Energy Income Partners reports 4.47% PAGP stake in Plains GP Holdings (PAGP)

Rhea-AI Filing Summary

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

02/17/2026 - 08:58 AM

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

Plains GP Holdings, L.P.

(Name of Issuer)

Limited Partnership Interests

(Title of Class of Securities)

72651A207

(CUSIP Number)

12/31/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 72651A207

1

Names of Reporting Persons

Energy Income Partners, LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 1,015,030.00
6	Shared Voting Power 7,838,981.00
7	Sole Dispositive Power 1,015,030.00
8	Shared Dispositive Power 7,838,981.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

8,854,011.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

4.47 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

CUSIP No. 72651A207

1

Names of Reporting Persons

James J. Murchie

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

FLORIDA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 1,015,030.00
6	Shared Voting Power 7,838,981.00
7	Sole Dispositive Power 1,015,030.00
8	Shared Dispositive Power 7,838,981.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

8,854,011.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

4.47 %

12

Type of Reporting Person (See Instructions)

HC

SCHEDULE 13G

CUSIP No. 72651A207

1

Names of Reporting Persons

Eva Pao

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

CONNECTICUT

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 1,015,030.00
6	Shared Voting Power 7,838,981.00
7	Sole Dispositive Power 1,015,030.00
8	Shared Dispositive Power 7,838,981.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

8,854,011.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

4.47 %

12

Type of Reporting Person (See Instructions)

HC

SCHEDULE 13G

CUSIP No. 72651A207

1

Names of Reporting Persons

Saul Ballesteros

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

CONNECTICUT

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 1,015,030.00
6	Shared Voting Power 7,838,981.00
7	Sole Dispositive Power 1,015,030.00
8	Shared Dispositive Power 7,838,981.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

8,854,011.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

4.47 %

12

Type of Reporting Person (See Instructions)

HC

SCHEDULE 13G

CUSIP No. 72651A207

1

Names of Reporting Persons

John K. Tysseland

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

CONNECTICUT

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 1,015,030.00
6	Shared Voting Power 7,838,981.00
7	Sole Dispositive Power 1,015,030.00
8	Shared Dispositive Power 7,838,981.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

8,854,011.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

4.47 %

12

Type of Reporting Person (See Instructions)

HC

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Plains GP Holdings, L.P.
(b)	Address of issuer's principal executive offices: 333 Clay Street, Suite 1600, Houston, TX 77002
Item 2.
(a)	Name of person filing: Energy Income Partners, LLC James Murchie Eva Pao Saul Ballesteros John Tysseland
(b)	Address or principal business office or, if none, residence: 10 Wright Street Westport, Connecticut 06880
(c)	Citizenship: Energy Income Partners, LLC is a Delaware limited liability company James Murchie is a citizen of the United States of America Eva Pao is a citizen of the United States of America Saul Ballesteros is a citizen of the United States of America John Tysseland is a citizen of the United States of America
(d)	Title of class of securities: Limited Partnership Interests
(e)	CUSIP No.: 72651A207
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 8854011
(b)	Percent of class: 4.47 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 1015030
	(ii) Shared power to vote or to direct the vote: 7838981
	(iii) Sole power to dispose or to direct the disposition of: 1015030
	(iv) Shared power to dispose or to direct the disposition of: 7838981
Item 5.	Ownership of 5 Percent or Less of a Class.
	Ownership of 5 percent or less of a class
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Energy Income Partners, LLC

Signature:	/s/ Nandita Hogan
Name/Title:	Chief Compliance Officer, Energy Income Partners
Date:	02/13/2025

James J. Murchie

Signature:	/s/ James J. Murchie
Name/Title:	Chief Executive Officer, Energy Income Partners
Date:	02/13/2025

Eva Pao

Signature:	/s/ Eva Pao
Name/Title:	Partner, Energy Income Partners
Date:	02/13/2025

Saul Ballesteros

Signature:	/s/ Saul Ballesteros
Name/Title:	Head Trader, Energy Income Partners
Date:	02/13/2025

John K. Tysseland

Signature:	/s/ John K. Tysseland
Name/Title:	Portfolio Manager, Energy Income Partners
Date:	02/13/2025

Exhibit Information

A description of the group membership has been filed as an exhibit.

FAQ

What stake in Plains GP Holdings (PAGP) does Energy Income Partners report?

Energy Income Partners and related individuals report beneficial ownership of 8,854,011 limited partnership interests of Plains GP Holdings, L.P., representing 4.47% of the outstanding class as of December 31, 2025. This reflects a holding of 5 percent or less of the class.

Who are the reporting persons in the Plains GP Holdings (PAGP) Schedule 13G?

The reporting persons are Energy Income Partners, LLC, James J. Murchie, Eva Pao, Saul Ballesteros, and John K. Tysseland. They collectively report beneficial ownership of 8,854,011 Plains GP Holdings limited partnership interests, equal to 4.47% of the class.

How is voting power over PAGP units allocated for Energy Income Partners?

The group reports sole voting power over 1,015,030 units and shared voting power over 7,838,981 units of Plains GP Holdings. The same breakdown applies to dispositive power, indicating how many units they can individually or jointly vote or sell.

Is Energy Income Partners a controlling shareholder of Plains GP Holdings (PAGP)?

No. Energy Income Partners and the related individuals report beneficial ownership of 4.47% of the class, which is specifically disclosed as ownership of 5 percent or less. They also certify the holdings are not intended to change or influence control of Plains GP Holdings.

What type of investor is Energy Income Partners in relation to PAGP?

Energy Income Partners, LLC, a Delaware limited liability company, certifies that the Plains GP Holdings securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control, consistent with a passive institutional investor stance.

What securities of Plains GP Holdings (PAGP) are covered in this ownership report?

The report covers Limited Partnership Interests of Plains GP Holdings, L.P., identified by CUSIP 72651A207. Energy Income Partners and associated individuals disclose aggregate beneficial ownership of 8,854,011 of these units, equal to 4.47% of the outstanding class.