PAGP · Plains GP Holdings, L.P.

Plains All American Pipeline, L.P. (PAA), consolidated by Plains GP Holdings (PAGP), reported first-quarter 2026 GAAP net income attributable to PAA of $152 million, a 66% decline from $443 million in the prior-year quarter, with diluted EPS falling to $0.14 from $0.49. Non-GAAP adjusted net income was $325 million, down 13%, while diluted adjusted EPS held steady at $0.39. Adjusted EBITDA attributable to PAA reached $730 million, a 3% decrease from $754 million, driven by a 4% increase in crude oil Adjusted EBITDA to $582 million from bolt-on acquisitions like Cactus III and higher pipeline volumes, offset by Permian contract resets. NGL Adjusted EBITDA fell 23% to $145 million due to lower frac spreads and warmer weather impacting volumes. Net cash from operations was $418 million, down 35%. The company raised its full-year 2026 Adjusted EBITDA guidance midpoint by $130 million to $2.880 billion +/- $75 million, citing a strong oil macro and NGL contributions through May, with growth capital at $350 million and maintenance capital at $185 million. Adjusted Free Cash Flow guidance increased to ~$1.850 billion, excluding NGL divestiture proceeds. A quarterly distribution of $0.4175 per unit was declared, up 10% year-over-year, equating to ~7.5% yield. Pro forma leverage stood at 4.1x, with expectations to return to the 3.25-3.75x target midpoint post-closing of the Canadian NGL business sale to Keyera Corp in May 2026, which qualifies as discontinued operations and has been retrospectively applied. CEO Willie Chiang highlighted the integrated crude model, NGL sale proceeds enabling a pure-play crude focus, $100 million from Cactus III synergies and efficiencies, and commitment to capital returns amid financial discipline.