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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.Q2 2025 earnings summary8 Aug, 2025
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.
NGL sale proceeds deployment strategy
Drivers of 2025 growth CapEx increase
Bolt-on M&A evaluation criteria
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Next Plains GP Holdings earnings date
Q3 20257 Nov, 2025
Next Plains GP Holdings earnings date
Q3 20257 Nov, 2025
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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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