PAGP · Plains Gp Holdings LP
Price & Indicators
Up next
Metrics snapshot
Useful current figures from the complete screener profile.
AI Brief
Q2 FY26 earnings call · Aug 7, 2026TL;DR. Plains GP reported Q2 adjusted EBITDA of $738 million, tracking to reaffirmed 2026 EBITDA guidance of $2.88 billion plus/minus $75 million, while raising 2026 growth capex to $400–$450 million and lifting Permian exit-to-exit production growth to 100–200 Mbbl/d; the Canadian NGL divestiture cut leverage to 3.3x.
- + Raised 2026 growth capex to $400–$450 million from $350 million, with quick-hit projects above hurdle rate.
- + Raised Permian exit-to-exit production growth to 100–200 Mbbl/d for 2026 versus 2025.
- + Sold Canadian NGL business, reducing leverage to 3.3x via ~$2.9 billion of debt reduction.
- + Sanctioned capital-efficient 75 Mbbl/d Cactus III expansion (line total to 725 Mbbl/d), online by end of month, with further phases viewed as economic.
- + Tracked $50 million 2026 cost efficiencies (less than half captured YTD) with an additional $50 million targeted for 2027.
- + Expect ~$1.75 billion of 2026 free cash flow supporting continued capital returns to unit holders.
- − Reaffirmed (not raised) full-year 2026 EBITDA guidance at $2.88 billion plus/minus $75 million despite higher Permian volumes, with most of the benefit flagged for 2027.
- − Q2 results included approximately $14 million of one-off environmental remediation expenses.
AI-generated from the earnings call and 8-K · may contain errors · not investment advice
Equibles Rating
blended score · not investment adviceBlended from price, momentum, positioning, fundamentals & volatility · daily-close · not investment advice. Market backdrop is context, not part of the score.
Guidance & track record
Guidance from company 8-Ks · delivered figures from as-reported statements · no analyst estimates involved.
Technicals
trend & momentum for long-term holders NeutralIllustrative technical + ownership context — a signal mix, not investment advice.
Key metrics
the company's own KPIs, from written earnings releases and filings| Metric | Latest | Period | YoY |
|---|---|---|---|
| Adjusted EBITDA non-GAAP | $879M | Three Months Ended June 30, 2026 filing | — |
| Adjusted EBITDA attributable to noncontrolling interests in consolidated joint ventures non-GAAP | -$141M | Three Months Ended June 30, 2026 filing | — |
| Adjusted EBITDA attributable to PAA non-GAAP | $738M | Three Months Ended June 30, 2026 filing | — |
GAAP → non-GAAP reconciliationGAAP Adjusted EBITDA 879M
-141M Adjusted EBITDA attributable to noncontrolling interests in consolidated joint ventures
= Adjusted EBITDA attributable to PAA 738M
|
|||
| Crude Oil Segment Adjusted EBITDA non-GAAP | $580M | Three Months Ended June 30, 2025 filing | — |
| Crude Oil Segment Maintenance capital expenditures non-GAAP | $38M | Three Months Ended June 30, 2026 filing | — |
| Investment and acquisition capital expenditures | $155M | Three Months Ended June 30, 2026 filing | -28.9% |
|
|
|||
| Maintenance capital expenditures | $38M | Three Months Ended June 30, 2026 filing | -13.6% |
|
|
|||
| Segment Adjusted EBITDA | $694M | FY2026 Q2 | +21.8% |
|
|
|||
Figures exactly as the company stated them in writing · click a metric with a to chart its history · period links open the stating document · "filing" marks figures stated in the 10-K/10-Q · YoY needs an exactly comparable prior-year period
Versus peers
Oil & Gas Midstream — same industry group| Company | Mkt cap | YTD | Rev growth Y/Y | P/E | Short % shares |
|---|---|---|---|---|---|
|
PAGP
this stock
Plains Gp Holdings LP
|
$5.26B | +35.3% | -9.5% | — | 9.2% |
|
ENB
Enbridge Inc
|
$102.08B | -2.8% | — | — | 0.8% |
|
WMB
Williams Companies, Inc.
|
$84.72B | +13.1% | +13.8% | 27.6 | 2.0% |
|
EPD
Enterprise Products Partners L.P.
|
$79.36B | +11.1% | -6.4% | 12.7 | 0.8% |
|
ET
Energy Transfer LP
|
$69.52B | +19.9% | +3.5% | — | 0.9% |
Peers by industry group · P/E from as-reported trailing EPS · short % is of shares outstanding
At a glance
key data from every sectionPerformance
| 5D | 20D | 120D | MTD | YTD | |
|---|---|---|---|---|---|
| PAGP | -3.0% | -9.0% | +9.7% | -8.2% | +35.3% |
| SPY | -0.7% | +0.1% | +12.2% | -0.6% | +11.8% |
| vs SPY | -2.3% | -9.1% | -2.5% | -7.6% | +23.5% |
Capital returns
Dividends per share over the trailing 365 days by ex-date · buyback figures as last reported in SEC filings ("spent" derived as authorized − remaining; when several programs run concurrently, authorized is their combined total per the newest filing) · components shown separately — trailing-year buyback spend isn't tracked, so no combined shareholder yield is derived.