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Plains GP Holdings (PAGP) investor relations material
Plains GP Holdings Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Reported Q4 2025 adjusted EBITDA of $738 million and full-year 2025 adjusted EBITDA of $2.833 billion, with 2026 guidance at $2.75 billion (+/- $75 million), despite a challenging market.
Transitioned to a pure-play crude company by selling the NGL business and acquiring the Cactus III (EPIC) pipeline, streamlining operations and improving cash flow quality.
Announced a 10% annualized distribution increase to $1.67 per unit and lowered the coverage ratio target from 160% to 150%.
2026 initiatives include closing the NGL divestiture, integrating Cactus III, and achieving $100–$150 million in annual cost savings by 2027, with half expected in 2026.
Achieved best-ever safety performance in 2025, with record low TRIR and lost workdays.
Financial highlights
Q4 2025 crude oil segment adjusted EBITDA was $611 million, including two months of Cactus III contribution.
NGL segment Q4 adjusted EBITDA was $122 million, with seasonal uptick moderated by warm weather and weak frac spreads.
2026 adjusted EBITDA guidance is $2.75 billion at midpoint, with oil segment EBITDA of $2.64 billion, implying 13% year-over-year growth in crude.
2026 adjusted free cash flow projected at ~$1.8 billion, excluding asset/liability changes and NGL sale proceeds.
Full-year 2025 revenue was $44.26 billion, down from $48.89 billion in 2024.
Outlook and guidance
2026 guidance assumes NGL divestiture closes by end of Q1, with $100 million EBITDA from NGL and $10 million other income.
Permian crude production forecasted flat year-over-year in 2026, with growth expected to resume in 2027.
Annualized distribution increased to $1.67 per unit, with targeted annual growth of $0.15 per unit and a reduced coverage ratio threshold of 150%.
Leverage ratio expected to return to the 3.25–3.75x target range post-NGL sale.
Growth capital for 2026 guided at $350 million, maintenance capital at $165 million.
- TimeTickerHeadlineOpen
- 6 FebCDP
2025 FFO/share rose 5.8% with strong leasing and retention; 2026 guidance signals further growth. - 6 FebSCW
Revenue at 15.86 mln PLN, backlog 17.14 mln PLN, and major space contracts drive 2025 outlook. - 6 FebSCW
Space segment growth drove a 21% revenue increase in Q3 2024, with a strong contract backlog. - 6 FebPENG
All proposals passed, with no questions raised during the Q&A session. - 6 FebSCW
Q2 2024 revenue up 115% y/y, backlog nearly doubled, Space segment leads growth. - 6 FebPECO
2026 FFO per share growth guided at 5.5% with record occupancy and strong acquisitions. - 6 FebISCTR
Net profit up 90% in 2025, with strong NIM, fee growth, and positive 2026 outlook. - 6 FebSCW
Q2 2025 revenue surged 120% y/y, driven by a record Asian contract and a tripled backlog. - 6 FebSCW
Q1 2025 revenue jumped 97% year-over-year, with strong backlog and major new contracts secured. - 6 FebSCW
Q3 revenue up 39% y/y, backlog at 58.3 mln PLN, Space leads growth with global contracts.
Next Plains GP Holdings earnings date
Next Plains GP Holdings earnings date
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