PAGP
Plains GP Holdings, L.P.18.68
-0.36-1.89%
Dec 16, 4:00:00 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Synergies run-rate, costs detailed
Q&A confirmed Cactus III's $50 million synergies already at run-rate, half from quick G&A cuts, with phased expansions eyed via capital-efficient tweaks, no new pipe needed yet. Cost savings details emerged: $100 million run-rate by 2027, split evenly across 2026-27 via post-NGL org overhaul. Producers cautiously optimistic on flat Permian volumes for 2026, efficiencies paving 2027 growth. Cap alloc unchanged, 150% DCF coverage funds routine CapEx and 15¢ distro growth runway. Venezuela opens near-term quality optimization. Synergies hit fast. Management exuded execution confidence; investors eye Permian durability.
Key Stats
Market Cap
4.35BP/E (TTM)
24.58Basic EPS (TTM)
0.76Dividend Yield
0.08%Recent Filings
8-K
Credit facility borrower swap
Plains GP Holdings' subsidiary PAA amended its Revolver and Hedged Inventory Facility on February 26, 2026, swapping Plains Midstream Canada ULC for Plains Canada Liquid Pipelines ULC as borrower. PMCULC exits all obligations and liens; PCLPULC steps in, posting collateral. No changes to commitments or terms. Clean borrower switch.
10-K
FY2025 results
Plains GP Holdings delivered FY2025 results buoyed by Permian momentum, with crude oil pipelines averaging 9,680 thousand barrels per day (up 8% y/y), led by 9% Permian growth to 7,333 thousand barrels per day. Q4 accelerated via Cactus III acquisition, boosting long-haul capacity over 600 thousand barrels per day to Corpus Christi, while tariff escalations and volumes offset Permian contract resets. Crude Oil Segment Adjusted EBITDA climbed 3% to $2.344B, but NGL overhead dragged results; net debt stood at $11.3B with $2B liquidity. Pending $3.75B Canadian NGL sale to Keyera sharpens crude focus. Pipeline integrity rules tighten.
8-K
Q4 net income soars
Plains GP Holdings reported Q4 2025 net income of $342 million, up sharply from $36 million, with full-year at $1.435 billion; Adjusted EBITDA hit $738 million and $2.833 billion, respectively. They hiked annualized distributions $0.15 to $1.67 per unit and guided 2026 Adjusted EBITDA to $2.75 billion midpoint, fueled by $100 million efficiency savings and Cactus III synergies. NGL divestiture closes Q1 2026.
8-K
PAA refinances EPIC loan
Plains All American Pipeline terminated EPIC Crude's $1.1 billion credit agreement on December 1, 2025, after acquiring the crude oil pipeline on October 31. PAA secured a replacement $1.1 billion senior unsecured term loan on November 26, maturing in two years at Term SOFR plus 1.125% initially. Canadian NGL sale closing mandates full prepayment. Debt covenants cap leverage at 5.00x EBITDA.
8-K
PAA upsizes notes to $1B each
Plains All American Pipeline completed a $750 million notes offering on November 14, 2025, adding $300 million 4.700% senior notes due 2031 and $450 million 5.600% senior notes due 2036 to prior issuances, lifting totals to $1 billion each. Notes rank equally with existing senior debt but subordinate to secured obligations. Covenants curb liens and mergers.
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