revenue $12.5B, net income $20.0M. Plains GP net income falls 76.2%; distribution to /year

Filed May 8, 2026 · Period ending March 31, 2026 · Compared to 10-Q May 9, 2025 · ~1 min read

Key Changes

• high

  Q1 2026 net income dropped 76.2% YoY to ($20M to PAGP holders, down 76%) driven by swing in discontinued ops as Canadian NGL Business awaits May 2026 close. Expected net proceeds earmarked for debt reduction.

  MD&A: Results of Operations verify on EDGAR →
• high

  Quarterly distribution increased ( annualized) despite earnings decline, signaling confidence in post-divestiture cash flow and leverage profile.

  MD&A: Distributions verify on EDGAR →
• high

  Cactus III pipeline acquisition (Q4 2025) drove 10% crude volume growth to 10,039 Mbbl/d and 4% Crude Segment EBITDA gain, offsetting Permian contract rate resets to market.

  MD&A: Crude Oil Segment verify on EDGAR →