Plains GP Holdings LP reported fourth-quarter (Q4) 2025 net income attributable to PAA of USD 342 million and full-year (FY) 2025 net income attributable to PAA of USD 1.44 billion. Net cash provided by operating activities was USD 785 million for Q4 2025 and USD 2.94 billion for FY 2025. Adjusted EBITDA attributable to PAA reached USD 738 million for Q4 2025 and USD 2.83 billion for the full year. Q4 2025 Adjusted EBITDA from Crude Oil increased by 7 percent compared to the same period in 2024, benefiting from contributions from recent bolt-on acquisitions, including the Cactus III pipeline, higher pipeline volumes, and tariff escalations. This was partially offset by rate resets on certain Permian long-haul pipeline contracts and lower commodity prices. Adjusted EBITDA from NGL for Q4 2025 decreased by 21 percent compared to the prior year, primarily due to lower sales volumes and reduced weighted average frac spreads. The company reported a pro forma leverage ratio of 3.9 times at year-end 2025, with expectations to return toward the midpoint of its 3.25 to 3.75 times target range following the anticipated closing of the NGL divestiture at the end of Q1 2026. Plains GP Holdings LP also continues to view its Canadian NGL business as a key component of overall performance and distribution funding until the expected divestiture closes.

Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Plains GP Holdings LP published the original content used to generate this news brief on February 06, 2026, and is solely responsible for the information contained therein.