Plains GP Holdings, L.P. filings document the public-company records of a listed holding entity with indirect interests in Plains All American Pipeline. Disclosures cover PAA's midstream business, including crude oil and natural gas liquids transportation, gathering, storage, terminalling and logistics assets in the United States and Canada.
Forms 8-K and amendments report operating results, material agreements, credit facility amendments, senior note offerings, acquired-business financial statements and pro forma information related to the EPIC Crude Oil Pipeline acquisition. Proxy materials describe annual meeting voting matters, board governance, capital allocation and related shareholder matters, alongside PAGP's Class A securities and capital-structure disclosures.
PLAINS GP HOLDINGS LP director Gary R. Petersen reported equity compensation and related derivative activity. On 2026-08-13, he received 6,150 Phantom Class A Shares under a Long-Term Incentive Plan, each paired with cash dividend equivalent rights and ultimately deliverable as one Class A share upon vesting and qualifying termination of service. On 2026-08-14, he exercised 7,400 Phantom Class A Shares for 7,400 Class A Shares at a stated price of $0.00 per share, leaving him with 75,544 Class A Shares held directly after the transaction.
PLAINS GP HOLDINGS LP director Kevin S. McCarthy reported equity compensation activity involving Class A and Phantom Class A shares of PAGP. On August 14, 2026, he exercised 7,400 Phantom Class A shares into 7,400 Class A shares, resulting in direct ownership of 156,091 Class A shares. On August 13, 2026, he received a grant of 6,150 Phantom Class A shares under a Long-Term Incentive Plan, each tied to one Class A share and including dividend equivalent rights payable in cash, with delivery of shares described as occurring upon termination of service as director under specified conditions.
PLAINS GP HOLDINGS LP (PAGP) director Ellen DeSanctis reported compensation-related equity activity. On August 14, 2026, she exercised 7,400 Phantom Class A shares into 7,400 Class A shares, resulting in 44,500 Class A shares held directly afterward. On August 13, 2026, she received a grant of 6,150 Phantom Class A shares under a Long-Term Incentive Plan, each convertible into one Class A share upon vesting, generally upon termination of board service other than for death, disability, or retirement, and carrying associated dividend equivalent rights payable in cash.
PLAINS GP HOLDINGS LP director Victor Burk reported equity compensation and a related derivative exercise in Class A equity. On 2026-08-13 he received 6,150 Phantom Class A shares under a Long-Term Incentive Plan, each paired with cash dividend equivalent rights and deliverable as one Class A share upon vesting, generally in connection with termination of service as director under specified conditions. On 2026-08-14 he exercised 7,400 Phantom Class A shares into 7,400 Class A shares at a stated price of $0.00 per share, resulting in 50,323 Class A shares held directly after the transaction.
Plains GP Holdings, L.P. (PAGP) reported sharply higher results for the quarter ended June 30, 2026, largely driven by the sale of its Canadian NGL business. Total revenues from continuing operations were $17.7 billion versus $10.6 billion a year earlier, while income from discontinued operations, net of tax, was $1.65 billion, reflecting a gain on sale of about $1.64 billion.
Net income attributable to PAGP rose to $389 million for the quarter (vs. $30 million), but continuing operations showed a net loss of $74 million, affected by significant tax charges tied to pre-sale restructuring. For the first six months, operating cash flow was $1.37 billion, and total debt fell to $8.44 billion from $11.26 billion, aided by using Canadian NGL sale proceeds to repay a $750 million senior note due 2026 and a $1.1 billion term loan. PAGP maintained a quarterly Class A cash distribution of $0.4175 per share.
Plains GP Holdings (through Plains All American Pipeline) reported very strong second-quarter 2026 results, driven by the sale of its Canadian NGL business. Net income attributable to PAA was $1.830 billion, including an approximately $1.6 billion gain on the divestiture, and net cash provided by operating activities was $956 million.
Underlying performance improved. Adjusted EBITDA attributable to PAA rose to $738 million, with crude-oil Adjusted EBITDA up 19% year-on-year, helped by the Cactus III pipeline acquisition, higher pipeline volumes and optimization initiatives, partly offset by Permian long-haul contract rate resets. Adjusted EBITDA from NGL decreased 54%, mainly reflecting the Canadian NGL sale.
Balance sheet and capital returns strengthened. The company used sale proceeds to reduce debt by approximately $2.9 billion, resulting in a pro forma leverage ratio of 3.3x and total debt-to-book capitalization of 43%. The quarterly distribution was increased 10% to $0.4175 per common unit ($1.67 annualized), with implied DCF per common unit and equivalent of $0.70 and distribution coverage of 1.69x. Adjusted Free Cash Flow was $4.189 billion, including $3.483 billion of Canadian NGL sale proceeds, supporting 2026 organic growth capital now guided to $400–$450 million and a 75 Mb/d expansion of the Cactus III pipeline.
Plains GP Holdings, L.P., through subsidiary Plains All American Pipeline, L.P., entered into a new senior unsecured revolving credit facility with $2.7 billion of committed borrowing capacity. Up to $800 million is available for letters of credit and up to $225 million for swing line loans, with an option to increase total commitments to $4.0 billion.
The facility matures on June 12, 2031 and allows one or more one-year extensions subject to lender approval. It includes a quarterly financial covenant limiting the ratio of Consolidated Funded Indebtedness to adjusted Consolidated EBITDA to no greater than 5.00 to 1.00, rising to 5.50 to 1.00 during an Acquisition Period. In connection with this new agreement, Plains entities repaid in full and terminated the prior revolving credit and hedged inventory facilities.
Plains GP Holdings, L.P. announced a planned leadership change in its senior accounting roles. Effective September 1, 2026, Russ Montgomery will become Vice President, Accounting and Chief Accounting Officer of the general partners of both Plains All American Pipeline, L.P. and Plains GP Holdings, L.P.
Chris Herbold, who has been Senior Vice President, Finance and Chief Accounting Officer for both entities, will retire on August 31, 2026. Montgomery, age 50, has held a series of progressively senior accounting roles at Plains All American since 2002, including Vice President, Controller since 2019.
Plains GP Holdings, L.P. held its 2026 annual meeting of Class A, B and C shareholders on May 20, 2026. Shareholders voted on electing four Class I directors, ratifying the independent auditor, and approving 2025 named executive officer compensation on a non-binding advisory basis.
Out of 763,943,591 shares entitled to vote, 638,017,947 shares were represented in person or by proxy, an approximately 83.5% turnout. Each director nominee received between 97.8% and 98.4% of votes cast, with substantial broker non-votes reported.
Shareholders voted 629,742,215 shares in favor of ratifying PricewaterhouseCoopers LLP as the independent registered public accounting firm, representing 98.7% of votes cast. The advisory vote on 2025 executive compensation passed with 302,893,968 votes for, 165,486,984 against, and 64.4% of votes cast in favor.
PLAINS GP HOLDINGS LP director Cindy B. Taylor filed an initial Form 3 showing no ownership of Class A Shares. The filing reports that, following the reported status as of May 11, 2026, she holds 0 Class A Shares directly. The filing does not show any purchases, sales, or option exercises, only an initial disclosure of her position as a director.