<span item_type="fundamental" item_id="1a22818cbbec2c1763c69b791ebe2443" counter_id="ST/US/PAGP" env="prod"></span><span item_type="announcement" item_id="646089771294916865" env="prod"></span><p>Revenue: As of FY2026 Q1, the actual value is USD 12.47 B, beating the estimate of USD 11.99 B.</p><p>EPS: As of FY2026 Q1, the actual value is USD 0.14.</p><p>EBIT: As of FY2026 Q1, the actual value is USD 472 M.</p><p></p><h3>First-Quarter 2026 Financial Highlights (Plains All American Pipeline, L.P.)</h3><h4>Net Income and Adjusted EBITDA</h4><ul><li>Net income attributable to PAA for the first quarter of 2026 was $152 million, a decrease of 66% compared to $443 million in the first quarter of 2025.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1581990/000158199026000015/pagp05082026exhibit991.htm"></span></li><li>Adjusted net income attributable to PAA was $325 million in Q1 2026, down 13% from $375 million in Q1 2025.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1581990/000158199026000015/pagp05082026exhibit991.htm"></span></li><li>Adjusted EBITDA attributable to PAA was $730 million in Q1 2026, a 3% decrease from $754 million in Q1 2025.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1581990/000158199026000015/pagp05082026exhibit991.htm"></span></li><li>Total Adjusted EBITDA was $852 million in Q1 2026, compared to $881 million in Q1 2025, representing a 3% decrease.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1581990/000158199026000015/pagp05082026exhibit991.htm"></span></li></ul><h4>Revenue and Operating Costs</h4><ul><li>Total Revenues were $12,470 million in Q1 2026, an increase from $11,477 million in Q1 2025.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1581990/000158199026000015/pagp05082026exhibit991.htm"></span></li><li>Purchases and related costs increased to $11,493 million in Q1 2026 from $10,517 million in Q1 2025.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1581990/000158199026000015/pagp05082026exhibit991.htm"></span></li><li>Field operating costs were $301 million in Q1 2026, slightly up from $300 million in Q1 2025.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1581990/000158199026000015/pagp05082026exhibit991.htm"></span></li><li>General and administrative expenses decreased to $81 million in Q1 2026 from $85 million in Q1 2025.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1581990/000158199026000015/pagp05082026exhibit991.htm"></span></li><li>Total costs and expenses were $12,065 million in Q1 2026, up from $11,121 million in Q1 2025.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1581990/000158199026000015/pagp05082026exhibit991.htm"></span></li><li>Operating Income increased to $405 million in Q1 2026 from $356 million in Q1 2025.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1581990/000158199026000015/pagp05082026exhibit991.htm"></span></li></ul><h4>Cash Flow</h4><ul><li>Net cash provided by operating activities was $418 million in Q1 2026, a 35% decrease from $639 million in Q1 2025.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1581990/000158199026000015/pagp05082026exhibit991.htm"></span></li><li>Adjusted Free Cash Flow was $82 million in Q1 2026, a significant improvement from - $308 million in Q1 2025.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1581990/000158199026000015/pagp05082026exhibit991.htm"></span></li><li>Adjusted Free Cash Flow after Distributions was - $266 million in Q1 2026, compared to - $639 million in Q1 2025.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1581990/000158199026000015/pagp05082026exhibit991.htm"></span></li><li>Adjusted Free Cash Flow (Excluding Changes in Assets &amp; Liabilities) was $185 million in Q1 2026, compared to - $169 million in Q1 2025.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1581990/000158199026000015/pagp05082026exhibit991.htm"></span></li><li>Net cash used in investing activities was - $233 million in Q1 2026, a decrease from - $1,149 million in Q1 2025.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1581990/000158199026000015/pagp05082026exhibit991.htm"></span></li></ul><h4>Per Unit Data and Distributions</h4><ul><li>Diluted net income per common unit was $0.14 in Q1 2026, down from $0.49 in Q1 2025.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1581990/000158199026000015/pagp05082026exhibit991.htm"></span></li><li>Diluted adjusted net income per common unit remained flat at $0.39 in both Q1 2026 and Q1 2025.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1581990/000158199026000015/pagp05082026exhibit991.htm"></span></li><li>Implied DCF per common unit and common unit equivalent was $0.61 in Q1 2026, a decrease of 8% from $0.66 in Q1 2025.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1581990/000158199026000015/pagp05082026exhibit991.htm"></span></li><li>A quarterly cash distribution of $0.4175 per unit ($1.67 per unit annualized) was paid, representing a 10% increase from $0.3800 in Q1 2025 and a current distribution yield of approximately 7.5%.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1581990/000158199026000015/pagp05082026exhibit991.htm"></span></li><li>The Common Unit Distribution Coverage Ratio was 1.46x in Q1 2026, down from 1.73x in Q1 2025.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1581990/000158199026000015/pagp05082026exhibit991.htm"></span></li></ul><h4>Leverage and Capital Expenditures</h4><ul><li>The pro forma leverage ratio was 4.1x at quarter-end.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1581990/000158199026000015/pagp05082026exhibit991.htm"></span></li><li>Total Investment capital expenditures (Net to PAA) were $61 million in Q1 2026, down from $130 million in Q1 2025.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1581990/000158199026000015/pagp05082026exhibit991.htm"></span></li><li>Total Maintenance capital expenditures (Net to PAA) were $41 million in Q1 2026, up from $38 million in Q1 2025.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1581990/000158199026000015/pagp05082026exhibit991.htm"></span></li></ul><h3>Segment Performance (Adjusted EBITDA)</h3><ul><li>Adjusted EBITDA from Crude Oil increased by 4% to $582 million in Q1 2026, compared to $559 million in Q1 2025.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1581990/000158199026000015/pagp05082026exhibit991.htm"></span></li><li>Adjusted EBITDA from NGL decreased by 23% to $145 million in Q1 2026, compared to $189 million in Q1 2025.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1581990/000158199026000015/pagp05082026exhibit991.htm"></span></li></ul><h3>Operational Metrics (Volumes in thousands of barrels per day)</h3><ul><li>Total crude oil pipeline tariff volumes increased to 10,039 in Q1 2026 from 9,086 in Q1 2025.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1581990/000158199026000015/pagp05082026exhibit991.htm"></span></li><li>NGL fractionation volumes increased to 166 in Q1 2026 from 157 in Q1 2025.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1581990/000158199026000015/pagp05082026exhibit991.htm"></span></li><li>NGL pipeline tariff volumes increased to 250 in Q1 2026 from 234 in Q1 2025.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1581990/000158199026000015/pagp05082026exhibit991.htm"></span></li><li>Propane and butane sales decreased to 135 in Q1 2026 from 147 in Q1 2025.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1581990/000158199026000015/pagp05082026exhibit991.htm"></span></li></ul><h3>Outlook / Guidance</h3><p>Plains GP Holdings, L.P. increased the midpoint of its full-year 2026 Adjusted EBITDA guidance attributable to PAA by $130 million, now projecting $2.880 billion +/- $75 million, driven by a strong oil macro environment and NGL contribution.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1581990/000158199026000015/pagp05082026exhibit991.htm"></span> Growth capital is expected to remain at $350 million, while maintenance capital is increasing to $185 million due to the extended ownership of NGL assets.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1581990/000158199026000015/pagp05082026exhibit991.htm"></span> The full-year 2026 Adjusted Free Cash Flow guidance was also raised to approximately $1.850 billion, excluding changes in assets and liabilities and anticipated cash proceeds from the NGL divestiture.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1581990/000158199026000015/pagp05082026exhibit991.htm"></span></p>

Plains GP Holdings LP | 8-K: FY2026 Q1 Revenue Beats Estimate at USD 12.47 B