Plains All American Reports 2025 Financials and 2026 Guidance
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Feb 06 2026
0mins
Should l Buy PAGP?
Source: Globenewswire
- Net Income Growth in 2025: Plains All American reported a net income of $342 million in Q4 2025 and $1.435 billion for the full year, representing an 86% increase from 2024, indicating strong performance and enhanced profitability in the market.
- Adjusted EBITDA Performance: The company achieved an adjusted EBITDA of $738 million in Q4 2025 and $2.833 billion for the full year, reflecting ongoing efforts in operational efficiency and cost control, which are expected to support future investments and distributions.
- 2026 Outlook and Distribution Increase: Plains anticipates a midpoint adjusted EBITDA of $2.75 billion for 2026 and announced a $0.15 per unit distribution increase, representing a 10% rise in the annualized distribution rate, which will bolster investor confidence and attract more capital inflow.
- Capital Expenditure Plans: The company plans approximately $350 million in growth capital expenditures and $165 million in maintenance capital expenditures for 2026, demonstrating a strong commitment to future growth while maintaining a cautious approach to market volatility.
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Analyst Views on PAGP
Wall Street analysts forecast PAGP stock price to fall
6 Analyst Rating
2 Buy
3 Hold
1 Sell
Hold
Current: 23.580
Low
16.50
Averages
20.42
High
23.00
Current: 23.580
Low
16.50
Averages
20.42
High
23.00
About PAGP
Plains GP Holdings, L.P. through Plains All American Pipeline, L.P. (PAA), owns and operates midstream energy infrastructure and provides logistics services for crude oil and natural gas liquids (NGL). The Company operates through two segments: Crude Oil and NGL. The Crude Oil segment operations generally consist of gathering and transporting crude oil using pipelines (including gathering systems), trucks, and at times on barges or railcars, in addition to providing terminalling, storage and other related services utilizing its integrated assets across the United States and Canada. The NGL segment operations involve natural gas processing and NGL fractionation, storage, transportation and terminalling. The NGL segment is engaged in providing gathering, fractionation, storage, and/or terminalling services to third-party customers, extracting NGL mix from the gas stream processed at its Empress straddle plant facility as well as acquiring NGL mix.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
Canada's Competition Bureau Investigates Keyera's Acquisition Deal
- Regulatory Review Initiated: Canada's Competition Bureau has obtained a federal court order to gather information related to Keyera's acquisition of Plains All American Pipeline's Canadian natural gas liquids business, indicating significant regulatory scrutiny over the deal.
- Transaction Scale and Impact: Valued at $5.15 billion, the Bureau is investigating whether this transaction could substantially lessen or prevent competition in the Canadian oil and gas sector, highlighting the regulator's focus on market competition.
- Asset Details Disclosed: The deal involves assets including 193,000 bbl/day of fractionation capacity, 23 million barrels of storage capacity, and over 2,400 km of pipeline infrastructure, suggesting that the integration of these assets could have profound implications for market dynamics.
- Regulatory Progress Delayed: Keyera indicated last week that the acquisition process is taking longer than expected, suggesting potential challenges in regulatory review that could impact its market expansion plans and future business growth.
See More
FS Credit Opportunities and Entergy Announce Dividend Payments
- FS Credit Opportunities Dividend: The Board of Directors announced a monthly distribution of $0.0583 per share for April 2026, payable on April 30, 2026, to shareholders of record as of April 23, 2026, reflecting the company's commitment to shareholder returns and stable cash flow.
- Entergy Quarterly Dividend: Entergy's board declared a quarterly dividend of $0.64 per share, payable on June 1, 2026, to shareholders of record as of May 1, 2026, highlighting the company's consistent dividend payments since 1988, which reinforces investor confidence.
- Plains Quarterly Distribution: Plains All American Pipeline and Plains GP Holdings announced quarterly cash distributions of $0.4175 per unit for Q1 2026, payable on May 15, 2026, demonstrating the companies' ongoing commitment to shareholder returns amid stable cash flow.
- Dividend Consistency: The distribution amounts for PAA and PAGP remain unchanged from February 2026, indicating a strategic focus on maintaining stable shareholder returns in the current economic climate, which is likely to enhance investor trust.
See More
Plains Announces Q1 2026 Distributions and Earnings Release Date
- Quarterly Distribution Declaration: Plains All American Pipeline and Plains GP Holdings announced their Q1 2026 cash distributions, with PAA common units and PAGP Class A shares set at $0.4175 each, annualized at $1.67, indicating the company's stable cash flow and dividend policy.
- Preferred Units Distribution: PAA's Series A preferred units will distribute $0.61524 per unit (approximately $2.46 annualized), while Series B preferred units will see a quarterly distribution of $19.84, reflecting the company's commitment to maintaining returns for preferred shareholders.
- Tax Implications Advisory: Due to the pending sale of NGL assets, PAGP may report positive current earnings for 2026, making part of its Class A share cash distribution taxable as dividends, which could affect shareholders' tax planning.
- Earnings Release Schedule: PAA and PAGP will release their Q1 2026 earnings before market open on May 8, 2026, followed by a conference call at 9:00 a.m. CT to enhance communication with investors and improve market transparency.
See More
Plains Announces Q1 2026 Distributions and Earnings Release Date
- Distribution Announcement: Plains All American Pipeline and Plains GP Holdings declared their Q1 2026 cash distributions, with PAA common units and PAGP Class A shares set at $0.4175 each, annualized at $1.67, indicating stable cash flow and a commitment to shareholder returns.
- Preferred Units Distribution: The quarterly distribution for PAA Series A Preferred Units is $0.61524 per unit, annualized at approximately $2.46, while Series B Preferred Units will receive $19.84 each, reflecting effective liquidity management and dedication to investor commitments.
- Tax Implications: Due to the pending sale of NGL assets, PAGP may report positive current earnings for 2026, making part of its Class A Share cash distribution taxable as dividends, which will affect shareholders' tax planning and cash flow.
- Earnings Release Schedule: PAA and PAGP plan to release their Q1 2026 earnings before market open on May 8, 2026, followed by a conference call at 9:00 AM CT, demonstrating their commitment to transparency and investor communication.
See More
PLAINS GP HOLDINGS LP: CLOSING OF CANADIAN NGL BUSINESS DIVESTITURE NOW ANTICIPATED IN MAY 2026
Closing of Canadian NG Business: Plains GP Holdings LP anticipates the closure of its Canadian natural gas business division.
Timeline for Closure: The expected closing date for this division is set for May 2026.
See More
Plains GP Holdings Reports Q4 Earnings Miss
- Earnings Miss: Plains GP Holdings reported a Q4 GAAP EPS of $0.17, missing expectations by $0.27, indicating significant pressure on profitability that could undermine investor confidence.
- Significant Revenue Decline: The company’s Q4 revenue of $10.56 billion represents a 14.8% year-over-year decline, falling short of the anticipated $1.88 billion, reflecting weak market demand and operational challenges.
- Negative Market Reaction: Following the earnings miss, BofA downgraded Plains All American to a 'Sell' rating, which may raise investor concerns about the company's future performance and impact stock price movements.
- Uncertain Earnings Outlook: With ongoing market pressures, the sustainability of future earnings is in question, prompting investors to closely monitor the company's strategic adjustments in a high-yield environment.
See More
Canada's Competition Bureau Investigates Keyera's Acquisition Deal
- Regulatory Review Initiated: Canada's Competition Bureau has obtained a federal court order to gather information related to Keyera's acquisition of Plains All American Pipeline's Canadian natural gas liquids business, indicating significant regulatory scrutiny over the deal.
- Transaction Scale and Impact: Valued at $5.15 billion, the Bureau is investigating whether this transaction could substantially lessen or prevent competition in the Canadian oil and gas sector, highlighting the regulator's focus on market competition.
- Asset Details Disclosed: The deal involves assets including 193,000 bbl/day of fractionation capacity, 23 million barrels of storage capacity, and over 2,400 km of pipeline infrastructure, suggesting that the integration of these assets could have profound implications for market dynamics.
- Regulatory Progress Delayed: Keyera indicated last week that the acquisition process is taking longer than expected, suggesting potential challenges in regulatory review that could impact its market expansion plans and future business growth.
See More
FS Credit Opportunities and Entergy Announce Dividend Payments
- FS Credit Opportunities Dividend: The Board of Directors announced a monthly distribution of $0.0583 per share for April 2026, payable on April 30, 2026, to shareholders of record as of April 23, 2026, reflecting the company's commitment to shareholder returns and stable cash flow.
- Entergy Quarterly Dividend: Entergy's board declared a quarterly dividend of $0.64 per share, payable on June 1, 2026, to shareholders of record as of May 1, 2026, highlighting the company's consistent dividend payments since 1988, which reinforces investor confidence.
- Plains Quarterly Distribution: Plains All American Pipeline and Plains GP Holdings announced quarterly cash distributions of $0.4175 per unit for Q1 2026, payable on May 15, 2026, demonstrating the companies' ongoing commitment to shareholder returns amid stable cash flow.
- Dividend Consistency: The distribution amounts for PAA and PAGP remain unchanged from February 2026, indicating a strategic focus on maintaining stable shareholder returns in the current economic climate, which is likely to enhance investor trust.
See More
Plains Announces Q1 2026 Distributions and Earnings Release Date
- Quarterly Distribution Declaration: Plains All American Pipeline and Plains GP Holdings announced their Q1 2026 cash distributions, with PAA common units and PAGP Class A shares set at $0.4175 each, annualized at $1.67, indicating the company's stable cash flow and dividend policy.
- Preferred Units Distribution: PAA's Series A preferred units will distribute $0.61524 per unit (approximately $2.46 annualized), while Series B preferred units will see a quarterly distribution of $19.84, reflecting the company's commitment to maintaining returns for preferred shareholders.
- Tax Implications Advisory: Due to the pending sale of NGL assets, PAGP may report positive current earnings for 2026, making part of its Class A share cash distribution taxable as dividends, which could affect shareholders' tax planning.
- Earnings Release Schedule: PAA and PAGP will release their Q1 2026 earnings before market open on May 8, 2026, followed by a conference call at 9:00 a.m. CT to enhance communication with investors and improve market transparency.
See More
Plains Announces Q1 2026 Distributions and Earnings Release Date
- Distribution Announcement: Plains All American Pipeline and Plains GP Holdings declared their Q1 2026 cash distributions, with PAA common units and PAGP Class A shares set at $0.4175 each, annualized at $1.67, indicating stable cash flow and a commitment to shareholder returns.
- Preferred Units Distribution: The quarterly distribution for PAA Series A Preferred Units is $0.61524 per unit, annualized at approximately $2.46, while Series B Preferred Units will receive $19.84 each, reflecting effective liquidity management and dedication to investor commitments.
- Tax Implications: Due to the pending sale of NGL assets, PAGP may report positive current earnings for 2026, making part of its Class A Share cash distribution taxable as dividends, which will affect shareholders' tax planning and cash flow.
- Earnings Release Schedule: PAA and PAGP plan to release their Q1 2026 earnings before market open on May 8, 2026, followed by a conference call at 9:00 AM CT, demonstrating their commitment to transparency and investor communication.
See More
PLAINS GP HOLDINGS LP: CLOSING OF CANADIAN NGL BUSINESS DIVESTITURE NOW ANTICIPATED IN MAY 2026
Closing of Canadian NG Business: Plains GP Holdings LP anticipates the closure of its Canadian natural gas business division.
Timeline for Closure: The expected closing date for this division is set for May 2026.
See More
Plains GP Holdings Reports Q4 Earnings Miss
- Earnings Miss: Plains GP Holdings reported a Q4 GAAP EPS of $0.17, missing expectations by $0.27, indicating significant pressure on profitability that could undermine investor confidence.
- Significant Revenue Decline: The company’s Q4 revenue of $10.56 billion represents a 14.8% year-over-year decline, falling short of the anticipated $1.88 billion, reflecting weak market demand and operational challenges.
- Negative Market Reaction: Following the earnings miss, BofA downgraded Plains All American to a 'Sell' rating, which may raise investor concerns about the company's future performance and impact stock price movements.
- Uncertain Earnings Outlook: With ongoing market pressures, the sustainability of future earnings is in question, prompting investors to closely monitor the company's strategic adjustments in a high-yield environment.
See More
