Q3 2025 Plains All American Pipeline LP And Plains GP Holdings Combined Earnings Call Transcript

Nov 5, 2025 / 03:00 PM GMT

Release Date Price: $17.19 (-0.87%)

Transcript 10-Q8-K

Key Points

Positve

Plains GP Holdings LP (PAGP) reported a solid third-quarter adjusted EBITDA of $669 million, reflecting strong financial performance.
The company successfully executed its strategy of lowering leverage, maximizing free cash flow, and optimizing its system while maintaining capital discipline.
The acquisition of the remaining 45% of Epic Crude Holdings is expected to generate a mid-teens unlevered return and improve synergy capture.
The pending sale of NGL assets is expected to close early next year, further focusing the portfolio on crude oil and enhancing cash flow stability.
Plains GP Holdings LP (PAGP) plans to continue increasing distributions by $0.15 until reaching its targeted coverage, indicating a commitment to returning cash to unit holders.

Negative

The company's leverage ratio is expected to temporarily exceed the upper end of its target range until the NGL divestiture is finalized.
The NGL segment reported a decrease in adjusted EBITDA due to lower sales volume tied to temporary downtime on a third-party transmission system.
Certain Permian long-haul contract rates reset to market in September, impacting the crude oil segment's adjusted EBITDA.
The timing of the NGL sale could affect the company's ability to maintain its distribution growth rate if not closed early in the year.
There is uncertainty in predicting 2026 performance due to mixed signals from operators and market conditions, making long-term planning challenging.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

PAGP.OQ - Plains GP Holdings LP
Q3 2025 Plains All American Pipeline LP And Plains GP Holdings Combined Earnings Call
Nov 05, 2025 / 03:00PM GMT

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Presentation
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Unidentified_1 [1]
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Good day and thank you for standing by. Welcome to the PAA and PAGP 3rd quarter 2025 earnings conference call.

At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question-and-answer session.

To ask a question during the session, you will need to press 11 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press 11 again.

Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Blake Fernandez, Vice President of Investor Relations. Please go ahead.

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