Plains GP Holdings, L.P. (PAGP) reported a net income of $1.686 billion for the year ended December 31, 2025, a significant increase compared to the $1.070 billion reported for the previous year. The company's product sales revenues amounted to $42.501 billion, while service revenues reached $1.761 billion. Purchases and related costs totaled $40.433 billion, and field operating costs were $1.154 billion. The company's Class A shares were valued at approximately $3.7 billion as of June 30, 2025.
A key strategic development for PAGP was the pending divestiture of its Canadian NGL Business to Keyera Corp. for approximately $3.75 billion, expected to close around the end of the first quarter of 2026. This decision aligns with PAGP's strategy to focus on its core midstream crude oil operations. The company's business strategy is centered on the belief that hydrocarbons will continue to play a major long-term role in the world economy, and that midstream energy infrastructure is critical for connecting energy supply and demand.
Operationally, PAGP's Crude Oil segment included 20,405 miles of active crude oil transportation pipelines and gathering systems, and 76 million barrels of commercial crude oil storage capacity as of December 31, 2025. The average daily volumes transported on the company's crude oil pipelines for the year ended December 31, 2025, amounted to 9.680 million barrels per day. The company's NGL segment revenues are primarily derived from providing storage and terminalling services at its NGL assets located primarily in the Southwestern United States.
Looking ahead, PAGP's capital plan for 2026 includes approximately $440 million in investment capital, with about half allocated to the Permian JV assets. Maintenance capital for 2026 is projected to be approximately $185 million. The company's financial strategy is focused on generating multi-year free cash flow, increasing returns to equity holders, and maintaining an investment-grade credit profile.
About PLAINS GP HOLDINGS LP
Plains GP Holdings, L.P. is a publicly traded partnership that primarily invests in and manages midstream energy infrastructure assets. Its core business involves owning and operating pipelines, terminals, storage, and processing facilities for crude oil and NGL in North America. The company generates cash flow through fee-based services, supply aggregation, and merchant activities, serving producers, refiners, and export markets with a focus on operational efficiency and strategic asset management.
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