PLAINS GP HOLDINGS (PAGP) Company Report

Plains All American reported adjusted EBITDA of $738 million for Q4 2025 and $2.833 billion for the full-year 2025.
The company provided 2026 adjusted EBITDA guidance of $2.75 billion at the midpoint, with the oil segment contributing $2.64 billion and the NGL segment $100 million.
Strategic initiatives include the scheduled divestiture of the NGL business near the end of Q1 2026 and the acquisition of the EPIC pipeline (Cactus 3).
Plains announced a 10% increase in its quarterly distribution, bringing the annualized distribution to $1.67 per unit, and reduced its distribution coverage ratio threshold from 160% to 150%.
The company is targeting $100 million in annual savings through 2027, with approximately 50% expected in 2026, and plans $350 million in growth capital and $165 million in maintenance capital for 2026.

16 hours ago

Plains All American Reports Q4 and Full-Year 2025 Results, Provides 2026 Guidance

PAGP

Earnings

Guidance Update

M&A

Plains All American reported Q4 2025 adjusted EBITDA of $738 million and full-year 2025 adjusted EBITDA of $2.833 billion.
For 2026, the company provided adjusted EBITDA guidance of $2.75 billion at the midpoint, with the crude segment expected to grow 13% year-over-year to $2.64 billion.
Strategic actions include the planned NGL divestiture (expected to close near the end of Q1 2026) and the integration of the Cactus 3 pipeline, alongside a target of $100 million in annual savings through 2027, with $50 million anticipated in 2026.
Plains All American increased its quarterly distribution by 10% to an annualized $1.67 per unit and adjusted its distribution coverage ratio threshold from 160% to 150%.
For 2026, the company plans to invest approximately $350 million in growth capital and $165 million in maintenance capital, expecting to generate around $1.8 billion in adjusted free cash flow.

17 hours ago

Plains All-American Reports Q4 2025 Results, Provides 2026 Guidance, and Updates on Strategic Initiatives

PAGP

Earnings

Guidance Update

M&A

Plains All-American reported Q4 2025 adjusted EBITDA of $738 million and full-year 2025 adjusted EBITDA of $2.833 billion.
For 2026, the company provided adjusted EBITDA guidance of $2.75 billion (midpoint), with planned investments of $350 million in growth capital and $165 million in maintenance capital.
The company is transitioning to a peer-play crude company, driven by the sale of its NGL business (expected to close near the end of Q1 2026) and the acquisition of the EPIC pipeline (Cactus 3).
A 10% increase in the quarterly distribution was announced, resulting in an annualized distribution of $1.67 per unit, and the distribution coverage ratio threshold was reduced from 160% to 150%.
Streamlining initiatives are projected to achieve $100 million in annual savings through 2027, with 50% anticipated in 2026.

17 hours ago

Plains All American Reports Fourth-Quarter and Full-Year 2025 Results

PAGP

Earnings

Guidance Update

M&A

Plains All American Pipeline, L.P. (PAA) reported Net income attributable to PAA of $342 million for the fourth quarter of 2025 and $1.435 billion for the full year 2025.
Adjusted EBITDA attributable to PAA was $738 million for the fourth quarter of 2025 and $2.833 billion for the full year 2025.
The company provided 2026 Adjusted EBITDA attributable to PAA guidance midpoint of $2.75 billion +/- $75 million.
At year-end 2025, the pro forma leverage ratio was 3.9x, with an expectation to return toward the midpoint of the 3.25 to 3.75x target range following the anticipated NGL divestiture closing toward the end of the first quarter 2026.
An annualized distribution increase of $0.15 per unit was announced, resulting in a new annualized distribution rate of $1.67 per unit.

19 hours ago

Plains GP Holdings' Subsidiaries Complete $750 Million Debt Offering

PAGP

Debt Issuance

Plains All American Pipeline, L.P. and PAA Finance Corp. (the Issuers) completed a public offering of $750 million aggregate principal amount of debt securities on November 14, 2025.
The offering consisted of $300 million aggregate principal amount of 4.700% Senior Notes due 2031 and $450 million aggregate principal amount of 5.600% Senior Notes due 2036.
These notes are additional issuances, resulting in a total outstanding principal amount of $1 billion for both the 2031 Notes and the 2036 Notes immediately following the issuance.
The 2031 Notes will mature on January 15, 2031, and the 2036 Notes will mature on January 15, 2036, with interest payable on January 15 and July 15, commencing on January 15, 2026.
The notes are senior unsecured obligations of Plains All American Pipeline, L.P..

Nov 14, 2025, 7:21 PM

Plains GP Holdings Reports Q3 2025 Results and Completes EPIC Acquisition

PAGP

Earnings

M&A

Guidance Update

For the third quarter of 2025, Plains GP Holdings reported net income attributable to PAA of $441 million and Adjusted EBITDA attributable to PAA of $669 million.
The company completed the acquisition of a 100% equity interest in EPIC Crude Holdings, LP, with the remaining 45% interest acquired for approximately $1.33 billion, inclusive of approximately $500 million of debt.
Plains GP Holdings exited Q3 2025 with a leverage ratio of 3.3x, which is towards the low-end of its target range of 3.25x - 3.75x.
The company forecasts full-year 2025 Adjusted EBITDA attributable to Plains to be in the range of $2.84 to $2.89 billion, which includes approximately $40 million of contribution from the EPIC acquisition.
A distribution of $0.3800 per common unit was declared for the period, supported by a Common Unit Distribution Coverage Ratio of 1.61x.

Nov 5, 2025, 1:45 PM

Plains GP Holdings' Subsidiary to Acquire 55% Interest in EPIC Crude Holdings

PAGP

M&A

New Projects/Investments

Plains All American Pipeline, L.P. (PAA), a subsidiary of Plains GP Holdings, L.P. (PAGP), has entered into a definitive agreement to acquire a 55% non-operated interest in EPIC Crude Holdings, LP.
The transaction is valued at approximately $1.57 billion, inclusive of approximately $600 million of debt, with a potential $193 million earnout payment.
The acquisition is expected to be immediately accretive to distributable cash flow and is anticipated to close in the first quarter of 2026.
EPIC Crude Holdings owns the EPIC Crude Oil Pipeline, which includes approximately 800 miles of long-haul pipelines, operating capacity of over 600,000 barrels per day, 7 million barrels of operational storage, and over 200,000 barrels per day of export capacity.