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Visual21 Nov 2025
Data center suppliers
Plains GP Holdings (PAGP) investor relations material
Plains GP Holdings Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary5 Nov, 2025
Executive summary
Q3 2025 adjusted EBITDA was $669 million, reflecting execution of a multi-year strategy focused on crude midstream operations and stable year-over-year performance.
Net income attributable to PAA for Q3 2025 was $441 million, doubling year-over-year, with net cash from operating activities of $817 million.
Completed the acquisition of 100% of EPIC Crude Holdings for $1.33 billion (including $500 million debt) and a potential $157 million earnout, enhancing the crude oil segment footprint.
Pending sale of the Canadian NGL Business for approximately CAD $5.15 billion is expected to close in Q1 2026, representing a strategic shift to core crude oil operations.
Major acquisitions, including Ironwood, Medallion, Black Knight, BridgeTex, and EPIC, further expand the crude oil segment.
Financial highlights
Q3 2025 crude oil segment adjusted EBITDA was $593 million, up from $577 million in Q3 2024, driven by higher volumes and acquisitions.
NGL segment adjusted EBITDA was $70 million for Q3 2025, down sequentially due to lower sales volume and third-party downtime.
Full-year 2025 adjusted EBITDA guidance is $2.84–$2.89 billion, including $40 million from the EPIC acquisition.
Distribution per common unit increased 20% year-over-year to $0.38 for Q3 2025.
Adjusted free cash flow after distributions for Q3 2025 was $(18) million, reflecting higher capital expenditures and distributions.
Outlook and guidance
2025 guidance reflects lower realized crude prices and contributions from the EPIC acquisition, with synergy capture and self-help initiatives to be detailed with 2026 guidance.
Leverage ratio expected to move toward 3.5x after NGL divestiture and acquisitions.
Management remains bullish on long-term crude demand and North American oil growth, despite near-term market volatility.
Epic return improvement drivers beyond 2026
Leverage flexibility for strategic bolt-ons
Capline's role in future North American oil egress
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Next Plains GP Holdings earnings date
Q4 20256 Feb, 2026
Next Plains GP Holdings earnings date
Q4 20256 Feb, 2026
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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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