Jan. 03, 2026 2:13 AM ETPlains All American Pipeline, L.P. Common Units (PAA) Stock, PAGP StockBashar Issa7.05K FollowersCommentsSummaryPlains All American remains primarily a yield play, not a capital appreciation or growth vehicle.PAA shares are up 4% year-to-date, with total returns at 11.3%, including distributions.Recent Q3'25 results show operating income up 147% YoY, driven by asset sales and lower field operating costs.Current subdued share prices present an opportunity to add exposure for income-focused investors.Peter Schaefer/iStock via Getty ImagesInvestment ThesisPlains All American (PAA) performed well in 2025. The unit price is up 5.2%, which, while modest, still beats the Alerian MLP Index ETF (AMLP). Thanks to its lowThis article was written byBashar Issa7.05K FollowersBashar is a contributing writer at Seeking Alpha, focusing on Long/Short investment ideas, with a geographic focus in North America. Before that, Bashar worked at an Investment Fund in the United Kingdom. He has a Master's degree in Finance from the Queen Mary University of London and a Bachelor's degree in Economics from Middlesex University.Analyst’s Disclosure:I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.Comments