PLAINS GP HOLDINGS LP (PAGP) Form 8-K — Aug 7, 2026

$PAGPForm 8-KItems 2.02, 7.01, 9.01Filed Aug 7, 2026, 9:15 AM ET0001581990-26-000023Original filing

Plains GP Holdings (Nasdaq: PAGP) and Plains All American Pipeline (Nasdaq: PAA) reported second-quarter 2026 results on August 7, 2026, with net income attributable to PAA of $1.830 billion — including a net gain of roughly $1.6 billion on the Canadian NGL Business divestiture — and Adjusted EBITDA attributable to PAA of $738 million, up 10% year over year. Diluted adjusted net income per unit rose 14% to $0.41 and operating cash flow grew 38% to $956 million. The quarter completes the transition to a pure-play crude oil midstream provider following the May 12, 2026 sale of the Canadian NGL Business to Keyera Corp., which generated a net cash inflow of approximately $3.483 billion.

Key figures

Eps: $2.51 diluted net income per common unit (Q2 2026, vs $0.21 Q2 2025)
Revenue: $17,693 million (Q2 2026, vs $10,642 million Q2 2025)
Guidance: On track for full-year Adjusted EBITDA guidance; 2026 organic growth capital raised from $350 million to $400-$450 million; maintenance capital guidance reduced by $10 million to $175 million
Net Income: $1.830 billion attributable to PAA (Q2 2026, including ~$1.6 billion net gain on Canadian NGL Business divestiture)
Total Debt: $8,441 million (June 30, 2026, vs $11,262 million at December 31, 2025)
Total Assets: $29,218 million (June 30, 2026)
Cash Position: $1,059 million (June 30, 2026)
Shares Outstanding: 706 million weighted average common units (Q2 2026)
Debt reduction: ~$2.9 billion funded with divestiture proceeds
Cactus iii expansion: 75 Mb/d capacity increase
Cactus iii synergies: $50 million captured
Implied dcf per unit: $0.70 (Q2 2026, +6% YoY)
Adjusted eps per unit: $0.41 (Q2 2026, +14% YoY)
Cost reduction target: $50 million through year-end 2026
Distribution per unit: $0.4175 quarterly ($1.67 annualized, ~7% yield, +10% YoY)
Ngl sale net proceeds: ~$3.483 billion (closed May 12, 2026)
Total adjusted ebitda: $879 million (Q2 2026, +8% YoY)
Adjusted ebitda from ngl: $40 million (Q2 2026, -54% YoY)
Pro forma leverage ratio: 3.3x (toward low end of 3.25x-3.75x target)
Crude oil pipeline tariff: 10,595 Mb/d (Q2 2026, vs 9,659 Mb/d Q2 2025)
Distribution coverage ratio: 1.69x (Q2 2026)
Adjusted ebitda from crude oil: $690 million (Q2 2026, +19% YoY)
Net cash from operating activities: $956 million (Q2 2026, +38% YoY)
Adjusted ebitda attributable to paa: $738 million (Q2 2026, +10% YoY)
Adjusted net income attributable to paa: $348 million (Q2 2026, +12% YoY)
Pagp diluted net income per class a share: $1.97 (Q2 2026, vs $0.15 Q2 2025)

Price after filing

1 day: -1.4%7 days: +1.6%30 days: +11.2%

Close on the filing date to close N calendar days later (from $25.08). Historical, not a forecast.

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