Plains All American Pipeline and Plains GP Holdings Announce Quarterly Distributions and Timing of Fourth Quarter 2025 Earnings

Rhea-AI Summary

Plains All American Pipeline (Nasdaq: PAA) and Plains GP Holdings (Nasdaq: PAGP) announced quarterly cash distributions for Q4 2025 payable Feb 13, 2026 (PAA common units and PAGP Class A shares) to holders of record Jan 30, 2026.

PAA common units and PAGP Class A shares: $0.4175 per unit ($1.67 annualized), a $0.0375 increase versus November 2025 (10% annualized). PAA Series A preferred: $0.61524 quarterly (~$2.46 annualized). PAA Series B preferred: $21.02 quarterly (floating rate), payable Feb 17, 2026, record Feb 2, 2026.

The companies said PAGP expects part of 2026 distributions to be taxable as dividends due to a pending NGL assets sale. Q4 2025 earnings will be released before market open on Feb 6, 2026, followed by a 9:00 a.m. CT conference call and webcast.

Positive

• PAA common unit distribution of $0.4175 per unit
• PAGP Class A distribution of $0.4175 per share
• Distribution increase of $0.0375 quarterly (10% annualized)
• PAA Series B distribution of $21.02 per unit (floating rate)

Negative

• PAGP expects part of 2026 distributions to be taxable as dividends
• Cash distributions exceeding a shareholder’s tax basis will be taxable as capital gain
• Tax reporting change: Form 8937 to clarify dividend portion after transaction close

News Market Reaction

-1.26%

1 alert

-1.26% News Effect

On the day this news was published, PAA declined 1.26%, reflecting a mild negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

PAA common distribution: $0.4175 per Common Unit PAA annualized common: $1.67 per unit PAA distribution increase: $0.0375 per unit +5 more

8 metrics

PAA common distribution $0.4175 per Common Unit Quarterly distribution for Q4 2025, payable Feb 13, 2026

PAA annualized common $1.67 per unit Annualized rate based on Q4 2025 common unit distribution

PAA distribution increase $0.0375 per unit Increase versus November 2025 distribution

PAGP Class A distribution $0.4175 per Class A Share Quarterly distribution for Q4 2025, payable Feb 13, 2026

PAA Series A preferred $0.61524 per unit Q4 2025 Series A Preferred Unit distribution (≈$2.46 annualized)

PAA Series B preferred $21.02 per unit Q4 2025 Series B Preferred Unit distribution, payable Feb 17, 2026

Tax year 2026 PAGP expects positive current earnings and profits for Tax Year 2026

Current unit price $18.29 Pre-news price, about 12.9% below 52-week high of $21.00

Market Reality Check

Price: $19.40 Vol: Volume 2,873,380 is sligh...

normal vol

$19.40 Last Close

Volume Volume 2,873,380 is slightly above 20-day average 2,801,679 (relative volume 1.03). normal

Technical Units traded above the 200-day MA, with price at $18.29 versus 200-day MA of $17.57.

Peers on Argus

While PAA was modestly higher (+0.44%), key midstream peers were lower, includin...

While PAA was modestly higher (+0.44%), key midstream peers were lower, including VNOM -6.43%, TRGP -3.33%, PBA -1.68%, DTM -0.94%, and WES -0.17%, suggesting a more company-specific backdrop.

Historical Context

5 past events · Latest: Nov 10 (Neutral)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Nov 10	Debt offering	Neutral	+0.3%	Public offering of $750M senior notes for general partnership purposes.
Nov 05	Earnings & acquisition	Positive	-0.4%	Strong Q3 2025 results and completion of 100% EPIC equity acquisition.
Oct 02	Distributions & earnings timing	Neutral	-0.8%	Q3 2025 distributions declaration and scheduling of earnings release and call.
Sep 03	Debt offering	Neutral	+0.1%	Pricing of $1.25B senior notes to refinance debt and fund EPIC interest.
Sep 02	Acquisition	Positive	-1.7%	Announcement to acquire 55% interest in EPIC Crude Holdings with earnout.

Pattern Detected

Recent news shows mixed price responses: strategic acquisitions and strong results sometimes saw negative next-day moves, while financing and routine distribution notices tended to have modest, directionally aligned reactions.

Recent Company History

Over the last six months, Plains All American reported key strategic and financing steps, including EPIC acquisitions and multiple senior note offerings, alongside steady quarterly distribution announcements. Earnings and acquisition updates on Sep 2, Nov 5, and Nov 10 2025 highlighted growth and balance sheet actions, but price reactions were generally modest. Prior distribution-and-earnings-timing releases, like the Oct 2 2025 event, drew small moves, providing a useful reference point for today’s higher fourth-quarter 2025 distributions and earnings schedule.

Market Pulse Summary

This announcement increases PAA and PAGP quarterly distributions to $0.4175 and confirms timing for ...

Analysis

This announcement increases PAA and PAGP quarterly distributions to $0.4175 and confirms timing for Q4 2025 earnings. It also details preferred distributions, tax nuances from the pending NGL asset sale, and forthcoming Form 8937 guidance on dividend versus return-of-capital treatment. Historically, similar earnings-tagged and distribution releases for PAA have produced modest price moves. Investors may focus on distribution sustainability, preferred unit terms, and how the Canadian NGL transaction and earnings trajectory affect future payout policy.

Key Terms

series a preferred units, series b preferred units, current earnings and profits, form 8937, +2 more

6 terms

series a preferred units financial

"PAA Series A Preferred Units – $0.61524 per Series A Preferred Unit..."

Series A preferred units are a first institutional round of special ownership stakes typically issued by privately held companies structured as LLCs or partnerships. They act like a ‘first-class’ ticket: holders get priority on profit distributions and on getting their money back if the company is sold or liquidated, and they often carry conversion or voting features that affect control and dilution. Investors care because these rights change how and when they get paid and how much influence they have over future value.

series b preferred units financial

"For its Series B Preferred Units, PAA announced a quarterly distribution of $21.02..."

Series B preferred units are a class of ownership issued in a later funding round that gives holders stronger claims than ordinary (common) units—think of them as a VIP ticket for cash flow and payouts. They usually get paid first if the business distributes profits or is sold, may carry a fixed payout or conversion rights, and can limit how much common holders earn; that priority and any special terms affect potential returns and downside risk for investors.

current earnings and profits financial

"PAGP expects to report positive current earnings and profits for the Tax Year 2026..."

Current earnings and profits is a tax-based measure of a company’s net income for the current reporting period after applying specific tax adjustments, used to decide whether cash paid to shareholders is a taxable dividend or a return of capital. For investors it signals whether distributions come from newly generated, legally available profit—think of it like the company’s checking-account balance for the year that determines whether a withdrawal is paid from earnings or from previously saved funds, which affects dividend reliability and tax treatment.

form 8937 regulatory

"Plains will publish Form 8937, Report of Organizational Actions Affecting Basis..."

Form 8937 is a U.S. Internal Revenue Service disclosure companies file to explain how a corporate action—like a merger, spin-off, or stock split—changes the tax cost (tax basis) of an investor’s shares. It matters because that tax cost determines how much profit or loss you report when you sell, so the form is like an instruction sheet showing how to split or adjust the original purchase price for tax reporting.

capital gain financial

"to the extent any cash distribution exceeds a Class A Shareholder’s tax basis, it should be taxable as a capital gain."

A capital gain is the profit an investor earns when they sell an asset — such as a stock, bond, or property — for more than they originally paid. Think of it like selling a used car for more than you bought it: the difference is your gain. Capital gains matter because they increase an investor’s overall return and can affect taxable income, which influences net profit from an investment.

treasury regulation section 1.1446 regulatory

"Qualified Notices under Treasury Regulation Section 1.1446 with respect to the PAA Common Unit distribution..."

Treasury Regulation section 1.1446 sets the U.S. tax rules for withholding on income that flow through partnerships and is effectively connected to a U.S. trade or business when some owners are foreign. For investors, it matters because it can require a partnership or withholding agent to hold back tax from distributions to foreign partners, reducing cash received and adding compliance cost and timing uncertainty—think of it like a required tax “reserve” taken before you get paid.

AI-generated analysis. Not financial advice.

HOUSTON, Jan. 05, 2026 (GLOBE NEWSWIRE) -- Plains All American Pipeline, L.P. (Nasdaq: PAA) and Plains GP Holdings (Nasdaq: PAGP) announced today their quarterly distributions with respect to the fourth quarter of 2025 and also announced timing of fourth quarter 2025 earnings.

Fourth Quarter Distribution Declaration
PAA and PAGP announced the following quarterly cash distributions, each of which will be payable on February 13, 2026, to holders of the respective securities at the close of business on January 30, 2026:

• PAA Common Units – $0.4175 per Common Unit ($1.67 per unit on an annualized basis), which represents a $0.0375 increase from the distribution paid in November 2025 ($0.15 per unit increase, or 10%, on an annualized basis).
• PAGP Class A Shares – $0.4175 per Class A Share ($1.67 per Class A Share on an annualized basis), which represents a $0.0375 increase from the distribution paid in November 2025 ($0.15 per unit increase, or 10%, on an annualized basis).
• PAA Series A Preferred Units – $0.61524 per Series A Preferred Unit (approximately $2.46 per unit on an annualized basis).
  
  

For its Series B Preferred Units, PAA announced a quarterly distribution of $21.02 per Series B Unit (based on the applicable quarterly floating rate), which will be payable on February 17, 2026, to holders of record at the close of business on February 2, 2026.

Although equity holders should consult their own tax advisor regarding their particular circumstances, due to the pending NGL assets sale, PAGP expects to report positive current earnings and profits for the Tax Year 2026, making part of its Class A Share cash distribution taxable as a dividend. The transaction is not estimated to result in a material change in the previous forecast regarding when routine PAGP distributions will shift from being a return of capital to being taxed as dividends or when PAGP will become a taxpaying entity. After the transaction closes, and upon payment of quarterly distributions throughout 2026, Plains will publish Form 8937, Report of Organizational Actions Affecting Basis of Securities to clarify the expected portion of the quarterly distribution that will be taxed as a dividend. In addition, to the extent any cash distribution exceeds a Class A Shareholder’s tax basis, it should be taxable as a capital gain. Qualified Notices under Treasury Regulation Section 1.1446 with respect to the PAA Common Unit distribution and PAA Series B Preferred Unit distribution will be posted on the Plains website under “Investor Relations – Unit Information.” 

Fourth Quarter 2025 Earnings Timing
PAA and PAGP also announced that they will release fourth quarter 2025 earnings before market open on Friday, February 6, 2026. Following the announcement, PAA and PAGP will host a conference call at 9:00 a.m. CT (10 a.m. ET) with analysts and investors to discuss earnings. The call will be webcast live on the internet and may be accessed through the "Investors Relations” section of the website at www.plains.com. An audio replay will be available on the website after the call.

About Plains
PAA is a publicly traded master limited partnership that owns and operates midstream energy infrastructure and provides logistics services for crude oil and natural gas liquids (NGL). PAA owns an extensive network of pipeline gathering and transportation systems, in addition to terminalling, storage, processing, fractionation and other infrastructure assets serving key producing basins, transportation corridors and major market hubs and export outlets in the United States and Canada. On average, PAA handles approximately nine million barrels per day of crude oil and NGL. 

PAGP is a publicly traded entity that owns an indirect, non-economic controlling general partner interest in PAA and an indirect limited partner interest in PAA, one of the largest energy infrastructure and logistics companies in North America. 

PAA and PAGP are headquartered in Houston, Texas. More information is available at www.plains.com.

Investor Relations Contacts:
Blake Fernandez
Ross Hovde
PlainsIR@plains.com
(866) 809-1291

FAQ

What is the PAA distribution amount for Q4 2025 and payment date?

PAA announced a $0.4175 per common unit distribution payable on Feb 13, 2026 to holders of record Jan 30, 2026.

How much will PAGP Class A shareholders receive for Q4 2025 (Nasdaq: PAGP)?

PAGP Class A shareholders will receive $0.4175 per share ($1.67 annualized), payable Feb 13, 2026.

Will any part of PAGP distributions be taxable in 2026 for PAGP shareholders?

Yes. PAGP expects part of 2026 distributions to be reported as taxable dividends due to a pending NGL assets sale.

When will PAA and PAGP release Q4 2025 earnings and how can I listen?

Q4 2025 earnings will be released before market open Feb 6, 2026, followed by a 9:00 a.m. CT conference call, webcast via the company investor relations website.

What are the payment and record dates for PAA Series B preferred unit distribution?

The Series B preferred quarterly distribution of $21.02 will be payable on Feb 17, 2026 to holders of record at close of business on Feb 2, 2026.

Will Plains publish tax guidance about the distribution dividend portion?

Yes. After the transaction closes and distributions are paid in 2026, Plains will publish Form 8937 to clarify the portion taxable as dividends.