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PAGP

Plains GP Holdings, L.P.

PAGP

Plains GP Holdings, L.P. • NASDAQ
$18.54 ▲ 0.32% (+0.06)
Market Cap $3.67 B
52w High $22.31
52w Low $16.61
Dividend Yield 1.52%
P/E 24.39
Volume 1.05M
Outstanding Shares 197.89M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $11.578B ▲ $222M ▼ $83M ▲ 0.717% ▲ $0.42 ▲ $774M ▲
Q2-2025 $10.642B ▼ $412M ▼ $30M ▼ 0.282% ▼ $0.15 ▼ $543M ▼
Q1-2025 $12.011B ▼ $456M ▼ $84M ▲ 0.699% ▲ $0.42 ▲ $934M ▲
Q4-2024 $12.402B ▼ $511M ▼ $-11M ▼ -0.089% ▼ $-0.056 ▼ $516M ▼
Q3-2024 $12.743B $11.914B $33M 0.259% $0.17 $711M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $1.181B ▲ $29.252B ▲ $15.106B ▲ $1.345B ▼
Q2-2025 $460M ▲ $28.3B ▲ $14.175B ▼ $1.354B ▼
Q1-2025 $430M ▲ $28.252B ▲ $14.192B ▲ $1.356B ▲
Q4-2024 $349M ▼ $27.756B ▼ $13.44B ▼ $1.351B ▼
Q3-2024 $641M $28.357B $13.613B $1.462B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $504M ▲ $817M ▲ $-408M ▼ $318M ▲ $721M ▲ $615M ▲
Q2-2025 $283M ▼ $692M ▲ $-274M ▲ $-407M ▼ $31M ▼ $580M ▲
Q1-2025 $492M ▲ $638M ▼ $-819M ▼ $262M ▲ $80M ▲ $440M ▼
Q4-2024 $117M ▼ $726M ▲ $-264M ▼ $-746M ▼ $-292M ▼ $560M ▲
Q3-2024 $300M $688M $-193M $-413M $85M $510M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Product
Product
 $24.43Bn ▲$11.54Bn ▼$10.20Bn ▼$11.15Bn ▲
Service
Service
 $910.00M ▲$470.00M ▼$450.00M ▼$430.00M ▼

Five-Year Company Overview

Income Statement

Income Statement Plains GP shows the typical profile of a mature midstream operator: very large sales volumes but relatively thin profit margins. Over the last five years, revenue has grown strongly from the pandemic low and now sits near the top of its recent range, though it can swing with oil prices and volumes. Underneath that, gross profit has trended upward, suggesting better utilization of assets and somewhat improved pricing or mix. Operating profit has been positive for several years after a tough 2020, which indicates the core business is now structurally profitable. However, earnings after all costs (net income and earnings per share) remain modest compared with the size of the business. Recent results show that while sales are healthy, bottom-line profit is not growing as quickly and can fluctuate year to year. Overall, the income statement points to a resilient but low-margin business where small changes in costs or volumes can have an outsized impact on reported earnings.

Balance Sheet

Balance Sheet The balance sheet looks relatively stable and gradually improving. Total assets have been steady, reflecting a large, long-lived pipeline and terminal network rather than rapid expansion. Cash on hand is modest but consistent, which is typical for a fee-based infrastructure business that relies on predictable cash inflows rather than large cash reserves. Debt has been working its way down over the past several years, showing a clear focus on de-leveraging. This lowers financial risk and interest costs over time. Equity levels have bounced around, likely reflecting accounting adjustments and partnership structure changes rather than major swings in underlying asset quality. Overall, financial leverage appears more conservative than it was in 2020, which supports the company’s ability to handle downturns, but this remains a capital-intensive, debt-reliant business by nature.

Cash Flow

Cash Flow Cash flow is one of Plains GP’s key strengths. Operating cash flow has been consistently solid and has generally improved over the last five years, even when accounting earnings looked weak. This reflects the stability of fee-based contracts and the durability of the underlying pipeline business. Free cash flow has been positive every year, helped by disciplined and relatively moderate capital spending. The company is clearly prioritizing maintenance and selective growth rather than aggressive expansion. This steady cash generation gives management options: paying down debt, funding small acquisitions, and supporting distributions, all without needing to tap capital markets heavily. From a sustainability standpoint, the cash flow profile looks stronger and more predictable than the income statement might suggest at first glance.

Competitive Edge

Competitive Edge Plains GP operates in the heart of North American crude oil logistics, with a particularly strong presence in the Permian Basin. Its extensive, interconnected network of pipelines and terminals gives it scale and reach that are difficult and expensive for new entrants to replicate. The “wellhead-to-water” setup—from production areas to export hubs—creates real stickiness with customers who value reliability and multiple outlet options. A large portion of revenue is generated from long-term, fee-based contracts. This helps buffer the business from swings in oil prices and shifts the focus more to volumes and capacity utilization. However, Plains competes against other very large and capable midstream companies, and the sector is subject to regulatory, environmental, and permitting pressures. The company’s narrowed focus on crude oil midstream, following divestitures, sharpens its competitive edge in that niche but also concentrates its exposure to crude-related trends and basin health.

Innovation and R&D

Innovation and R&D Plains GP does not do traditional product-style R&D; instead, its innovation is centered on technology and process improvements in pipeline operations. The company is investing in advanced monitoring and integrity tools such as in-line inspections, hydrostatic testing, geohazard management, and AI-assisted leak detection. These tools aim to reduce incidents, improve safety, and keep assets running more efficiently. The use of sophisticated control and analytics systems (like AVEVA PI and related platforms) suggests a push toward data-driven operations—better alarm management, pressure analysis, and pump optimization. Initiatives like “One Plains” highlight a broader digital transformation, seeking to standardize and streamline operations across regions. Collectively, these efforts are less about flashy new products and more about quiet, ongoing improvements to reliability, compliance, and cost efficiency, which are critical differentiators in midstream.

Summary

Plains GP today looks like a large, focused crude oil midstream platform with improving financial resilience. Earnings remain relatively thin, but the core operations are profitable, and cash flow is robust and steadily rising. The company has used that cash flow to trim debt and invest selectively, rather than chasing aggressive expansion. Its main strengths are its scale, strategic footprint in the Permian and along Gulf Coast corridors, and a contract base that leans heavily on fee-based arrangements. These features support more stable cash flows than an upstream oil producer, even though volumes and regulatory developments still matter a great deal. Strategically, Plains has simplified into a pure-play crude logistics business and is layering in technology to enhance safety and efficiency. The trade-off is a business model tightly tied to crude oil infrastructure and long-lived assets, where growth is incremental and external risks—regulation, basin dynamics, and competition from other large midstream players—must be watched closely. Overall, the company appears to be in a more stable, cash-generative phase focused on optimization and balance sheet strength rather than rapid transformation.