Plains GP Holdings (PAGP) Q2 2025 earnings summary

Executive summary

• Q2 2025 Adjusted EBITDA was $672 million, with strong crude oil segment performance and strategic progress on the NGL business sale for $3.75 billion USD, expected to close in Q1 2026, enhancing cash flow durability and reducing commodity exposure.

• Net income for the six months ended June 30, 2025 was $775 million, up 19% year-over-year, driven by higher contributions from continuing and discontinued operations.

• Multiple bolt-on acquisitions were completed, including an additional 20% interest in BridgeTex Pipeline, increasing the JV stake to 40% and expanding the Permian Basin asset base.

Financial highlights

• Q2 2025 crude oil segment Adjusted EBITDA was $580 million, benefiting from higher volumes, acquisitions, and refiner customer recovery.

• NGL segment Adjusted EBITDA was $87 million for Q2 2025, down sequentially and year-over-year due to seasonality and lower spreads.

• Full-year 2025 Adjusted EBITDA guidance is $2.8–$2.95 billion, with expectations to land in the lower half of the range.

• Net income attributable to shareholders for the six months was $114 million, up 41% year-over-year; basic EPS was $0.58.

• Distribution per common unit increased 20% year-over-year to $0.38 for Q2 2025.

Outlook and guidance

• NGL business sale is expected to close in Q1 2026, with proceeds to be used for debt reduction, M&A, and unit repurchases.

• 2025 Adjusted EBITDA guidance remains $2.8–$2.95 billion; distributable cash flow forecasted at $1.875 billion, with a 175% coverage ratio.

• Growth capital guidance for 2025 increased to $475 million, with maintenance capital trending at $230–$250 million.

• Permian growth outlook for 2025 is 200,000–300,000 barrels per day, likely in the lower half of the range.