Plains All American Pipeline (PAA) is doubling down on its oil infrastructure strategy. They've sold off their Canadian NGL business for $3.8B to sharpen focus, and now they're buying a 55% stake in EPIC Crude Holdings for $1.6B. EPIC brings more long-haul pipeline capacity from Permian and Eagle Ford to the Gulf Coast, backed by long-term contracts for stable cash flow. If EPIC expands further, there’s an additional earn-out, but Plains is keeping leverage in check, sitting at the low end of its target range. Recent deals boosted cash flow and allowed a 20% distribution increase this year. With the latest moves, Plains is setting up for more durable, growing payouts. For those who want exposure but don’t want to deal with K-1 tax forms, Plains GP Holdings (PAGP) may be a simpler alternative.