NASDAQ: PAGP
PLAINS GP HOLDINGS LPCIK 0001581990 · SIC 4610 · Pipelines (Except Natural Gas)
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Plains GP Q2 2026: Net income surges 1196.7% to $389.0M on Canadian NGL sale gain
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Plains GP refinances credit facilities with new $2.7B unsecured revolver, extends maturity to 2031
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Plains GP Holdings announces Chief Accounting Officer succession as Herbold retires
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PAGP shareholders signal concern over executive pay with 35.6% opposition vote
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Plains GP Holdings appoints former Oil States CEO Cynthia Taylor to board
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Plains GP completes $3.76B sale of Canadian NGL business, to pay down $3.3B in debt
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revenue $12.5B, net income $20.0M. Plains GP net income falls 76.2% as Canadian NGL sale nears; distribution up 10% to /year
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Plains GP Holdings reports Q1 2026 earnings results
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Latest financial statements
From 10-Q filed Aug 10, 2026 (period ending Jun 30, 2026). As printed on the EDGAR/iXBRL face — not generated by the model.
Condensed Consolidated Statements of Operations
(in millions, except per share data)
| Description | Three months ended June 30, 2026 (unaudited) | Three months ended June 30, 2025 (unaudited) | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|---|---|
| REVENUES | ||||
| Product sales revenues | 17,221 | 10,197 | 29,246 | 21,243 |
| Services revenues | 472 | 445 | 916 | 876 |
| Total revenues | 17,693 | 10,642 | 30,162 | 22,119 |
| COSTS AND EXPENSES | ||||
| Purchases and related costs | 16,556 | 9,758 | 28,049 | 20,277 |
| Field operating costs | 328 | 286 | 628 | 585 |
| General and administrative expenses | 111 | 84 | 195 | 171 |
| Depreciation and amortization | 242 | 235 | 486 | 466 |
| Losses on asset sales, asset impairments and other, net | 59 | 42 | 6 | 29 |
| Total costs and expenses | 17,296 | 10,405 | 29,364 | 21,528 |
| OPERATING INCOME | 397 | 237 | 798 | 591 |
| OTHER INCOME/(EXPENSE) | ||||
| Equity earnings in unconsolidated entities | 89 | 94 | 178 | 196 |
| Gain on investments in unconsolidated entities, net | — | — | — | 31 |
| Interest expense (net of capitalized interest of $2, $3, $3 and $5, respectively) | (135) | (110) | (279) | (217) |
| Other income, net | 24 | 8 | 8 | 14 |
| INCOME FROM CONTINUING OPERATIONS BEFORE TAX | 375 | 229 | 705 | 615 |
| Current income tax expense from continuing operations | (107) | (1) | (322) | (6) |
| Deferred income tax (expense)/benefit from continuing operations | (102) | (15) | 106 | (40) |
| INCOME FROM CONTINUING OPERATIONS, NET OF TAX | 166 | 213 | 489 | 569 |
| INCOME FROM DISCONTINUED OPERATIONS, NET OF TAX (NOTE 2) | 1,649 | 70 | 1,548 | 206 |
| NET INCOME | 1,815 | 283 | 2,037 | 775 |
| Net income attributable to noncontrolling interests from continuing operations | (240) | (203) | (515) | (513) |
| Net income attributable to noncontrolling interests from discontinued operations | (1,186) | (50) | (1,114) | (148) |
| Net income attributable to noncontrolling interests | (1,426) | (253) | (1,629) | (661) |
| Net income/(loss) attributable to PAGP from continuing operations | (74) | 10 | (26) | 56 |
| Net income attributable to PAGP from discontinued operations | 463 | 20 | 434 | 58 |
| NET INCOME ATTRIBUTABLE TO PAGP | 389 | 30 | 408 | 114 |
| Basic weighted average Class A shared outstanding | 198 | 198 | 198 | 198 |
| Basic Net Income/(Loss) per Class A Share: | ||||
| Continuing operations | (0.37) | 0.05 | (0.13) | 0.29 |
| Discontinued operations | 2.34 | 0.10 | 2.19 | 0.29 |
| Basic Net Income per Class A Share | 1.97 | 0.15 | 2.06 | 0.58 |
| Diluted weighted average Class A shares outstanding | 198 | 198 | 198 | 233 |
| Diluted Net Income/(Loss) per Class A Share: | ||||
| Continuing operations | (0.37) | 0.05 | (0.13) | 0.29 |
| Discontinued operations | 2.34 | 0.10 | 2.19 | 0.28 |
| Diluted net income per Class A Share | 1.97 | 0.15 | 2.06 | 0.57 |
Condensed Consolidated Balance Sheets (Unaudited)
(in millions, except share data)
| Description | June 30, 2026 (unaudited) | December 31, 2025 |
|---|---|---|
| ASSETS | ||
| CURRENT ASSETS | ||
| Cash and cash equivalents | 1,060 | 329 |
| Trade accounts receivable and other receivables, net | 5,267 | 3,598 |
| Inventory | 84 | 211 |
| Current assets of discontinued operations (Note 2) | — | 479 |
| Other current assets | 119 | 87 |
| Total current assets | 6,530 | 4,704 |
| PROPERTY AND EQUIPMENT | 22,702 | 22,536 |
| Accumulated depreciation | (5,921) | (5,676) |
| Property and equipment, net | 16,781 | 16,860 |
| OTHER ASSETS | ||
| Investments in unconsolidated entities | 2,817 | 2,846 |
| Intangible assets, net | 1,610 | 1,754 |
| Deferred tax asset | 1,083 | 1,136 |
| Linefill | 892 | 900 |
| Long-term operating lease right-of-use assets, net | 172 | 198 |
| Long-term inventory | 257 | 214 |
| Long-term assets of discontinued operations (Note 2) | — | 2,557 |
| Other long-term assets, net | 91 | 107 |
| Total assets | 30,233 | 31,276 |
| LIABILITIES AND PARTNERS’ CAPITAL | ||
| CURRENT LIABILITIES | ||
| Trade accounts payable | 4,942 | 3,457 |
| Short-term debt | 9 | 563 |
| Current liabilities of discontinued operations (Note 2) | 154 | 382 |
| Other current liabilities | 746 | 500 |
| Total current liabilities | 5,851 | 4,902 |
| LONG-TERM LIABILITIES | ||
| Senior notes, net | 8,373 | 9,118 |
| Other long-term debt, net | 59 | 1,578 |
| Long-term operating lease liabilities | 194 | 202 |
| Long-term liabilities of discontinued operations (Note 2) | — | 606 |
| Other long-term liabilities and deferred credits | 442 | 654 |
| Total long-term liabilities | 9,068 | 12,158 |
| COMMITMENTS AND CONTINGENCIES (NOTE 10) | ||
| PARTNERS’ CAPITAL | ||
| Class A shareholders (197,904,124 and 197,904,124 shares outstanding, respectively) | 1,580 | 1,345 |
| Noncontrolling interests | 13,734 | 12,871 |
| Total partners’ capital | 15,314 | 14,216 |
| Total liabilities and partners’ capital | 30,233 | 31,276 |
Condensed Consolidated Statements of Cash Flows
(in millions)
| Description | Six months ended June 30, 2026 (unaudited) | Six months ended June 30, 2025 |
|---|---|---|
| CASH FLOWS FROM OPERATING ACTIVITIES | ||
| Net income | 2,037 | 775 |
| Reconciliation of net income to net cash provided by operating activities: | ||
| Income from discontinued operations, net of tax | (1,548) | (206) |
| Depreciation and amortization | 486 | 466 |
| Losses on asset sales, asset impairments and other, net | 6 | 29 |
| Deferred income tax expense/(benefit) | (106) | 40 |
| (Gain)/loss on foreign currency revaluation | (16) | 4 |
| Equity earnings in unconsolidated entities | (178) | (196) |
| Distributions on earnings from unconsolidated entities | 204 | 256 |
| Gain on investments in unconsolidated entities, net | — | (31) |
| Other | 27 | 32 |
| Changes in assets and liabilities, net of acquisitions | 299 | (140) |
| Cash provided by operating activities continuing operations | 1,211 | 1,029 |
| Cash provided by operating activities discontinued operations | 159 | 301 |
| Net cash provided by operating activities | 1,370 | 1,330 |
| CASH FLOWS FROM INVESTING ACTIVITIES | ||
| Cash paid in connection with acquisitions, net of cash acquired | (130) | (681) |
| Additions to property, equipment and other | (268) | (310) |
| Cash paid for purchases of linefill | (12) | (17) |
| Proceeds from sales of assets | 4 | 21 |
| Cash received from sales of linefill | 37 | — |
| Other investing activities | 20 | — |
| Cash used in investing activities continuing operations | (349) | (987) |
| Cash provided by/(used in) investing activities discontinued operations | 3,451 | (106) |
| Net cash provided by/(used in) investing activities | 3,102 | (1,093) |
| CASH FLOWS FROM FINANCING ACTIVITIES | ||
| Net borrowings/(repayments) under PAA commercial paper program (Note 6) | (970) | 69 |
| Repayment under PAA term loan (Note 6) | (1,100) | — |
| Proceeds from the issuance of PAA senior notes (Note 6) | — | 998 |
| Repayments of PAA senior notes (Note 6) | (750) | — |
| Repurchase of common units by a subsidiary | — | (8) |
| Repurchase of Series A preferred units by a subsidiary (Note 7) | — | (333) |
| Distributions paid to Class A shareholders (Note 7) | (165) | (150) |
| Distributions paid to noncontrolling interests (Note 7) | (734) | (731) |
| Contributions from noncontrolling interests | — | 29 |
| Other financing activities | (6) | (19) |
| Net cash provided by/(used in) financing activities | (3,725) | (145) |
| Effect of translation adjustment continuing operations | (16) | 8 |
| Effect of translation adjustment discontinued operations | — | 11 |
| Net increase in cash and cash equivalents and restricted cash | 731 | 111 |
| Cash and cash equivalents and restricted cash, beginning of period | 329 | 349 |
| Cash and cash equivalents and restricted cash, end of period | 1,060 | 460 |
| Cash paid for: | ||
| Interest, net of amounts capitalized | 259 | 216 |
| Income taxes, net of amounts refunded | 53 | 48 |
Amounts as printed on the EDGAR/iXBRL face — (in millions, except per share data); (in millions, except share data); (in millions). Labels, columns, and figures are the filing face, not a GAAP stencil. Interactive statements & notes on EDGAR ↗