Plains GP Holdings Earnings Call Transcripts
Fiscal Year 2025
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Q4 and full-year 2025 adjusted EBITDA reached $738M and $2.83B, respectively, as the company transitioned to a pure-play crude business, divested its NGL segment, and acquired the Cactus 3 pipeline. 2026 guidance calls for $2.75B EBITDA, flat Permian volumes, and continued cost savings.
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Q3 2025 adjusted EBITDA reached $669 million, driven by higher crude volumes and recent acquisitions. The Epic Crude Pipeline acquisition and pending NGL asset sale will further focus the business on crude, with leverage expected to normalize post-divestiture.
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Q2 2025 saw strong adjusted EBITDA and robust crude oil segment results, with the NGL business sale set to streamline operations and boost financial flexibility. Full-year EBITDA guidance remains at $2.8–$2.95 billion, with capital redeployment focused on bolt-on growth and returns.
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First-quarter adjusted EBITDA reached $754 million, with strong NGL and crude segment performance despite market volatility. Guidance for 2025 remains unchanged, and the company continues to focus on efficient growth, bolt-on acquisitions, and disciplined capital allocation.
Fiscal Year 2024
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Q4 and full-year 2024 results exceeded expectations, with strong adjusted EBITDA and significant bolt-on acquisitions expanding the asset base. 2025 guidance projects continued growth, increased distributions, and disciplined capital allocation, with Permian and Western Canada as key growth drivers.
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Q3 results were strong, with Adjusted EBITDA at $659M and Permian volumes driving growth. 2024 guidance was raised to the top end, capital discipline maintained, and a key acquisition and legal settlements improved financial flexibility.
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Second quarter Adjusted EBITDA exceeded expectations at $674 million, prompting a $75 million increase in full-year guidance. Strong execution, bolt-on acquisitions, and a shift to more fee-based NGL cash flow support a resilient outlook, with disciplined capital allocation and continued Permian growth.