Plains GP Holdings LP (PAGP)

Key figures

The last twelve months reported, with the latest price and balance sheet.

Revenue, last twelve months

$52.3B

Revenue growth

12.2%

Net income, last twelve months

$554.0M

Gross margin

8.3%

Operating margin

3.1%

Net margin

1.1%

Market value

$5.7B

Cash

$1.1B

Debt

$8.4B

Shares outstanding

197.9M

Financial statements

Revenue, profit and cash flow by fiscal year, each year linked to its annual report.

By quarter

What the company said with its results

From the Not stated. The document gives pro forma information for the year ended December 31, 2025. results, filed 14 September 2026.

• Full EPIC Crude interest now owned. The Buyer bought 55% of EPIC Crude Holdings on October 31, 2025 and the remaining 45% effective November 1, 2025, from an Ares Management subsidiary. PAA now owns 100% and is operator of record of the Cactus III Pipeline.
• Two purchases reported as one transaction. The 55% and 45% purchases are reported together as one transaction, because EPIC Crude Holdings is managed by a common management team despite varying equity ownership.
• Accounted as business combination under ASC 805. The Transaction is accounted for using the acquisition method under ASC 805, and the pro forma information was prepared under Article 11 of Regulation S-X.
• Pro forma operating income higher. On a pro forma basis for 2025, revenues were $44,464 million against $44,262 million historically. Operating income was $1,518 million against $1,428 million historically.
• Pro forma net income attributable to PAGP lower. Net income attributable to PAGP from continuing operations was $135 million, against $152 million historically. The EPIC column contributed $23 million, and pro forma adjustments reduced the amount by $40 million.
• Pre-tax income and interest expense changed. Income from continuing operations before tax was $1,318 million pro forma, against $1,395 million historically. Pro forma interest expense was $634 million, against $467 million historically.
• Depreciation and amortization adjustments. Pro forma depreciation and amortization was $1,055 million against $953 million historically. It removes EPIC's $96 million historical charge and adds $47 million of depreciation and $55 million of intangible amortization.
• Interest on $1,901 million financing. Pro forma interest expense includes $94 million on $1,901 million of financing, treated as obtained on January 1, 2025, at one-month SOFR plus 1.125% as of the Closing Date.
• Deferred tax at statutory rate. Pro forma deferred income tax expense was $86 million against $91 million historically. The adjustment reflects EPIC's historical operations and transaction adjustments, computed at PAGP's statutory rate.
• Debt issuance costs not material. The company considered amortization of debt issuance costs not material to the pro forma information.
• $125 million reclassified out of revenue. EPIC's historical revenue was reduced by $125 million and reclassified to purchases and related costs, to conform to PAGP's policy on margin from inventory exchanges. EPIC revenue as adjusted was $202 million.
• EPIC historical periods covered. EPIC historical statements covered the nine months ended September 30, 2025 and October 1 to November 6, 2025. The reclassifications were applied to both periods.
• Pro forma per-share income lower. Pro forma basic and diluted net income per Class A share from continuing operations was $0.68, against $0.77 historically, on 198 million weighted average Class A shares.
• No securities issued or redeemed. The company stated the Transaction did not involve issuance or redemption of securities. The same 198 million weighted average Class A shares are used in both columns.

Revenue by segment

As the company reports it in the segment note of its annual report.

By business, FY2025

By product, FY2025

By region, FY2025

Company events

The newest 8-K filings of 203 held.

Every filing

The newest filings with the SEC of 367 held.

Large holders

Schedule 13D and 13G filings by holders of more than 5% of the voting shares.

Trades by members of the House

From each member's periodic transaction report.

Short interest

Shares sold short and not yet bought back, on each FINRA settlement date.

Funds that hold it

From each fund's latest Form 13F.

367 funds held it at 30 Jun 2026: 134 added and 117 trimmed in the quarter. The largest:

Peers

Companies in the same industry.

• Enbridge Inc. (ENB): revenue $83.5B, market value $106.1B
• Mplx LP (MPLX): revenue $13.2B, market value $59.7B
• HF Sinclair Corp. (DINO): revenue $34.8B, market value $19.2B
• Plains ALL American Pipeline LP (PAA): revenue $52.3B, market value $18.8B
• Delek Logistics Partners, LP (DKL): revenue $1.2B, market value $3.0B
• Genesis Energy LP (GEL): revenue –, market value $1.7B

What the company does

Plains GP Holdings, L.P. (PAGP) is a Delaware limited partnership that has elected to be taxed as a corporation for United States federal income tax purposes. Its Class A shares trade on the Nasdaq Global Select Market under the ticker PAGP. It owns no operating assets directly. Its only source of cash flow is an indirect investment in Plains All American Pipeline, L.P. (PAA), a crude oil and NGL midstream business with pipelines, terminals and storage in the United States and Canada. The filing says PAGP has no operating activities apart from PAA's, so the business described below is PAA's.

How the holding is set up

PAGP holds an approximate 85% limited partner interest in Plains AAP, L.P. (AAP) through about 197.9 million AAP units. It also owns a 100% managing member interest in Plains All American GP LLC (GP LLC), which holds the non-economic general partner interest in AAP. AAP owns about 233.0 million PAA common units, roughly 31% of PAA's common units and Series A preferred units combined. PAGP keeps a one-to-one relationship between its Class A shares and the PAA common units behind its AAP interest, which the filing calls Economic Parity. Neither PAGP nor its general partner has employees. GP LLC and Plains Midstream Canada ULC employ the people who run the business, about 3,900 in North America.

What PAA owns and runs

PAA reports two segments, Crude Oil and NGL. The Crude Oil segment gathers and transports crude oil by pipeline, truck and, at times, barge or railcar. It also provides terminalling and storage. As of 31 December 2025 the segment had:

- 20,405 miles of active crude oil pipelines and gathering systems - 76 million barrels of commercial crude oil storage capacity - five marine facilities in the United States - a condensate processing facility with capacity of 120,000 barrels per day - eight crude oil rail terminals - 375 railcars - 675 trucks and 1,200 trailers

Over 5,600 miles of Permian gathering pipelines and most of the intra-basin pipelines are owned by Plains Oryx Permian Basin LLC (the Permian JV), in which PAA holds 65%. Its long-haul pipelines carry crude from the Permian to Cushing, Oklahoma, and to Corpus Christi and Houston, Texas. The Cushing terminal had 27 million barrels of commercial storage capacity, and the filing notes that NYMEX has approved it as a delivery location.

PAA is party to more than 25 joint venture and undivided joint interest arrangements.

How it earns money

Pipeline revenue comes from tariffs, pipeline capacity agreements and other transportation fees. Terminals and processing facilities earn month-to-month and multi-year storage, throughput and loading or unloading fees. PAA also runs merchant activities. It buys crude oil, moves it on its own or third-party assets to sales locations, and sells it. The filing says its policy is to structure purchase and sales contracts so that price changes do not materially affect operating income, and it uses derivatives to hedge margins. It does not hold inventory or derivatives to speculate on prices.

Who buys from it

ExxonMobil Corporation and its subsidiaries accounted for approximately 31% of revenues in 2025. No other customer accounted for 10% or more. Most of the revenue from this customer comes from Crude Oil segment merchant activities. The company states that losing a major customer could leave it unable to find a replacement market at a comparable margin.

The NGL segment and the Canadian sale

The NGL segment stores and terminals NGL, mainly at assets in the Southwestern United States. It also transports, stores and sells specification NGL products. In June 2025 a PAA subsidiary agreed to sell Plains Midstream Canada ULC, which holds substantially all of its Canadian NGL Business, to Keyera Corp. The business has four natural gas processing plants, six fractionation plants with about 180,000 barrels per day of usable capacity, about 24 million barrels of NGL storage and about 1,785 miles of NGL pipelines. The company says it expects the sale to close around the end of the first quarter of 2026. The assets it keeps are in the United States.

Rules, competition and people

In the United States, interstate liquids pipelines are rate regulated by the Federal Energy Regulatory Commission. The Pipeline and Hazardous Materials Safety Administration oversees pipeline safety. In Canada the Canada Energy Regulator and provincial regulators apply comparable rules. Pipelines compete on transportation charges, access to producing areas and demand for crude oil and NGL. The company says expansions in the Permian Basin have brought heightened competition for uncommitted barrels and contract renewals. About 70% of the workforce, roughly 2,750 employees, are field employees, including about 550 in trucking. Staff are located in 23 states and four Canadian provinces.

*From Plains GP Holdings's annual report on Form 10-K for the year ended 31 December 2025. [The filing](https://www.sec.gov/Archives/edgar/data/1581990/000158199026000012/pagp-20251231.htm)*

From the company's 10-K.