Plains GP Holdings (PAGP) Investor presentation summary

Financial and operating highlights

• Enterprise value of approximately $27 billion with a 7% distribution yield and a 3.3x leverage ratio as of June 2026.

• Over 9 million barrels per day of total pipeline tariff volume and more than 120 million barrels per month of liquids storage capacity.

• Investment grade credit ratings (BBB/BBB/Baa2) and long-term leverage target range of 3.25x–3.75x.

• Adjusted EBITDA guidance for 2026 is $2,880 million (+/- $75 million), with distributable cash flow of $1,900 million and a coverage ratio of ~160%.

• Cumulative adjusted free cash flow since 2022 projected at $5.5 billion, excluding NGL sale proceeds.

Strategic positioning and growth

• Multi-year EBITDA growth with a 5-year CAGR of 7%, driven by improving crude oil fundamentals and a premier North American asset footprint.

• Permian region contributes about 60% of regional EBITDA, with weighted average contract terms of ~5 years.

• Bolt-on acquisitions since 2022 total $4.3 billion in net investment, targeting 13–15%+ returns and enhancing financial metrics.

• Growth CAPEX for 2026 is $400–$450 million, focused on high-return projects and operational efficiencies.

• Multiple levers for efficient growth include organic/inorganic expansion, cost streamlining, and capital optimization.

Distribution and return of capital

• Annual distribution per unit increased from $0.83 in 2022 to $1.67 in 2026, with a multi-year growth target of $0.15 per unit annually.

• Distribution coverage ratio remains robust, targeting 150% before further increases.

• Leading distribution yield across sectors at approximately 7%, outperforming S&P 500 and other sectors.

• Return of capital strategy supported by durable free cash flow and disciplined capital allocation.