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, 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.
Plains GP Holdings (PAGP) reported stronger Q3 2025 results and advanced a strategic divestiture. Total revenues were $11,578 million versus $12,456 million a year ago, while operating income rose to $483 million from $195 million on lower field operating costs and a $92 million gain on asset sales.
Net income attributable to PAGP was $83 million (diluted $0.41 per Class A share), up from $33 million (diluted $0.17) in Q3 2024. Year‑to‑date cash from operating activities was $2,147 million, up from $1,758 million, supporting higher cash and equivalents of $1,181 million as of September 30, 2025. Total debt was $9,449 million, reflecting new PAA senior notes issued in January and September and the October 3, 2025 redemption of $1.0 billion 4.65% notes due 2025.
PAGP classified its Canadian NGL business as discontinued operations after signing a definitive agreement to sell it to Keyera for approximately CAD$5.15 billion (about $3.75 billion), with closing expected in the first quarter of 2026, subject to customary approvals. Discontinued operations contributed $76 million of income in Q3. Class A cash distributions were $0.38 per share for each quarter of 2025. Class A shares outstanding were 197,888,124 as of October 31, 2025.
Plains GP Holdings (PAGP) reported that a wholly owned subsidiary of Plains All American Pipeline completed two transactions to acquire all interests in EPIC Crude Holdings and its general partner. On October 31, 2025, the buyer purchased an aggregate 55% interest from Diamondback and Kinetik for approximately $1.57 billion, inclusive of about $600 million of EPIC Term Loan debt, with a potential $193 million earnout tied to sanctioning an expansion to at least 900,000 barrels per day before the end of 2027. Effective November 1, 2025, it purchased the remaining 45% from an Ares subsidiary for approximately $1.33 billion, inclusive of about $500 million of EPIC Term Loan debt, with a potential earnout of up to $157 million based on additional sanctioned capacity before the end of 2028.
As a result, PAA now indirectly owns 100% of EPIC and will serve as operator of record of the EPIC Pipeline, which spans ~800 miles, has capacity of over 600,000 barrels/day, ~7 million barrels of storage, and over 200,000 barrels/day of export capacity. EPIC’s credit facilities include a $1.2 billion term loan (about $1.1 billion outstanding as of November 1, 2025; maturity October 15, 2031) and a $125 million revolver (maturity 2029), with quarterly-tested covenants.
Plains GP Holdings (PAGP) furnished an 8-K announcing it released its third-quarter 2025 results. The company provided the details in a press release attached as Exhibit 99.1. The disclosure appears under Items 2.02 and 7.01 and, consistent with General Instruction B.2, is furnished rather than filed.
Plains GP Holdings, L.P. (PAGP) filed an 8-K reporting material events tied to its indenture and related guarantees. The filing lists specific events of default including payment defaults on notes that continue for 60 days, missed principal or premium payments when due, and failures to satisfy indenture obligations after notice and grace periods. It notes payment defaults or accelerations on other indebtedness totaling $150.0 million or more as a separate trigger. The filing also describes bankruptcy-related events and conditions where a subsidiary guarantor’s guarantee could cease, be voided, or be disaffirmed. The items referenced include the creation of a direct financial obligation and other events and exhibits.