Net Takeaway: Fresh off a 2026 capex raise and building into an increasingly anticipated plan update next earnings call, Plains discussed increased producer activity driving renewed Permian and Canadian gathering and brownfield long haul takeaway expansions. We see a phased expansion on Cactus III alongside Rainbow and/or Rangeland growth projects as likely, with finer details provided alongside 2Q results. After recounting 7% crude oil segment growth over the past five years, PAA appeared confident in stea ...