DCF calculation but sits at face value as a current liability in liquidation. It represents an incremental claim on current period cash not present in prior quarters and reduces Q1 net operating cash flow by approximately $216M relative to a normalized run rate. | ||||
| General And Administrative Expense GeneralAndAdministrativeExpense | $81.00M | USD | ||
| Income Loss From Continuing Operations IncomeLossFromContinuingOperations | $255.00M | USD | ||
| Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest | $335.00M | USD | ||
| Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest | $334.00M | USD | ||
| Income Loss From Discontinued Operations Net Of Tax IncomeLossFromDiscontinuedOperationsNetOfTax | $-103.00M | USD | ||
| Income Loss From Equity Method Investments IncomeLossFromEquityMethodInvestments | $89.00M | USD | ||
| Income Taxes Paid Net IncomeTaxesPaidNet | $28.00M | USD | ||
| Income Tax Expense Benefit IncomeTaxExpenseBenefit | $1.00M | USD | ||
| Interest Expense Nonoperating InterestExpenseNonoperating | $167.00M | USD | ||
| Net Income Loss NetIncomeLoss | $152.00M | USD | ||
| Net Income Loss Attributable To Noncontrolling Interest NetIncomeLossAttributableToNoncontrollingInterest | $79.00M | USD | ||
| Operating Costs And Expenses OperatingCostsAndExpenses | $301.00M | USD | ||
| Operating Income Loss OperatingIncomeLoss | $405.00M | USD | ||
| Other Comprehensive Income Loss Net Of Tax OtherComprehensiveIncomeLossNetOfTax | $-49.00M | USD | ||
| Other Noncash Income Expense OtherNoncashIncomeExpense | $-29.00M | USD | ||
| Other Nonoperating Income Expense OtherNonoperatingIncomeExpense | $8.00M | USD | ||
| Revenues Revenues | $12.47B | USD | ||
| Contract With Customer Liability ContractWithCustomerLiability | $47.00M | USD | ||
| Depreciation Depletion And Amortization DepreciationDepletionAndAmortization | $243.00M | USD | ||
| Derivative Fair Value Of Derivative Net DerivativeFairValueOfDerivativeNet | $191.00M | USD | ||
| Interest Paid Net InterestPaidNet | $183.00M | USD | ||
| Letters Of Credit Outstanding Amount LettersOfCreditOutstandingAmount | $118.00M | USD | ||
| Number Of Operating Segments NumberOfOperatingSegments | $2 | segment | ||
| Number Of Reportable Segments NumberOfReportableSegments | $2 | segment | ||
| Participating Securities Distributed And Undistributed Earnings Loss Basic ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasic | $1.00M | USD | ||
| Profit Loss ProfitLoss | $231.00M | USD | ||
| Related Party Transaction Purchases From Related Party RelatedPartyTransactionPurchasesFromRelatedParty | $74.00M | USD | ||
| Segment Reporting Other Item Amount SegmentReportingOtherItemAmount | $-109.00M | USD | ||
| Senior Long Term Notes SeniorLongTermNotes | $9.12B | USD | ||
| AI Insight · Senior unsecured fixed-rate notes of $9.1B represent the largest single liability component. These stand at face value in liquidation regardless of market discount or call provisions. The stack includes maturities ranging from 2026 (4.50% notes) through 2045, with newly issued 4.70% 2031 and 5.60% 2036 tranches from September 2025. In a liquidation, all maturities accelerate and rank senior to preferred and common unitholders. No haircut applies. | ||||
| PartnersCapital PartnersCapital | $9.60B | USD | ||
| PartnersCapitalAccountDistributions PartnersCapitalAccountDistributions | $450.00M | USD | ||
| PartnersCapitalAttributableToNoncontrollingInterest PartnersCapitalAttributableToNoncontrollingInterest | $3.22B | USD | ||
| PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest | $12.82B | USD | ||
| PartnersCapitalOther PartnersCapitalOther | $8.00M | USD | ||
Showing balance sheet tags only. Liquidation analysis uses balance sheet data.