PAGP on Nasdaq

Plains GP Holdings

American pipe lines based in Houston, incorporated in Delaware.¹

$27.39 up 0.23 (0.83%)Price as of Oct 16, 2026 at 19:58 UTC

Last updated Oct 18, 2026.

Overview

Compare with PLAINS ALL AMERICAN PIPELINE LP, HF Sinclair or MPLX, or pick any stock.

TickerPAGP on Nasdaq¹
IndustryPipe Lines (No Natural Gas)¹
HeadquartersHouston, United States¹
Websitewww.plainsallamerican.com
Incorporated inDE⁴
Business address333 Clay St, Suite 1600, Houston, Tx 77002⁴
Filer categoryLarge accelerated filer⁴

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Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

3.2%Operating margin⁵

0.6%Net margin⁵

-9.5%Revenue growth, 2025⁵

$2.3BFree cash flow⁵

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Product brought in 96% of the revenue Plains GP Holdings broke down this way in fiscal 2025.

Product$42.5B⁵96%down 10% from 2024
Service$1.8B⁵4%up 4% from 2024

Products and services by year

Products and services	2023	2024	2025
Product	$45.7B	$47.2B	$42.5B
Service	$1.6B	$1.7B	$1.8B

Business segments

Crude Oil brought in 100% of the revenue Plains GP Holdings broke down this way in fiscal 2025.

Crude Oil$44.1B⁵100%down 9% from 2024
Natural Gas Liquids$150.0M⁵0%down 20% from 2024

Business segments by year

Business segments	2023	2024	2025
Crude Oil	$47.1B	$48.7B	$44.1B
Natural Gas Liquids	$186.0M	$187.0M	$150.0M

Regions

United States brought in 90% of the revenue Plains GP Holdings broke down this way in fiscal 2025.

United States$39.8B⁵90%down 9% from 2024
Canada$4.5B⁵10%down 16% from 2024

Regions by year

Regions	2023	2024	2025
United States	$41.7B	$43.5B	$39.8B
Canada	$5.6B	$5.4B	$4.5B

Where the money goes

Where each dollar of revenue went, fiscal 2025

Cost of revenue

Cost of revenue91¢$40.4B
Other costs8¢$3.5B
Income tax0¢$92.0M
Profit1¢$260.0M

Out of $44.3B in revenue.⁵

Where each dollar of operating cash went, fiscal 2025

Capital spendingKept or used elsewhere

Capital spending22¢$643.0M
Share buybacks0¢$8.0M
Kept or used elsewhere78¢$2.3B

Out of $2.9B of cash from operations.⁵

Financial statements

Revenue⁶⁷⁸⁹⁵$44.3B in 2025+31% since 2019

Operating income⁶⁷⁸⁹⁵$1.4B in 2025−28% since 2019

Net income⁶⁷⁸⁹⁵$260.0M in 2025−21% since 2019

Every line of the income statement in the latest annual report, as filed.⁵

Period ending	2025-12-31	2024-12-31	2023-12-31
Total revenues	$44.3B	$48.9B	$47.3B
Purchases and related costs	$40.4B	$45.2B	$43.9B
Field operating costs	$1.2B	$1.5B	$1.1B
General and administrative expenses	$348.0M	$334.0M	$305.0M
Depreciation and amortization	$953.0M	$901.0M	$912.0M
(Gains)/losses on asset sales, asset impairments and other, net (Note 7, Note 8)	-$54.0M	$159.0M	-$152.0M
Total costs and expenses	$42.8B	$48.0B	$46.1B
OPERATING INCOME	$1.4B	$862.0M	$1.2B
Equity earnings in unconsolidated entities	$382.0M	$452.0M	$369.0M
Gain on investments in unconsolidated entities, net (Note 8, Note 9)	$31.0M	$15.0M	$28.0M
Interest expense (net of capitalized interest of $11, $9 and $10, respectively)	-$467.0M	-$382.0M	-$386.0M
Other income, net	$21.0M	$16.0M	$102.0M
INCOME FROM CONTINUING OPERATIONS BEFORE TAX	$1.4B	$963.0M	$1.4B
Current income tax expense from continuing operations	-$1.0M	-$82.0M	-$70.0M
Deferred income tax expense from continuing operations	-$91.0M	-$42.0M	-$59.0M
INCOME FROM CONTINUING OPERATIONS, NET OF TAX	$1.3B	$839.0M	$1.2B
INCOME FROM DISCONTINUED OPERATIONS, NET OF TAX (NOTE 3)	$383.0M	$231.0M	$192.0M
NET INCOME	$1.7B	$1.1B	$1.4B
Net income attributable to noncontrolling interests from continuing operations	-$1.2B	-$800.0M	-$1.1B
Net income attributable to noncontrolling interests from discontinued operations	-$275.0M	-$167.0M	-$138.0M
Net income attributable to noncontrolling interests	-$1.4B	-$967.0M	-$1.2B
Net income attributable to PAGP from continuing operations	$152.0M	$39.0M	$144.0M
Net income attributable to PAGP from discontinued operations	$108.0M	$64.0M	$54.0M
Net income attributable to PAGP	$260.0M	$103.0M	$198.0M
Interest expense, capitalized interest	$11.0M	$9.0M	$10.0M

Total assets¹²⁶⁷⁸⁹⁵$31.3B in 2025+4% since 2019

Cash¹²⁶⁷⁸⁹⁵$329.0M in 2025+600% since 2019

Every line of the balance sheet in the latest annual report, as filed.⁵

Period ending	2025-12-31	2024-12-31	2023-12-31
Cash and cash equivalents	$329.0M	$349.0M
Trade accounts receivable and other receivables, net	$3.6B	$3.7B
Inventory	$211.0M	$261.0M
Current assets of discontinued operations (Note 3)	$479.0M	$415.0M
Other current assets	$87.0M	$72.0M
Total current assets	$4.7B	$4.8B
PROPERTY AND EQUIPMENT	$22.5B	$18.5B
Accumulated depreciation	-$5.7B	-$5.1B
Property and equipment, net	$16.9B	$13.4B
Investments in unconsolidated entities	$2.8B	$2.8B	$2.8B
Intangible assets, net	$1.8B	$1.7B
Deferred tax asset	$1.1B	$1.2B
Linefill	$900.0M	$904.0M
Long-term operating lease right-of-use assets, net	$198.0M	$189.0M
Long-term inventory	$214.0M	$242.0M
Long-term assets of discontinued operations (Note 3)	$2.6B	$2.3B
Other long-term assets, net	$107.0M	$142.0M
Total assets	$31.3B	$27.8B
Trade accounts payable	$3.5B	$3.6B
Short-term debt	$563.0M	$407.0M
Current liabilities of discontinued operations (Note 3)	$382.0M	$350.0M
Other current liabilities	$500.0M	$520.0M
Total current liabilities	$4.9B	$4.9B
Senior notes, net	$9.1B	$7.1B
Other long-term debt, net	$1.6B	$70.0M
Long-term operating lease liabilities	$202.0M	$192.0M
Long-term liabilities of discontinued operations (Note 3)	$606.0M	$576.0M
Other long-term liabilities and deferred credits	$654.0M	$537.0M
Total long-term liabilities	$12.2B	$8.5B
Noncontrolling interests	$12.9B	$13.0B
Total partners capital	$14.2B	$14.3B	$15.0B
Total liabilities and partners capital	$31.3B	$27.8B

Cash from operations⁶⁷⁸⁹⁵$2.9B in 2025+17% since 2019

Capital spending⁶⁷⁸⁹⁵$643.0M in 2025−46% since 2019

Free cash flow⁶⁷⁸⁹⁵$2.3B in 2025+73% since 2019

Share buybacks⁵$8.0M in 2025

Every line of the cash flow in the latest annual report, as filed.⁵

Period ending	2025-12-31	2024-12-31	2023-12-31
Net income	$1.7B	$1.1B	$1.4B
Income from discontinued operations, net of tax	-$383.0M	-$231.0M	-$192.0M
Depreciation and amortization	$953.0M	$901.0M	$912.0M
(Gains)/losses on asset sales, asset impairments and other, net (Note 7, Note 8)	-$54.0M	$159.0M	-$152.0M
Equity-indexed compensation expense	$50.0M	$52.0M	$51.0M
Deferred income tax expense	$91.0M	$42.0M	$59.0M
(Gain)/loss on foreign currency revaluation	$13.0M	-$12.0M	$3.0M
Settlement of terminated interest rate hedging instruments (Note 13)	$37.0M	$57.0M	$80.0M
Change in fair value of Preferred Distribution Rate Reset Option (Note 13)	$0	$0	-$58.0M
Equity earnings in unconsolidated entities	-$382.0M	-$452.0M	-$369.0M
Distributions on earnings from unconsolidated entities	$486.0M	$505.0M	$458.0M
Gain on investments in unconsolidated entities, net (Note 8, Note 9)	-$31.0M	-$15.0M	-$28.0M
Other	$15.0M	$17.0M	$18.0M
Trade accounts receivable and other	$207.0M	$94.0M	$79.0M
Inventory	$96.0M	$120.0M	$102.0M
Trade accounts payable and other	-$337.0M	-$77.0M	-$141.0M
Cash provided by operating activities - continuing operations	$2.4B	$2.2B	$2.2B
Cash provided by operating activities - discontinued operations	$484.0M	$254.0M	$475.0M
Net cash provided by operating activities	$2.9B	$2.5B	$2.7B
Cash paid in connection with acquisitions, net of cash acquired (Note 8)	-$2.7B	-$248.0M	-$425.0M
Investments in unconsolidated entities (Note 9)	-$2.0M	-$4.0M	-$33.0M
Additions to property, equipment and other	-$643.0M	-$448.0M	-$408.0M
Cash paid for purchases of linefill	-$27.0M	-$21.0M	-$10.0M
Proceeds from sales of assets (Note 8)	$81.0M	$11.0M	$328.0M
Other investing activities		$5.0M	$8.0M
Cash used in investing activities - continuing operations	-$3.2B	-$705.0M	-$540.0M
Cash used in investing activities - discontinued operations	-$197.0M	-$170.0M	-$162.0M
Net cash used in investing activities	-$3.4B	-$875.0M	-$702.0M
Net borrowings/(repayments) under PAA commercial paper program (Note 11)	$577.0M	-$40.0M	$433.0M
Repayment under PAA EPIC credit agreement (Note 11)	-$1.1B	$0	$0
Borrowing under PAA term loan (Note 11)	$1.1B	$0	$0
Proceeds from the issuance of PAA senior notes (Note 11)	$3.0B	$650.0M	$0
Repayments of PAA senior notes (Note 11)	-$1.0B	-$750.0M	-$1.1B
Repurchase of common units by a subsidiary (Note 12)	-$8.0M	$0
Repurchase of Series A preferred units by a subsidiary (Note 12)	-$333.0M	$0	$0
Distributions paid to Class A shareholders (Note 12)	-$301.0M	-$251.0M	-$209.0M
Distributions paid to noncontrolling interests (Note 12)	-$1.4B	-$1.3B	-$1.1B
Contributions from noncontrolling interests	$75.0M	$57.0M	$106.0M
Other financing activities	-$79.0M	-$49.0M	-$88.0M
Net cash provided by/(used in) financing activities	$474.0M	-$1.7B	-$2.0B
Effect of translation adjustment - continuing operations	$14.0M	-$13.0M	$3.0M
Effect of translation adjustment - discontinued operations	$0	$2.0M	-$3.0M
Net increase/(decrease) in cash and cash equivalents and restricted cash	-$20.0M	-$104.0M	$49.0M
Interest, net of amounts capitalized	$431.0M	$351.0M	$377.0M
Income taxes, net of amounts refunded (Note 15)	$98.0M	$269.0M	$69.0M

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Leadership

Who has led Plains GP Holdings, and when. Pick a name to see everywhere that person has worked.

Chief financial officer

Al Swanson2013–2017

201520202025

Chief financial officerAl Swanson Oct 15, 2013 to May 26, 2017¹³

Board members and other officers (16)

VP, Acctg & CAORussell Lee Montgomery Sep 10, 2026 to now¹⁴
EVP - CommercialJeremy L. Goebel Mar 4, 2019 to Jan 5, 2023¹⁵
EVP - Operations & EngineeringDaniel J. Nerbonne Aug 29, 2016 to Sep 19, 2016¹⁶
VP-Acctg & Chief Acctg OfficerChris Herbold Oct 15, 2013 to Jan 19, 2021¹⁷
Executive Vice PresidentJohn Rutherford Oct 15, 2013 to Oct 23, 2013¹⁸
Sr. VP - Commercial ActivitiesJohn Vonberg Oct 15, 2013 to May 31, 2017¹⁹
EVP-Operations & Bus. DevelMark J. Gorman Oct 15, 2013 to Feb 9, 2016²⁰
Executive Vice PresidentPhil D. Kramer Oct 15, 2013 to Jan 6, 2016²¹
Pres. of subsidiary-PMC ULCW. David Duckett Oct 15, 2013 to Jan 28, 2016²²
Board memberCindy B. Taylor May 20, 2026 to now²³
Board memberOscar B. Brown Aug 22, 2017 to Jan 2, 2019²⁴
Board memberJ. Taft Symonds Nov 22, 2016 to Aug 16, 2019²⁵
Board memberBernard Francis Figlock Iii. Jan 9, 2015 to Jan 9, 2015²⁶
Board memberEverardo Goyanes Oct 15, 2013 to Nov 19, 2019²⁷
Board memberVicky Sutil Oct 28, 2013 to Oct 28, 2013²⁸
General counselRichard K. McGee Oct 15, 2013 to Jan 5, 2021²⁹

Timeline

Oct 16, 2013Went public Listed on NYSE¹
Jul 17, 2013Founded Plains GP Holdings is founded³⁰

Recent filings

Oct 7, 20263 INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES
Oct 2, 20264 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
Sep 29, 20268-K
Sep 14, 20268-K
Sep 10, 20263 INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES
Aug 17, 20264 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
Aug 17, 20264 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
Aug 17, 20264 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
Aug 17, 20264 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
Aug 17, 20264 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
Aug 17, 20264 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
Aug 17, 20264 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
Aug 17, 20264 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
Aug 17, 20264 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
Aug 10, 202610-Q

Every filing from the last three years, summarized. The full record is on SEC EDGAR.²

Sources

The numbers on this page point here. Each one links to the record it came from.

1
WikidataPlains GP Holdings on Wikidata
2
SEC EDGARPlains GP Holdings filings on SEC EDGAR
3
Yahoo FinancePAGP quote
4
SEC EDGARPlains GP Holdings filings on SEC EDGAR
5
SEC EDGARPlains GP Holdings 10-K for fiscal 2025
6
SEC EDGARPlains GP Holdings 10-K for fiscal 2019
7
SEC EDGARPlains GP Holdings 10-K for fiscal 2020
8
SEC EDGARPlains GP Holdings 10-K for fiscal 2021
9
SEC EDGARPlains GP Holdings 10-K for fiscal 2022
10
SEC EDGARPlains GP Holdings 10-Q for fiscal 2026
11
SEC EDGARPlains GP Holdings 10-Q for fiscal 2026
12
SEC EDGARPlains GP Holdings 10-K for fiscal 2019
13
SEC EDGARAl Swanson, Chief financial officer
14
SEC EDGARRussell Lee Montgomery, VP, Acctg & CAO
15
SEC EDGARJeremy L. Goebel, EVP - Commercial
16
SEC EDGARDaniel J. Nerbonne, EVP - Operations & Engineering
17
SEC EDGARChris Herbold, VP-Acctg & Chief Acctg Officer
18
SEC EDGARJohn Rutherford, Executive Vice President
19
SEC EDGARJohn Vonberg, Sr. VP - Commercial Activities
20
SEC EDGARMark J. Gorman, EVP-Operations & Bus. Devel
21
SEC EDGARPhil D. Kramer, Executive Vice President
22
SEC EDGARW. David Duckett, Pres. of subsidiary-PMC ULC
23
SEC EDGARCindy B. Taylor, Board member
24
SEC EDGAROscar B. Brown, Board member
25
SEC EDGARJ. Taft Symonds, Board member
26
SEC EDGARBernard Francis Figlock Iii., Board member
27
SEC EDGAREverardo Goyanes, Board member
28
SEC EDGARVicky Sutil, Board member
29
SEC EDGARRichard K. McGee, General counsel
30
gleifPlains GP Holdings is founded