PAGPNasdaqPipe Lines (No Natural Gas)US GAAP · USD

Plains GP Holdings, L.P. - Class A Shares representing limited partner interests

Plains GP Holdings LP is a Delaware limited partnership that holds interests in Plains All American Pipeline through its ownership of AAP units and its managing member interest in GP LLC. Its economic exposure is tied to crude oil midstream infrastructure in the United States and Canada, including pipelines, gathering systems, storage, and terminalling assets operated through PAA.

Kysy yhtiöstä
Liikevaihto44,3mrd USD
−9,5 %v/v
Liikevoitto (EBIT)1 428milj. USD
+65,7 %v/v
EBIT-marginaali3,2%
+1,5 %-yks.v/v
Nettotulos260milj. USD
+152,4 %v/v
Vapaa kassavirta2 288milj. USD
+12,4 %v/v

Tilikausi 2025 · muutos edellisvuodesta

Kehitys 2020–2025

−200204060mrd USD2020: 23,3 mrd USD2020: EBIT −2,4 mrd USD20202021: 42,1 mrd USD2021: EBIT 0,84 mrd USD20212022: 57,3 mrd USD2022: EBIT 1,3 mrd USD20222023: 48,7 mrd USD2023: EBIT 1,2 mrd USD20232024: 48,9 mrd USD2024: EBIT 0,86 mrd USD20242025: 44,3 mrd USD2025: EBIT 1,4 mrd USD202544,31,4
LiikevaihtoLiikevoitto (EBIT)
Kysy Clarifolta: Plains GP Holdings, L.P. - Class A Shares representing limited partner interests

Liiketoiminta

Osuus liikevaihdosta
Pipeline transportation40 %

Tariff-based movement of crude oil through pipeline and gathering networks.

Terminalling and storage25 %

Capacity-leased storage, terminal handling, and throughput services.

Gathering and logistics20 %

Collection and movement of crude oil using trucks, barges, and railcars.

Merchant crude oil activities15 %

Purchase and resale of crude oil supply using owned and third-party assets.

Tuotteet

Raportoitu · osuus liikevaihdosta
96,0%FY2025100 %
  • Products96,0 %
  • Services4,0 %

Lähde: 10-K FY2025, yhtiön tuotelinjoittain raportoima liikevaihto (SEC XBRL). Osuudet on laskettu näytetyistä riveistä ja ne summautuvat 100 %:iin.

Asiakkaat

Customers are crude oil producers, shippers, refiners, and other market participants that need takeaway, storage, and market-access services. The business also serves merchant counterparties through crude oil purchases and sales tied to transportation and location differentials. Demand is concentrated in North American producing basins and major market hubs where infrastructure access is critical.

Producers in producing basins

Buy gathering and transportation to move crude from field locations to market.

Shippers and marketers

Buy pipeline capacity, storage, and terminalling to manage flows and timing.

Refiners and market hubs

Buy delivered crude oil and storage access near demand centers.

Merchant counterparties

Buy or sell crude oil in transactions linked to logistics and price differentials.

Strategia

The company’s strategy centers on using its integrated midstream network to capture crude oil volumes from major North American basins and connect them to demand centers and export outlets. It emphasizes disciplined capital allocation, accretive investments, and maintaining balance sheet flexibility while returning capital to equity holders through distributions. The Permian Basin remains a key focus because of its long-term production growth and infrastructure needs.

Optimize integrated crude oil networkKeskipitkä aikaväli

A connected system improves utilization, customer retention, and fee generation.

Invest in Permian-linked assetsKeskipitkä aikaväli

The basin is a major source of North American crude growth and demand for takeaway.

Maintain capital discipline and balance sheet flexibilityLyhyt aikaväli

Midstream assets require ongoing investment and access to capital for growth.

Return capital to equity holdersLyhyt aikaväli

Cash distributions are central to the partnership structure and investor proposition.

Maantiede

The business operates across the United States and Canada, with assets positioned in major crude oil producing basins, including the Permian Basin, and in transportation corridors and market hubs. Geography matters because pipeline connectivity, basin access, and proximity to refineries and export terminals determine utilization, tariff economics, and merchant opportunities. Canadian exposure also includes a separate NGL business referenced in the filings.

Riskit

The business is exposed to crude oil production volumes, commodity price differentials, and customer credit risk because a large share of activity depends on throughput and merchant flows. As a partnership structure, cash available for holders depends on distributions from PAA through AAP, and conflicts of interest or additional equity issuance can affect holders. Regulatory, environmental, and cross-border operating risks are also material because the assets are physical infrastructure spanning multiple jurisdictions.

Järjestetty vakavuuden mukaan
MatalaKohtalainenKorkeaMatalaKohtalainenKorkeaVaikutus →Todennäköisyys →Dependence on PAA distributions1Crude oil volume volatility2Environmental and regulatory compliance3Commodity price differential exposure4Customer credit and capital market risk5
Vaikutus on riskin vakavuus ja todennäköisyys sen toteutumisen todennäköisyys lähivuosina, molemmat arvioitu yhtiön raporttien perusteella. Numerot vastaavat listaa.
  1. Dependence on PAA distributionsVaikutus: KorkeaTodennäköisyys: Kohtalainen

    Plains GP Holdings LP’s cash flow is tied to upstream distributions from AAP and PAA.

    Kohdistuu: Holding-company structure

  2. Crude oil volume volatilityVaikutus: KorkeaTodennäköisyys: Kohtalainen

    Pipeline, storage, and gathering revenue depend on volumes moved and stored.

    Kohdistuu: North American crude basins

  3. Environmental and regulatory complianceVaikutus: KorkeaTodennäköisyys: Kohtalainen

    Pipeline and terminal operations are subject to safety, environmental, and cross-border rules.

    Kohdistuu: US and Canada operations

  4. Commodity price differential exposureVaikutus: KeskitasoTodennäköisyys: Kohtalainen

    Merchant activities are affected by grade, location, and time-spread volatility.

    Kohdistuu: Merchant crude oil activities

  5. Customer credit and capital market riskVaikutus: KeskitasoTodennäköisyys: Matala

    Counterparty stress can reduce volumes and increase collection risk.

    KohdistuuShippersProducersMerchants
Kysy Clarifolta: Plains GP Holdings, L.P. - Class A Shares representing limited partner interests

Kirjanpito

Harkinnanvaraiset erät
Fair value in acquisitions

Business combinations require allocation of purchase price to assets and liabilities at estimated fair value.

Vaikutus: Goodwill and intangible asset balances

Derivative accounting

Commodity hedges are measured at fair value and can create earnings volatility.

Vaikutus: Reported gains/losses and risk management results

Impairment assessments

Pipeline and terminal assets must be tested when indicators arise, especially if utilization weakens.

Vaikutus: Long-lived asset carrying values

Held-for-sale accounting

The Canadian NGL business disposal group changes depreciation and presentation once classified as held for sale.

Vaikutus: Depreciation, amortization, and non-GAAP metrics

Samankaltaisia listattuja yhtiöitä

Julkisesti listattuja yhtiöitä, joilla on samankaltainen liiketoiminta.

Plains All American Pipeline, L.P

PAA · Pipe Lines (No Natural Gas)

Global Partners LP

GLP · Wholesale-Petroleum Bulk Stations & Terminals

Permian Resources Corp

PR · Crude Petroleum & Natural Gas

Delek Logistics Partners, LP

DKL · Pipe Lines (No Natural Gas)

NGL Energy Partners LP

NGL · Natural Gas Transmission

Enterprise Products Partners L.P

EPD · Natural Gas Transmission

Päivitetty: 24.9.2026

Plains GP Holdings, L.P. - Class A Shares representing limited partner interests (PAGP) liikevaihto, tulos ja tunnusluvut 2025 – Clarifo