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Plains GP Holdings (PAGP) investor relations material
Plains GP Holdings Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Q2 2025 Adjusted EBITDA was $672M, with the crude oil segment contributing $580M and NGL $87M; NGL is now largely classified as discontinued operations following the announced sale to Keyera for $3.75B USD (CAD $5.15B), expected to close in Q1 2026.
Net income for the first half of 2025 was $775M, up 19% year-over-year, driven by higher contributions from both continuing and discontinued operations.
Multiple bolt-on acquisitions completed, including a $100M purchase to increase BridgeTex Pipeline JV interest to 40%, expanding Permian Basin exposure.
Strategic focus is shifting to a streamlined crude oil midstream entity, reducing commodity exposure and enhancing financial flexibility.
Distribution per common unit increased 20% year-over-year to $0.38 for Q2 2025.
Financial highlights
Q2 2025 Adjusted EBITDA: $672M; crude oil segment up sequentially due to Permian volume growth and acquisitions.
NGL segment Adjusted EBITDA: $87M, down sequentially and year-over-year due to seasonality and lower spreads.
Net income attributable to shareholders for the first half was $114M, up 41% year-over-year; basic EPS was $0.58.
Cash provided by operating activities from continuing operations was $1.03B for the first half of 2025.
Leverage ratio improved to 3.3x as of Q2 2025, with $2.7B in available liquidity.
Outlook and guidance
2025 Adjusted EBITDA guidance: $2.8B–$2.95B, expected in the lower half of the range.
Distributable cash flow forecasted at $1.875B; distribution coverage ratio at 175%.
Growth capital guidance for 2025 increased to $475M, mainly for new Permian and South Texas projects.
Maintenance capital for 2025 trending toward $230M–$250M, below initial forecast.
Proceeds from the NGL sale to be used for debt reduction, M&A, and unit repurchases.
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