Plains GP Holdings, L.P. filings document the public-company records of a listed holding entity with indirect interests in Plains All American Pipeline. Disclosures cover PAA's midstream business, including crude oil and natural gas liquids transportation, gathering, storage, terminalling and logistics assets in the United States and Canada.
Forms 8-K and amendments report operating results, material agreements, credit facility amendments, senior note offerings, acquired-business financial statements and pro forma information related to the EPIC Crude Oil Pipeline acquisition. Proxy materials describe annual meeting voting matters, board governance, capital allocation and related shareholder matters, alongside PAGP's Class A securities and capital-structure disclosures.
Plains GP Holdings, L.P. completed the sale of its Canadian natural gas liquids business to Keyera Corp. for approximately CAD $5.13 billion (about USD $3.76 billion). Net cash proceeds of about $3.3 billion, after taxes and expenses, will be used mainly to repay debt, including PAA’s commercial paper, a $1.1 billion term loan and 4.50% senior notes due December 2026, and for general partnership purposes.
Plains expects its leverage ratio to move toward the middle of its targeted 3.25x to 3.75x range and highlights a strategic shift to a pure-play crude oil midstream business. The company does not anticipate a special distribution, noting tax impacts to unitholders are expected to be mitigated by bonus depreciation from the Cactus III acquisition.
Plains GP Holdings reported higher Q1 2026 revenue but sharply lower bottom-line earnings. Total revenues from continuing operations rose to $12.47 billion from $11.48 billion, driven mainly by crude oil sales. Operating income increased to $403 million from $355 million.
However, net income fell to $222 million from $492 million, and net income attributable to Plains GP dropped to $20 million, or $0.10 per Class A share, versus $0.42 a year earlier. Discontinued operations related to the pending sale of the Canadian NGL business produced a $103 million loss, compared with $136 million income in 2025.
The company agreed to sell its Canadian NGL business to Keyera for about CAD$5.15 billion (approximately $3.75 billion), classifying those operations as held for sale and discontinued. It also recorded significant tax effects from Canadian restructuring and booked a $53 million gain on a currency hedge linked to the sale. Cash from operating activities declined to $418 million from $638 million, while total debt was $11.38 billion and total assets $32.76 billion at March 31, 2026.
Plains All American Pipeline and Plains GP Holdings reported mixed first-quarter 2026 results and raised full-year guidance. Net income attributable to PAA was $152 million, down from $443 million a year earlier, while net cash provided by operating activities was $418 million versus $639 million. Adjusted EBITDA attributable to PAA slipped to $730 million from $754 million as stronger crude oil performance was offset by weaker NGL results. Crude oil Adjusted EBITDA rose 4% to $582 million, but NGL Adjusted EBITDA fell 23% to $145 million, largely on lower frac spreads and volumes. The quarterly cash distribution increased to $0.4175 per unit from $0.3800. Management increased the midpoint of 2026 Adjusted EBITDA guidance attributable to PAA by $130 million to $2.880 billion and lifted 2026 Adjusted Free Cash Flow guidance to about $1.850 billion. The Canadian NGL business is classified as held for sale and treated as discontinued operations ahead of an expected divestiture closing in May 2026.
Plains GP Holdings asks shareholders to vote at its May 20, 2026 annual meeting on electing four Class I directors, ratifying PricewaterhouseCoopers as auditor, and approving 2025 executive pay on an advisory basis. The proxy also highlights 2025 strategic moves, including agreeing to sell the Canadian NGL business to Keyera for about $3.75 billion, redeploying expected proceeds into the roughly $2.9 billion EPIC crude system acquisition, and completing about $800 million of bolt-on deals. Management targets about $100 million in cost savings by 2027 and reports 2025 total returns of 14% for PAA and 13% for PAGP, alongside a 10% distribution increase. The filing details a governance structure with a majority-independent board, a strong lead director role, and a pay program where most executive compensation is performance-based.
Plains GP Holdings, L.P. files a shelf registration to offer and sell up to $938,900,000 aggregate offering price of Class A shares representing limited partner interests, to be sold from time to time in one or more offerings.
Sales may be made on a continuous or delayed basis through underwriters, dealers, agents or directly to purchasers; specific terms, pricing and distribution methods will be set forth in prospectus supplements. Net proceeds are intended for general partnership purposes, including purchasing AAP units pursuant to the Omnibus Agreement.
Plains GP Holdings, L.P. files a shelf registration on March 30, 2026 to permit the offer and sale, from time to time, of its Class A shares representing limited partner interests. The prospectus describes general terms; specific offering amounts, prices and distribution methods will be set forth in prospectus supplements.
The filing states proceeds from any Class A share sales will generally be used for general partnership purposes, including investment in the equity of Plains All American Pipeline, L.P. (via AAP under the Omnibus Agreement), repayment of indebtedness, acquisitions, capital expenditures and additions to working capital; the Omnibus Agreement contemplates sequential purchases of AAP units and PAA common units with net proceeds.
Plains GP Holdings, L.P., through subsidiary Plains All American Pipeline, L.P. (PAA), amended two key bank credit facilities with Bank of America and other lenders. On February 26, 2026, PAA entered into a Third Amendment to its Revolver and a Third Amendment to its Hedged Inventory Facility.
The amendments primarily replace Plains Midstream Canada ULC (PMCULC) with Plains Canada Liquid Pipelines ULC (PCLPULC) as a borrower. Commitments to extend credit to PMCULC were terminated, PMCULC was released from its obligations and related collateral liens, and PCLPULC agreed to be bound as if originally a borrower, including granting a security interest under the Hedged Inventory Facility.
The amendments include customary conditions, representations, warranties and ratifications, and confirm that PAA’s guaranty of borrower obligations under the Hedged Inventory Facility remains in full force and effect. Importantly, they do not change aggregate lender commitments, maturity dates, pricing, covenants or other material economic terms of either facility.
Plains GP Holdings, L.P. files its 2025 annual report, outlining a midstream business anchored in a large crude oil platform and an expected exit from most Canadian NGL activities. Plains’ cash flow comes indirectly from Plains All American Pipeline through its interest in Plains AAP.
The report highlights a definitive agreement to sell the Canadian NGL Business to Keyera for about $5.15 billion CAD (about $3.75 billion USD), classified as held for sale and discontinued operations, with closing targeted around the end of first-quarter 2026, subject to regulatory approvals.
Plains details a vast crude oil network of roughly 20,405 miles of pipelines and gathering systems and 76 million barrels of commercial storage, heavily concentrated in the Permian Basin and key hubs like Cushing, St. James and Corpus Christi. The business is organized into Crude Oil and NGL segments, with the Canadian NGL Business reported separately.
Financial strategy centers on maintaining investment-grade credit metrics, including target leverage of 3.25x–3.75x (debt plus 50% preferred ÷ Adjusted EBITDA) and long‑term debt‑to‑capitalization near or below 50%. For 2026, Plains plans about $440 million of investment capital (approximately $350 million net) and $185 million of maintenance capital, roughly half directed to Permian JV assets.