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Plains GP Holdings, L.P. files a shelf registration to offer and sell up to $938,900,000 aggregate offering price of Class A shares representing limited partner interests, to be sold from time to time in one or more offerings.
Sales may be made on a continuous or delayed basis through underwriters, dealers, agents or directly to purchasers; specific terms, pricing and distribution methods will be set forth in prospectus supplements. Net proceeds are intended for general partnership purposes, including purchasing AAP units pursuant to the Omnibus Agreement.
Plains GP Holdings, L.P. files a shelf registration on March 30, 2026 to permit the offer and sale, from time to time, of its Class A shares representing limited partner interests. The prospectus describes general terms; specific offering amounts, prices and distribution methods will be set forth in prospectus supplements.
The filing states proceeds from any Class A share sales will generally be used for general partnership purposes, including investment in the equity of Plains All American Pipeline, L.P. (via AAP under the Omnibus Agreement), repayment of indebtedness, acquisitions, capital expenditures and additions to working capital; the Omnibus Agreement contemplates sequential purchases of AAP units and PAA common units with net proceeds.
Plains GP Holdings, L.P., through subsidiary Plains All American Pipeline, L.P. (PAA), amended two key bank credit facilities with Bank of America and other lenders. On February 26, 2026, PAA entered into a Third Amendment to its Revolver and a Third Amendment to its Hedged Inventory Facility.
The amendments primarily replace Plains Midstream Canada ULC (PMCULC) with Plains Canada Liquid Pipelines ULC (PCLPULC) as a borrower. Commitments to extend credit to PMCULC were terminated, PMCULC was released from its obligations and related collateral liens, and PCLPULC agreed to be bound as if originally a borrower, including granting a security interest under the Hedged Inventory Facility.
The amendments include customary conditions, representations, warranties and ratifications, and confirm that PAA’s guaranty of borrower obligations under the Hedged Inventory Facility remains in full force and effect. Importantly, they do not change aggregate lender commitments, maturity dates, pricing, covenants or other material economic terms of either facility.
Plains GP Holdings, L.P. files its 2025 annual report, outlining a midstream business anchored in a large crude oil platform and an expected exit from most Canadian NGL activities. Plains’ cash flow comes indirectly from Plains All American Pipeline through its interest in Plains AAP.
The report highlights a definitive agreement to sell the Canadian NGL Business to Keyera for about $5.15 billion CAD (about $3.75 billion USD), classified as held for sale and discontinued operations, with closing targeted around the end of first-quarter 2026, subject to regulatory approvals.
Plains details a vast crude oil network of roughly 20,405 miles of pipelines and gathering systems and 76 million barrels of commercial storage, heavily concentrated in the Permian Basin and key hubs like Cushing, St. James and Corpus Christi. The business is organized into Crude Oil and NGL segments, with the Canadian NGL Business reported separately.
Financial strategy centers on maintaining investment-grade credit metrics, including target leverage of 3.25x–3.75x (debt plus 50% preferred ÷ Adjusted EBITDA) and long‑term debt‑to‑capitalization near or below 50%. For 2026, Plains plans about $440 million of investment capital (approximately $350 million net) and $185 million of maintenance capital, roughly half directed to Permian JV assets.
Plains GP Holdings, L.P. received a beneficial ownership report from Energy Income Partners, LLC and several of its principals for its limited partnership interests. They report beneficial ownership of 8,854,011 units, representing 4.47% of the class as of 12/31/2025.
The group reports sole voting and dispositive power over 1,015,030 units and shared voting and dispositive power over 7,838,981 units
Plains All American Pipeline (PAA) and Plains GP Holdings (PAGP) reported strong fourth-quarter and full-year 2025 results and issued 2026 guidance. Net income attributable to PAA was $342 million for the quarter and $1.435 billion for 2025, with net cash provided by operating activities of $785 million for the quarter and $2.936 billion for the year.
Full-year 2025 Adjusted EBITDA attributable to PAA reached $2.833 billion, modestly above 2024. Crude oil Adjusted EBITDA grew, while NGL Adjusted EBITDA declined, reflecting weaker NGL volumes and frac spreads. PAA’s year-end 2025 pro forma leverage ratio was 3.9x, with management expecting it to move back toward the 3.25x–3.75x target range after the planned Canadian NGL business divestiture.
For 2026, PAA targets Adjusted EBITDA attributable to PAA at a midpoint of $2.75 billion ± $75 million, including one quarter of $100 million NGL contribution, and expects approximately $1.80 billion in Adjusted Free Cash Flow excluding changes in assets and liabilities and NGL sale proceeds. The annualized distribution will rise by $0.15 to $1.67 per unit, a 10% increase versus 2025, and the distribution coverage threshold is being reduced from 160% to 150%.
Plains GP Holdings, L.P. received an updated ownership report from Massachusetts Financial Services Company (MFS) on a Schedule 13G/A. MFS reports beneficial ownership of 9,537,077 shares of Plains GP common stock, representing 4.8% of the class as of the event date.
MFS reports sole power to vote 9,516,370 shares and sole power to dispose of 9,537,077 shares, with no shared voting or dispositive power. MFS certifies the shares were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control.
Plains GP Holdings, L.P. filed an amended current report to add detailed financial information related to its recent acquisition of the EPIC Crude Oil Pipeline business. A subsidiary of Plains All American Pipeline, L.P. completed the purchase of a 55% non-operated equity interest in EPIC Crude Holdings, LP and EPIC Crude Holdings GP, LLC from subsidiaries of Diamondback Energy, Inc. and Kinetik Holdings Inc., followed by a separate purchase of the remaining 45% interests from a subsidiary of Ares Management LLC. As a result of these transactions, Plains All American now indirectly owns 100% of EPIC Crude Holdings and EPIC Crude Holdings GP and will act as operator of record of the EPIC Pipeline.
This amendment supplies audited and unaudited financial statements for EPIC Crude Holdings and unaudited pro forma condensed combined financial information for Plains GP Holdings, helping investors see how the acquisition would have affected the company’s recent financial position and operating results. No other changes were made to the original report.
Plains GP Holdings (PAGP) reported that its consolidated subsidiaries, Plains All American Pipeline, L.P. and PAA Finance Corp., completed a public debt offering of $750 million in senior notes. The add-on issuance included $300 million of 4.700% Senior Notes due 2031 and $450 million of 5.600% Senior Notes due 2036.
These notes were issued as additional tranches to the September 2025 offerings and now bring each series to $1 billion outstanding. Interest is payable on January 15 and July 15, starting January 15, 2026. The notes are senior unsecured obligations of PAA, rank pari passu with its other senior debt, and are effectively subordinated to secured debt to the extent of collateral value. The issuers may redeem the notes before maturity at prices specified in the indenture.
The offering was conducted under an effective Form S-3 shelf (No. 333-281967). An underwriting agreement was executed on November 10, 2025 with Citigroup, CIBC, RBC Capital Markets, and SMBC Nikko as representatives of the underwriters. The indenture includes customary covenants and events of default.