PAA boosted Q2 profit by $1.6B Canadian NGL sale, lowered leverage to 3.3x

Plains All American reported record net earnings driven by a $1.6 billion gain from the sale of its Canadian NGL business, which was used to reduce leverage to 3.3x and raise organic growth capital. Market relevance: The transaction removes a non-core segment and accelerates the company's strategic shift toward a pure-play crude oil midstream carrier.