Plains GP Holdings (PAGP) Investor presentation summary

Financial and operating profile

• Enterprise value stands at approximately $30 billion with a 7.5% distribution yield and a 4.1x leverage ratio as of March 2026.

• Operates over 9 million barrels per day in total pipeline tariff volume, with more than 7 million barrels per day in the Permian.

• Liquids storage capacity is about 118 million barrels per month, and the company manages over 20,000 miles of active pipeline.

Structure, tax attributes, and benefits

• Dual security structure (PAA and PAGP) provides flexibility, with PAGP offering a deferred tax asset and no expected corporate income taxes until around 2032.

• PAA’s MLP structure allows for pass-through tax treatment, tax-deferred return of capital, and estate planning advantages.

Distribution and return of capital

• Distribution yield is approximately 7.5%, leading the sector, with a multi-year track record of sustainable growth.

• Annual distribution per unit has grown from $1.07 in 2022 to a projected $1.67 in 2026, with a target of $0.15 per unit annual increases and a 150% DCF coverage ratio.