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Plains GP Holdings
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.Q4 2025 earnings summary6 Feb, 2026
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.
Expected synergies from Cactus III?
What drives the multi-year distribution growth?
Impact of Permian long-haul rate resets?
Multi-year distribution growth drivers beyond 2026
Impact of NGL sale on future cost structure
Permian Basin long-term growth drivers
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Next Plains GP Holdings earnings date
Q1 20268 May, 2026
Plains GP Holdings
Next Plains GP Holdings earnings date
Q1 20268 May, 2026
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One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
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Frequently asked questions
Plains GP Holdings L.P. is a holding company that operates through its subsidiary, Plains All American Pipeline, L.P., a midstream energy infrastructure business. The company is primarily engaged in the transportation, storage, and marketing of crude oil, natural gas liquids (NGLs), and other petroleum products. Plains GP Holdings provides infrastructure services across major oil-producing regions in North America, including pipelines, terminals, and storage facilities. It plays a key role in facilitating the movement of energy products from production sites to end markets, supporting both producers and refiners. The company is headquartered in Houston, Texas, and its shares are listed on the NASDAQ.
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