Plains GP Q1 net income drops 66% to $152 million; revenue rises to $12.47 billion

Plains GP Holdings LP Class A

Plains GP Holdings LP Class A

PAGP

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  • Plains GP Holdings posted first-quarter net income attributable to PAGP of $20 million, down 76.19%.
  • Net income attributable to PAA fell 66% to $152 million, while adjusted EBITDA attributable to PAA slipped 3% to $730 million.
  • Quarterly cash distribution rose 10% to $0.4175 per unit, implying an annualized payout of $1.67 per unit.
  • Full-year adjusted EBITDA guidance attributable to PAA was raised by $130 million at the midpoint to $2.88 billion +/- $75 million, reflecting a strong oil macro environment and NGL contribution into May 2026.
  • Willie Chiang said closing the Canadian NGL divestiture expected in May will transition Plains to a “premier pure play crude oil midstream provider,” while targeting $100 million of contribution from Cactus III synergies and system efficiencies.


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