Tearsheet

Plains GP (PAGP)

Market Price (4/22/2026): $22.825 | Market Cap: $4.5 Bil
Sector: Energy | Industry: Oil & Gas Storage & Transportation

Plains GP (PAGP)

Market Price (4/22/2026): $22.825
Market Cap: $4.5 Bil
Sector: Energy
Industry: Oil & Gas Storage & Transportation

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 12%, Dividend Yield is 6.7%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 8.3%, FCF Yield is 50%

Attractive cash flow generation
CFO LTM is 2.9 Bil, FCF LTM is 2.3 Bil

Low stock price volatility
Vol 12M is 20%

Megatrend and thematic drivers
Megatrends include Energy Infrastructure. Themes include Hydrocarbon Transportation & Storage.

Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 246%

Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -9.0%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -7.5%, Rev Chg QQuarterly Revenue Change % is -12%

Key risks
PAGP key risks include [1] revenue instability from upcoming contract roll-offs on its significant Cactus II, Show more.

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 12%, Dividend Yield is 6.7%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 8.3%, FCF Yield is 50%
1	Attractive cash flow generation CFO LTM is 2.9 Bil, FCF LTM is 2.3 Bil
2	Low stock price volatility Vol 12M is 20%
3	Megatrend and thematic drivers Megatrends include Energy Infrastructure. Themes include Hydrocarbon Transportation & Storage.
4	Debt is significant Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 246%
5	Weak revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -9.0%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -7.5%, Rev Chg QQuarterly Revenue Change % is -12%
6	Key risks PAGP key risks include [1] revenue instability from upcoming contract roll-offs on its significant Cactus II, Show more.

Valuation, Metrics & Events

	4/22/26	2025	2024	2023	2022
Share Price CYE	$22.82	$19.14	$18.38	$15.95	$12.44
Market Cap CYE ($ Bil)	4.5	3.8	3.6	3.1	2.4
Total Debt ($ Bil)	11.5	11.5	7.8	8.0	8.8
Total Cash ($ Bil)	0.3	0.3	0.3	0.5	0.4
Enterprise Value ($ Bil)	15.7	15.3	11.4	11.1	11.2
Valuation Ratios
P/S TTM	0.1	0.1	0.1	0.1	0.0
P/EBIT TTM	2.2	1.9	2.7	1.8	1.3
P/E TTM	17.4	14.6	35.2	15.7	14.4
P/FCF TTM	2.0	1.7	1.8	1.5	1.3
Sector Ratios
P/S TTM (Sector)	1.8	1.4	1.5	1.5	1.3
P/EBIT TTM (Sector)	8.8	6.9	6.6	5.9	3.9
P/E TTM (Sector)	12.4	9.9	10.3	8.3	5.3
P/FCF TTM (Sector)	10.7	8.2	6.9	7.5	5.2

	4/22/26	2025	2024
Share Price CYE	$22.82	$19.14	$18.38
Market Cap CYE ($ Bil)	4.5	3.8	3.6
Total Debt ($ Bil)	11.5	11.5	7.8
Total Cash ($ Bil)	0.3	0.3	0.3
Enterprise Value ($ Bil)	15.7	15.3	11.4
Valuation Ratios
P/S TTM	0.1	0.1	0.1
P/EBIT TTM	2.2	1.9	2.7
P/E TTM	17.4	14.6	35.2
P/FCF TTM	2.0	1.7	1.8
Sector Ratios
P/S TTM (Sector)	1.8	1.4	1.5
P/EBIT TTM (Sector)	8.8	6.9	6.6
P/E TTM (Sector)	12.4	9.9	10.3
P/FCF TTM (Sector)	10.7	8.2	6.9

	PAGP	S&P 500
REVENUE GROWTH	VERY POOR
Rev LTM ($ Bil)	44.8
Rev Chg Q	-12.2%	7.5%
Rev Chg LTM	-9.0%	6.9%
Rev Chg 3Y Avg	-7.5%	5.7%
PROFITABILITY	VERY POOR
Op Inc LTM ($ Bil)	1.6
CFO LTM ($ Bil)	2.9
Net Inc LTM ($ Bil)	0.3
Op Mgn LTM	3.5%	18.6%
CFO/Rev LTM	6.5%	20.6%
Net Inc Mgn	0.6%	12.8%
VALUATION	LOW
P/S	0.1	3.3
P/CFO	1.5	15.7
P/FCF	2.0	20.4
P/E	17.4	24.4
STABILITY	VERY POOR
Debt/Equity	2.54	0.20
Cash/Assets	0.01	0.07

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Metric	Value	Date	Source
Crude Oil Inventory Volumes	2,021 thousand barrels	9302025	Link
NGL Inventory Volumes	1,035 thousand barrels	9302025	Link
Crude Oil Linefill Volumes	15,762 thousand barrels	9302025	Link
Crude Oil Long-Term Inventory Volumes	3,640 thousand barrels	9302025	Link

Upcoming
5/01/2026	Dividend	Amount: $0.42 Payment On: 5/15/2026
5/08/2026	Earnings Release	Rev: $11 Bil (E) EPS: $0.61 (E)

Price Chart

Return (1M):

Why The Stock Moved

Qualitative Assessment

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Plains GP (PAGP) stock has gained about 20% since 12/31/2025 because of the following key factors:

1. Significant Surge in Crude Oil Prices. The stock's positive trend was significantly influenced by a sharp increase in crude oil prices. Escalating conflict in the Middle East, particularly the de facto closure of the Strait of Hormuz since late February 2026, caused Brent crude oil front-month futures prices to surge from approximately $61 per barrel at the beginning of the year to $118 per barrel by the end of the first quarter of 2026. This substantial rise in commodity prices directly benefits Plains GP Holdings, given its extensive crude oil midstream infrastructure.

2. Strategic Realignment and Anticipated Cost Efficiencies. Plains GP Holdings has undertaken strategic initiatives, including a shift toward a pure-play crude midstream focus. This involves the planned sale of its Canadian NGL business for approximately $3.75 billion and the acquisition of the EPIC crude system for about $2.9 billion. The company also expects to realize approximately $100 million in cost savings by the end of 2027, with roughly $50 million projected for 2026, alongside an additional $50 million in synergies from the Cactus III pipeline.

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Stock Movement Drivers

Fundamental Drivers

The 21.8% change in PAGP stock from 12/31/2025 to 4/21/2026 was primarily driven by a 43.8% change in the company's Net Income Margin (%).

(LTM values as of)	12312025	4212026	Change
Stock Price ($)	18.76	22.84	21.8%
Change Contribution By:
Total Revenues ($ Mil)	46,266	44,795	-3.2%
Net Income Margin (%)	0.4%	0.6%	43.8%
P/E Multiple	20.0	17.5	-12.5%
Shares Outstanding (Mil)	198	198	0.0%
Cumulative Contribution			21.8%

LTM = Last Twelve Months as of date shown

Market Drivers

12/31/2025 to 4/21/2026

	Return	Correlation
PAGP	21.8%
Market (SPY)	-5.4%	-7.6%
Sector (XLE)	25.0%	57.1%

Fundamental Drivers

The 30.6% change in PAGP stock from 9/30/2025 to 4/21/2026 was primarily driven by a 100.4% change in the company's Net Income Margin (%).

(LTM values as of)	9302025	4212026	Change
Stock Price ($)	17.49	22.84	30.6%
Change Contribution By:
Total Revenues ($ Mil)	47,144	44,795	-5.0%
Net Income Margin (%)	0.3%	0.6%	100.4%
P/E Multiple	25.5	17.5	-31.4%
Shares Outstanding (Mil)	198	198	0.0%
Cumulative Contribution			30.6%

LTM = Last Twelve Months as of date shown

Market Drivers

9/30/2025 to 4/21/2026

	Return	Correlation
PAGP	30.6%
Market (SPY)	-2.9%	3.9%
Sector (XLE)	26.1%	57.9%

Fundamental Drivers

The 16.1% change in PAGP stock from 3/31/2025 to 4/21/2026 was primarily driven by a 176.4% change in the company's Net Income Margin (%).

(LTM values as of)	3312025	4212026	Change
Stock Price ($)	19.68	22.84	16.1%
Change Contribution By:
Total Revenues ($ Mil)	49,243	44,795	-9.0%
Net Income Margin (%)	0.2%	0.6%	176.4%
P/E Multiple	37.6	17.5	-53.6%
Shares Outstanding (Mil)	197	198	-0.5%
Cumulative Contribution			16.1%

LTM = Last Twelve Months as of date shown

Market Drivers

3/31/2025 to 4/21/2026

	Return	Correlation
PAGP	16.1%
Market (SPY)	16.3%	47.0%
Sector (XLE)	22.6%	69.9%

Fundamental Drivers

The 117.8% change in PAGP stock from 3/31/2023 to 4/21/2026 was primarily driven by a 97.3% change in the company's Net Income Margin (%).

(LTM values as of)	3312023	4212026	Change
Stock Price ($)	10.49	22.84	117.8%
Change Contribution By:
Total Revenues ($ Mil)	57,341	44,795	-21.9%
Net Income Margin (%)	0.3%	0.6%	97.3%
P/E Multiple	12.1	17.5	44.2%
Shares Outstanding (Mil)	194	198	-2.0%
Cumulative Contribution			117.8%

LTM = Last Twelve Months as of date shown

Market Drivers

3/31/2023 to 4/21/2026

	Return	Correlation
PAGP	117.8%
Market (SPY)	63.3%	42.1%
Sector (XLE)	47.8%	64.5%

Return vs. Risk

Price Returns Compared

	2021	2022	2023	2024	2025	2026	Total [1]
Returns
PAGP Return	29%	32%	38%	24%	13%	21%	296%
Peers Return	63%	28%	13%	75%	-4%	20%	371%
S&P 500 Return	27%	-19%	24%	23%	16%	4%	89%
Monthly Win Rates [3]
PAGP Win Rate	67%	58%	75%	67%	50%	75%
Peers Win Rate	75%	61%	53%	78%	50%	75%
S&P 500 Win Rate	75%	42%	67%	75%	67%	50%
Max Drawdowns [4]
PAGP Max Drawdown	-0%	0%	-2%	0%	-5%	0%
Peers Max Drawdown	-1%	-3%	-10%	-4%	-19%	-4%
S&P 500 Max Drawdown	-1%	-25%	-1%	-2%	-15%	-7%

[1] Cumulative total returns since the beginning of 2021
[2] Peers: KMI, OKE, TRGP.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 4/21/2026 (YTD)

How Low Can It Go

Unique Key	Event	PAGP	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-25.2%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	33.6%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	370 days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-82.3%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	465.6%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	1,568 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-50.8%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	103.1%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	Not Fully Recovered days	120 days
2008 Global Financial Crisis	2008 Global Financial Crisis
2008 Global Financial Crisis% Loss	% Loss		-56.8%
2008 Global Financial Crisis% Gain to Breakeven	% Gain to Breakeven		131.3%
2008 Global Financial CrisisTime to Breakeven	Time to Breakeven	Not Fully Recovered days	1,480 days

Compare to KMI, OKE, TRGP

In The Past

Plains GP's stock fell -25.2% during the 2022 Inflation Shock from a high on 6/14/2021. A -25.2% loss requires a 33.6% gain to breakeven.

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About Plains GP (PAGP)

Business Description Analogies Products Customers Suppliers Management Key Risks Emerging Threats Market Size Revenue Drivers Capital Allocation

Plains GP Holdings, L.P., together with its subsidiaries, owns and operates midstream energy infrastructure in the United States and Canada. The company operates in two segments, Crude Oil and Natural Gas Liquids (NGLs). The company engages in the transportation of crude oil and NGLs on pipelines, gathering systems, and trucks. As of December 31, 2021, this segment owned and leased assets comprising 18,300 miles of crude oil and NGL pipelines and gathering systems; 38 million barrels of above-ground tank capacity; and 1,275 trailers. It engages in the provision of storage, terminalling, and throughput services primarily for crude oil, NGLs, and natural gas; NGL fractionation and isomerization services; and natural gas and condensate processing services. As of December 31, 2021, this segment owned and operated approximately 74 million barrels of crude oil storage capacity; 28 million barrels of NGL storage capacity; four natural gas processing plants; a condensate processing facility; nine fractionation plants; 16 NGL rail terminals; four marine facilities; and 110 miles of pipelines. As of December 31, 2021, this segment owned 15 million barrels of crude oil and 2 NGL linefill; 3 million barrels of crude oil and 1 NGL linefill in pipelines owned by third parties and other inventory; 640 trucks and 1,275 trailers; and 3,900 NGL railcars. The company offers logistics services to producers, refiners, and other customers. PAA GP Holdings LLC operates as a general partner of the company. Plains GP Holdings, L.P. was incorporated in 2013 and is headquartered in Houston, Texas.

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Here are 1-3 brief analogies for Plains GP (PAGP):

Think of them as a utility company for crude oil and natural gas liquids, providing the essential pipelines and storage infrastructure.
Like FedEx or UPS, but instead of packages, they transport and store vast quantities of crude oil and natural gas liquids through a network of pipelines and tanks.

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Crude Oil and NGL Transportation: Transporting crude oil and natural gas liquids (NGLs) through an extensive network of pipelines, gathering systems, and trucks.
Storage and Terminalling: Providing storage capacity and terminal access for crude oil, NGLs, and natural gas.
NGL Fractionation and Isomerization: Separating NGL mixtures into their individual components and converting one hydrocarbon into another.
Natural Gas and Condensate Processing: Treating and processing natural gas and condensate to remove impurities and extract valuable liquids.
Logistics Services: Offering comprehensive support for the movement and management of energy commodities for customers.

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Plains GP (PAGP) primarily sells its midstream energy infrastructure services to other companies within the energy sector, rather than directly to individuals. The provided background information does not list specific names of customer companies or their symbols. However, it identifies the following categories of businesses as its major customers:

Producers: These are companies involved in the exploration and production (E&P) of crude oil, natural gas, and natural gas liquids (NGLs). They utilize Plains GP's services for the transportation of their extracted products via pipelines, gathering systems, and trucks, as well as for storage and processing (e.g., NGL fractionation, natural gas processing).
Refiners: These companies process crude oil into various petroleum products. They rely on Plains GP for the transportation, storage, terminalling, and throughput services necessary to move crude oil from production areas to their refining facilities.
Other Customers: This broad category includes entities such as energy marketers, traders, and other midstream companies. These customers leverage Plains GP's logistics, storage, terminalling, and throughput capabilities for crude oil, NGLs, and natural gas to manage their supply chains and trading activities.

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Willie Chiang, Chairman of the Board, Chief Executive Officer and President

Mr. Chiang was appointed CEO in October 2018. He has over 30 years of experience in the energy industry. Prior to joining Plains GP Holdings, he served as Executive Vice President and Chief Operating Officer of Occidental Petroleum Corporation and held various executive positions at other major companies, including ConocoPhillips.

Al Swanson, Executive Vice President and Chief Financial Officer

Mr. Swanson has served as Executive Vice President and Chief Financial Officer. He has been in senior management since 2011, providing long-term financial continuity to the company.

Chris Chandler, Executive Vice President and Chief Operating Officer

Mr. Chandler serves as Executive Vice President and Chief Operating Officer. His role is critical for overseeing the company's extensive pipeline and logistics network.

Jeremy Goebel, Executive Vice President and Chief Commercial Officer

Mr. Goebel holds the position of Executive Vice President and Chief Commercial Officer.

Richard McGee, Executive Vice President, General Counsel & Secretary

Mr. McGee is the Executive Vice President, General Counsel & Secretary for Plains GP Holdings.

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The key risks to Plains GP Holdings, L.P. (PAGP) primarily revolve around the inherent nature of the midstream energy sector and its susceptibility to broader market dynamics and regulatory changes.

Commodity Price Volatility

Although Plains GP Holdings operates a fee-based business for transporting and processing crude oil and natural gas liquids (NGLs), its financial performance is indirectly exposed to significant price volatility in these commodity markets. Drops in crude oil and NGL prices can lead to reduced production and refining activities by upstream and downstream partners, which in turn results in lower volumes flowing through PAGP's pipelines and gathering systems. This reduction in throughput directly impacts the company's cash flow and profitability. The company acknowledged in 2025 that initial expectations for market recovery were overstated, and short-term volatility risks remain relevant. While PAGP's strategy to divest its NGL business aims to simplify its model and reduce exposure to natural gas price volatility, it inherently increases its reliance on crude oil prices and their associated risks.
Regulatory and Environmental Risks, including Energy Transition

As an operator in the energy sector, Plains GP Holdings faces substantial regulatory and environmental risks. Changes in laws, regulations, or government policies pertaining to the oil and gas industry could lead to increased operational costs, restrictions on expansion, or alterations in demand for its services. Furthermore, the broader global shift towards decarbonization, renewable energy sources, and electric vehicles presents a long-term structural headwind for crude oil demand and, consequently, pipeline utilization. This energy transition could necessitate significant adjustments to PAGP's business strategy and asset base over time.
High Debt Load and Financial Health of Plains All American Pipeline (PAA)

Plains GP Holdings' cash flow and overall valuation are fundamentally tied to the financial health of Plains All American Pipeline, L.P. (PAA), in which PAGP holds a significant interest. PAA maintains a substantial debt load to finance its extensive midstream infrastructure. Should PAA experience unexpected capital expenditures, undertake major acquisitions, or face a sustained decline in cash flow, its leverage ratio could increase. This might compel PAA to prioritize debt reduction, potentially impacting the distributions it makes to PAGP. Moreover, Plains GP's dividend payout ratio has been noted as high (currently 129.46% and an estimated 89.30% for the coming year), which raises concerns about the sustainability of its distributions if PAA's cash flow is constrained.

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Plains GP Holdings, L.P. (PAGP) operates in the midstream energy infrastructure sector, primarily focusing on crude oil and natural gas liquids (NGLs) in the United States and Canada. The addressable markets for their main products and services in North America are sized as follows:

Crude Oil Transportation Market: The North American crude oil transportation market was valued at approximately USD 26.39 billion in 2023.
Crude Oil Storage Market: The North American oil storage market is projected to reach approximately USD 816.0 million (US$ 816.0 Mn) in 2025.
Natural Gas Liquids (NGL) Market (including transportation, storage, fractionation, and processing): The North American Natural Gas Liquids (NGL) Market is estimated at USD 7.08 billion in 2024 and is expected to grow to USD 11.53 billion by 2033.
Natural Gas Storage Market: The North American natural gas storage market was valued at approximately USD 9.08 billion in 2024.

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Plains GP (PAGP) is expected to drive future revenue growth over the next 2-3 years through several key initiatives:

Strategic Focus on Crude Oil Midstream: The company is undergoing a significant strategic transformation to become a pure-play crude oil midstream provider. This involves divesting its Canadian Natural Gas Liquids (NGL) business to streamline operations and concentrate on its higher-growth crude oil infrastructure, which is anticipated to enhance revenue generation.
Permian Basin Volume Growth: While crude production in the Permian Basin is projected to remain relatively flat in 2026, growth is expected to resume in 2027. This resurgence will be underpinned by constructive oil market fundamentals, driven by ongoing global energy demand growth and diminishing OPEC spare capacity, directly benefiting Plains GP's crude oil transportation and storage volumes in this crucial region.
Strategic Acquisitions and Asset Integration: Plains GP has recently completed significant acquisitions, such as the Cactus III pipeline (formerly EPIC), and is actively investing in the integration of these new assets. These acquisitions are expected to generate stable cash flow and contribute positively to the company's Adjusted EBITDA, thereby supporting overall revenue growth.
Growth Capital Investments: The company plans to invest approximately $350 million in growth capital in 2026. These investments are targeted at integrating recent acquisitions and enhancing connection programs, strategically positioning Plains GP for increased throughput and the resumption of production growth in 2027.

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Share Repurchases

Plains All American Pipeline (PAA), whose results Plains GP Holdings (PAGP) consolidates, repurchased approximately $1.1 billion in shares in 2024, including $500 million in Q4 2024, as part of its commitment to returning capital to unitholders.

Share Issuance

Plains GP Holdings experienced an increase in shares outstanding in 2024, primarily due to equity issuances related to strategic acquisitions and capital allocation initiatives.

Outbound Investments

Plains All American Pipeline (PAA) entered into a definitive agreement to sell substantially all of its Canadian NGL Business to Keyera Corp. for approximately C$5.15 billion (approximately US$3.75 billion). This divestiture is part of a strategic shift to focus on crude oil infrastructure and is expected to close around the end of the first quarter of 2026.
PAA made several bolt-on acquisitions, including the Cactus III pipeline (formerly EPIC Crude Holdings), which was funded in part by $750 million in senior unsecured notes in November 2025.
In 2025, bolt-on acquisitions totaled approximately $670 million, contributing to the expansion or upgrading of the asset base.

Capital Expenditures

For 2026, Plains plans approximately $440 million in investment capital (about $350 million net to Plains) and $185 million in maintenance capital, with roughly half of the growth spending directed to Permian joint venture assets. The growth capital is focused on integrating recent acquisitions and enhancing connection programs, particularly in the Permian Basin.
In 2025, Plains All American Pipeline's growth capital expenditures were approximately $400 million, and maintenance capital expenditures were about $240 million. These investments were allocated to Permian Basin well connections, intrabasin improvements, integration of recent acquisitions, and the Fort Saskatchewan debottleneck project.
Estimated capital expenditures for Plains All American Pipeline were around $620 million in 2024 and $560 million in 2023. In 2022, PAA's capital expenditure was approximately $0.5 billion.

Interactive Breakdown

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SECTOR: Energy

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Higher CFO/Rev LTM (Value for PAGP: 6.5%)

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Higher Total Yield (Value for PAGP: 12.4%)

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What You Pay

P/EBIT (Value for PAGP: 2.2x)

AM (13.0x)

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MGY (11.9x)

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DT Midstream

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P/E (Value for PAGP: 17.5x)

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MGY (16.1x)

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What You Get

Rev Chg 3Y Avg (Value for PAGP: -7.5%)

AM (8.4%)

Antero Midstream

MGY (-6.9%)

Magnolia Oil & Gas

DTM (11.1%)

DT Midstream

INSW (0.5%)

International Seaways

WHD (19.3%)

Cactus

CRC (2.3%)

California Resources

EQT (1.6%)

EQT

CTRA (-0.8%)

Coterra Energy

LNG (-11.6%)

Cheniere Energy

WMB (3.2%)

Williams Companies

Rev Chg LTM (Value for PAGP: -9.0%)

AM (7.0%)

Antero Midstream

MGY (-0.3%)

Magnolia Oil & Gas

DTM (26.7%)

DT Midstream

INSW (-11.4%)

International Seaways

WHD (-4.5%)

Cactus

CRC (15.4%)

California Resources

EQT (60.0%)

EQT

CTRA (40.1%)

Coterra Energy

LNG (27.2%)

Cheniere Energy

WMB (13.8%)

Williams Companies

Rev Chg Q (Value for PAGP: -12.2%)

AM (3.1%)

Antero Midstream

MGY (-2.7%)

Magnolia Oil & Gas

DTM (27.3%)

DT Midstream

INSW (37.6%)

International Seaways

WHD (-4.0%)

Cactus

CRC (-13.8%)

California Resources

EQT (25.8%)

EQT

CTRA (40.4%)

Coterra Energy

LNG (22.9%)

Cheniere Energy

WMB (16.6%)

Williams Companies

FCF/Rev 3Y Avg (Value for PAGP: 4.6%)

AM (55.3%)

Antero Midstream

MGY (33.1%)

Magnolia Oil & Gas

DTM (26.8%)

DT Midstream

INSW (25.7%)

International Seaways

WHD (24.0%)

Cactus

CRC (23.2%)

California Resources

EQT (22.6%)

EQT

CTRA (22.2%)

Coterra Energy

LNG (21.1%)

Cheniere Energy

WMB (20.1%)

Williams Companies

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 5.4%, alpha of -0.1%, and sharpe of 0.25

Latest Trefis Analyses

	Title	Date
0	DASHBOARDS
1	Plains GP Earnings Notes	12/26/2025
2	How Low Can Plains GP Stock Really Go?	10/17/2025
3	Plains GP vs American Airlines: Which Is A Better Investment?	08/18/2025
4	Plains GP vs APA: Which Is A Better Investment?	08/18/2025
5	How Does Plains GP Stock Stack Up Against Its Peers?	08/13/2025
6	Better Bet Than PAGP Stock: Pay Less Than Plains GP To Get More From BIPC, SNEX	08/12/2025
7	Why Plains GP Stock Moved: PAGP Stock Has Gained 148% Since 2021 Fiscal End, Primarily Due To Favorable Change In Price To Sales Multiple (P/S)	08/08/2025
8	PAGP Dip Buy Analysis	07/10/2025
9	ARTICLES
10	Small Cap Stocks Trading At 52-Week High	03/06/2026

	Title
0	DASHBOARDS
1	Plains GP Earnings Notes
2	How Low Can Plains GP Stock Really Go?
3	Plains GP vs American Airlines: Which Is A Better Investment?
4	Plains GP vs APA: Which Is A Better Investment?
5	How Does Plains GP Stock Stack Up Against Its Peers?
6	Better Bet Than PAGP Stock: Pay Less Than Plains GP To Get More From BIPC, SNEX
7	Why Plains GP Stock Moved: PAGP Stock Has Gained 148% Since 2021 Fiscal End, Primarily Due To Favorable Change In Price To Sales Multiple (P/S)
8	PAGP Dip Buy Analysis
9	ARTICLES
10	Small Cap Stocks Trading At 52-Week High

Trade Ideas

Select ideas related to PAGP.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
KGS_3312026_Insider_Buying_45D_2Buy_200K	03312026	KGS	Kodiak Gas Services	Insider	Insider Buys 45DStrong Insider Buying Companies with multiple insider buys in the last 45 days	0.0%	0.0%	0.0%
KOS_3312026_Insider_Buying_45D_2Buy_200K	03312026	KOS	Kosmos Energy	Insider	Insider Buys 45DStrong Insider Buying Companies with multiple insider buys in the last 45 days	0.0%	0.0%	0.0%
TPL_12262025_Dip_Buyer_ValueBuy	12262025	TPL	Texas Pacific Land	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	65.2%	65.2%	-2.1%
NOV_12122025_Insider_Buying_GTE_1Mil_EBITp+DE_V2	12122025	NOV	NOV	Insider	Insider Buys \| Low D/EStrong Insider Buying Companies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap	15.3%	15.3%	-6.5%
RIG_12122025_Insider_Buying_GTE_1Mil_EBITp+DE_V2	12122025	RIG	Transocean	Insider	Insider Buys \| Low D/EStrong Insider Buying Companies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap	60.5%	60.5%	-7.0%
PAGP_9302023_Insider_Buying_GTE_1Mil_EBITp+DE_V2	09302023	PAGP	Plains GP	Insider	Insider Buys \| Low D/EStrong Insider Buying Companies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap	17.4%	23.8%	-7.6%

Recent Active Movers

Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
POET	POET Technologies	0.9	19.3%	61.9%
CAR	Avis Budget	25.1	17.3%	456.4%
NVTS	Navitas Semiconductor	3.4	16.1%	114.7%
CBIO	Crescent Biopharma	0.7	13.3%	107.2%
VMI	Valmont Industries	9.0	11.9%	14.3%
MLI	Mueller Industries	14.7	11.4%	17.7%
EGY	VAALCO Energy	0.6	11.0%	65.2%
PBI	Pitney Bowes	2.3	10.9%	39.6%
CRVS	Corvus Pharmaceuticals	1.4	10.3%	122.6%
VICR	Vicor	11.1	9.5%	124.7%

Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
WASH	Washington Trust Bancorp	0.6	-16.9%	5.2%
TPB	Turning Point Brands	1.3	-16.5%	-34.8%
VSEC	VSE	4.4	-13.7%	12.6%
NG	Novagold Resources	3.8	-12.7%	0.8%
ULCC	Frontier	1.0	-12.1%	-10.2%
TSCO	Tractor Supply	20.9	-11.7%	-20.5%
ELE	Elemental Royalty	1.2	-10.4%	7.8%
HYMC	Hycroft Mining	3.3	-10.4%	65.8%
PEGA	Pegasystems	6.7	-10.3%	-34.1%
REPL	Replimune	0.2	-10.1%	-80.9%

Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
CAR	Avis Budget	25.1	73.5%	456.4%
MXL	MaxLinear	2.9	56.3%	93.3%
NVTS	Navitas Semiconductor	3.4	55.3%	114.7%
POET	POET Technologies	0.9	52.8%	61.9%
BB	BlackBerry	3.3	41.3%	48.0%
NN	NextNav	3.1	40.0%	35.6%
HIMS	Hims & Hers Health	6.8	39.3%	-8.3%
USAR	USA Rare Earth	2.3	34.5%	92.0%
BETR	Better Home & Finance	0.7	34.0%	42.9%
BAND	Bandwidth	0.7	32.3%	53.7%

Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
IIIN	Insteel Industries	0.5	-34.3%	-21.9%
QDEL	QuidelOrtho	0.8	-30.5%	-57.8%
ANAB	AnaptysBio	1.4	-26.2%	6.9%
BMI	Badger Meter	3.6	-25.1%	-30.5%
AGIO	Agios Pharmaceuticals	1.5	-21.1%	-3.4%
LCID	Lucid	2.3	-19.2%	-32.7%
IAG	Iamgold	9.7	-18.4%	2.1%
MDXG	MiMedx	0.5	-18.4%	-52.7%
ORLA	Orla Mining	4.8	-18.3%	8.1%
WASH	Washington Trust Bancorp	0.6	-17.7%	5.2%

Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
BCPC	Balchem	5.6	647.6%	14.6%
CAR	Avis Budget	25.1	614.7%	456.4%
AEHR	Aehr Test Systems	2.8	171.5%	364.2%
APLS	Apellis Pharmaceuticals	5.2	137.9%	63.0%
SGML	Sigma Lithium	2.4	135.4%	61.4%
CBIO	Crescent Biopharma	0.7	125.4%	107.2%
CODI	Compass Diversified	0.9	111.6%	146.0%
KOD	Kodiak Sciences	2.4	107.4%	65.0%
MXL	MaxLinear	2.9	103.5%	93.3%
SATL	Satellogic	0.9	100.8%	285.6%

Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
REPL	Replimune	0.2	-73.4%	-80.9%
PIPR	Piper Sandler Cos	6.1	-69.0%	9.5%
VRDN	Viridian Therapeutics	1.3	-47.1%	-54.1%
MAZE	Maze Therapeutics	1.2	-46.5%	-38.0%
BUR	Burford Capital	1.0	-41.2%	-49.2%
WVE	WAVE Life Sciences	1.3	-37.6%	-56.8%
TASK	TaskUs	0.7	-30.5%	-6.2%
FRMI	Fermi	3.0	-29.7%	-36.8%
LCID	Lucid	2.3	-29.3%	-32.7%
BTU	Peabody Energy	3.3	-27.5%	-8.8%

Peer Comparisons

Peers to compare with:

Financials

	PAGP	KMI	OKE	TRGP	Median
Name	Plains GP	Kinder M.	ONEOK	Targa Re.
Mkt Price	22.84	31.57	84.69	232.65	58.13
Mkt Cap	4.5	70.2	53.3	50.0	51.7
Rev LTM	44,795	16,937	33,629	17,028	25,329
Op Inc LTM	1,551	4,715	5,822	3,331	4,023
FCF LTM	2,261	2,891	2,447	584	2,354
FCF 3Y Avg	2,140	3,357	2,713	698	2,427
CFO LTM	2,931	5,917	5,599	3,917	4,758
CFO 3Y Avg	2,712	6,014	4,969	3,593	4,281

Growth & Margins

	PAGP	KMI	OKE	TRGP	Median
Name	Plains GP	Kinder M.	ONEOK	Targa Re.
Rev Chg LTM	-9.0%	12.2%	55.0%	3.9%	8.1%
Rev Chg 3Y Avg	-7.5%	-3.2%	18.9%	-5.8%	-4.5%
Rev Chg Q	-12.2%	13.1%	29.5%	-7.9%	2.6%
QoQ Delta Rev Chg LTM	-3.2%	3.2%	6.5%	-2.0%	0.6%
Op Inc Chg LTM	49.6%	8.7%	15.0%	23.6%	19.3%
Op Inc Chg 3Y Avg	4.9%	5.1%	28.4%	26.0%	15.6%
Op Mgn LTM	3.5%	27.8%	17.3%	19.6%	18.4%
Op Mgn 3Y Avg	2.6%	28.1%	21.5%	17.5%	19.5%
QoQ Delta Op Mgn LTM	0.6%	0.7%	-1.4%	1.6%	0.6%
CFO/Rev LTM	6.5%	34.9%	16.6%	23.0%	19.8%
CFO/Rev 3Y Avg	5.8%	38.2%	21.4%	21.8%	21.6%
FCF/Rev LTM	5.0%	17.1%	7.3%	3.4%	6.2%
FCF/Rev 3Y Avg	4.6%	21.4%	12.2%	4.2%	8.4%

Valuation

	PAGP	KMI	OKE	TRGP	Median
Name	Plains GP	Kinder M.	ONEOK	Targa Re.
Mkt Cap	4.5	70.2	53.3	50.0	51.7
P/S	0.1	4.1	1.6	2.9	2.3
P/Op Inc	2.9	14.9	9.2	15.0	12.0
P/EBIT	2.2	14.9	8.5	15.0	11.7
P/E	17.5	23.0	15.7	26.0	20.2
P/CFO	1.5	11.9	9.5	12.8	10.7
Total Yield	12.4%	8.1%	11.2%	5.5%	9.6%
Dividend Yield	6.7%	3.7%	4.8%	1.6%	4.3%
FCF Yield 3Y Avg	61.4%	6.8%	5.7%	2.5%	6.2%
D/E	2.5	0.5	0.6	0.4	0.5
Net D/E	2.5	0.5	0.6	0.3	0.5

Returns

	PAGP	KMI	OKE	TRGP	Median
Name	Plains GP	Kinder M.	ONEOK	Targa Re.
1M Rtn	-3.5%	-3.9%	-5.1%	-2.0%	-3.7%
3M Rtn	14.9%	14.0%	15.9%	26.3%	15.4%
6M Rtn	37.0%	17.2%	26.5%	55.4%	31.7%
12M Rtn	34.4%	27.7%	9.3%	44.7%	31.1%
3Y Rtn	107.5%	113.2%	49.5%	229.4%	110.3%
1M Excs Rtn	-12.1%	-12.4%	-13.6%	-10.6%	-12.3%
3M Excs Rtn	11.0%	10.1%	12.0%	22.4%	11.5%
6M Excs Rtn	35.0%	11.7%	22.0%	52.3%	28.5%
12M Excs Rtn	-2.8%	-12.2%	-30.0%	2.7%	-7.5%
3Y Excs Rtn	38.1%	37.2%	-22.9%	148.9%	37.7%

Comparison Analyses

	Title
0	How Does Plains GP Stock Stack Up Against Its Peers?

FDIC Bank Data

$ Mil \| FY: 12/31	LTM	2025	2024	2023	2022	2021	2020
Period End	12/31/2025	12/31/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020
Filing Date	2/27/2026	2/27/2026	2/28/2025	2/29/2024	3/1/2023	3/1/2022	3/1/2021
Key Financials
Total Revenue	44,795	44,262	48,889	47,336	57,342	42,078	23,290
EBITDA	2,992	2,815	2,246	2,660	2,782	1,914	-1,515
Operating Income	1,551	1,374	1,021	1,097	1,553	1,434	851
Net Income	259	260	103	198	168	60	-568
EPS	1.40	1.31	0.52	1.01	0.86	0.31	-3.06
Growth Rates
Total Revenue Growth	-9.0%	-9.5%	3.3%	-17.4%	36.3%	80.7%	-30.8%
EBITDA Growth	32.3%	25.3%	-15.6%	-4.4%	45.4%	226.3%	-146.4%
Operating Income Growth	49.6%	34.6%	-6.9%	-29.4%	8.3%	68.5%	-57.6%
Net Income Growth	151.5%	152.4%	-48.0%	17.9%	180.0%	110.6%	-271.6%
Margins
EBITDA Margin	6.7%	6.4%	4.6%	5.6%	4.9%	4.5%	-6.5%
Operating Income Margin	3.5%	3.1%	2.1%	2.3%	2.7%	3.4%	3.7%
Net Income Margin	0.6%	0.6%	0.2%	0.4%	0.3%	0.1%	-2.4%
Cash & Debt
Total Cash	329	329	349	453	404	452	25
Total Debt	11,461	11,461	7,810	8,025	8,754	9,559	10,530
Net Debt / (Cash)	11,132	11,132	7,461	7,572	8,350	9,107	10,505
Cash Flows
Net Cash from Operations	2,931	2,931	2,484	2,722	2,404	1,991	1,510
Free Cash from Operations	2,261	2,261	2,015	2,304	1,865	1,655	772
Returns to Shareholders
Dividends	301	301	251	209	162	140	166
Share Repurchases	341	341	-0	-0	74	178	50

$ Mil \| FY: 12/31	2025Q4	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1
Period End	12/31/2025	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023
Filing Date	2/27/2026	11/7/2025	8/8/2025	5/9/2025	2/28/2025	11/8/2024	8/9/2024	5/10/2024	2/29/2024	11/8/2023	8/9/2023	5/10/2023
Key Financials Quarterly
Total Revenue	10,564	11,578	10,642	12,011	12,035	12,456	12,757	11,995	11,322	12,071	11,602	12,341
Ebitda	715	800	543	934	381	528	639	713	414	621	744	881
Operating Income	362	391	279	519	141	195	332	369	163	239	378	317
Net Income	62	83	30	84	-11	33	39	42	52	29	48	69
EPS	0.41	0.42	0.15	0.42	-0.04	0.17	0.20	0.21	0.26	0.15	0.25	0.35
Key Financials TTM
Total Revenue TTM	44,795	46,266	47,144	49,259	49,243	48,530	48,145	46,990	47,336	48,966	51,231	55,988
Ebitda TTM	2,992	2,658	2,386	2,482	2,261	2,294	2,387	2,492	2,660	2,921	3,186	3,080
Operating Income TTM	1,551	1,330	1,134	1,187	1,037	1,059	1,103	1,149	1,097	1,209	1,594	1,621
Net Income TTM	259	186	136	145	103	166	162	171	198	190	232	215
Growth Rates Quarterly
Total Revenue Growth	-12.2%	-7.0%	-16.6%	0.1%	6.3%	3.2%	10.0%	-2.8%	-12.6%	-15.8%	-29.1%	-9.9%
EBITDA Growth	87.7%	51.5%	-15.0%	31.0%	-8.0%	-15.0%	-14.1%	-19.1%	-38.7%	-29.9%	16.6%	51.4%
Operating Income Growth	156.7%	100.5%	-16.0%	40.7%	-13.5%	-18.4%	-12.2%	16.4%	-40.7%	-61.7%	-6.7%	27.3%
Net Income Growth	663.6%	151.5%	-23.1%	100.0%	-121.2%	13.8%	-18.8%	-39.1%	18.2%	-59.2%	54.8%	213.6%
Margins Quarterly
EBITDA Margin	6.8%	6.9%	5.1%	7.8%	3.2%	4.2%	5.0%	5.9%	3.7%	5.1%	6.4%	7.1%
Operating Income Margin	3.4%	3.4%	2.6%	4.3%	1.2%	1.6%	2.6%	3.1%	1.4%	2.0%	3.3%	2.6%
Net Income Margin	0.6%	0.7%	0.3%	0.7%	-0.1%	0.3%	0.3%	0.4%	0.5%	0.2%	0.4%	0.6%
Cash & Debt
Total Cash	329	1,181	460	429	349	641	556	334	453	262	936	529
Total Debt	11,461	9,637	8,869	8,983	7,810	8,246	8,255	8,123	8,025	8,286	8,296	8,303
Net Debt / (Cash)	11,132	8,456	8,409	8,554	7,461	7,605	7,699	7,789	7,572	8,024	7,360	7,774
Cash Flows Quarterly
FCF from Operations	784	817	692	638	726	688	652	418	1,010	83	887	742
Cash Flows TTM
FCF from Operations TTM	2,931	2,873	2,744	2,704	2,484	2,768	2,163	2,398	2,722	2,046	2,904	2,807
Returns to Shareholders Quarterly
Dividends	76	75	75	75	63	63	62	63	53	52	52	52
Share Repurchases	-0	-0	8	333	-0	-0	-0	-0	-0	-0	-0	-0
Return on Invested Capital (ROIC) Quarterly
ROIC	12.4%	17.3%	12.3%	21.1%	5.3%	9.4%	14.1%	17.5%	8.6%	11.9%	17.6%	13.7%
Return on Invested Capital (ROIC) TTM
ROIC TTM	12.7%	14.1%	11.9%	11.8%	12.1%	12.6%	13.3%	13.8%	13.1%	13.5%	18.1%	17.2%

Segment Financials

Revenue by Segment

$ Mil	2025	2024	2023	2022	2021
Crude Oil	48,720	47,174	55,080	40,470	22,199
Natural gas liquids (NGL)	187	1,935	2,761	1,968	1,360
Intersegment Revenues Elimination	-18	-397	-499	-360	-269
Total	48,889	48,712	57,342	42,078	23,290

Price Behavior

Price Behavior

Market Price	$22.84
Market Cap ($ Bil)	4.5
First Trading Date	02/23/2007
Distance from 52W High	-6.6%
	50 Days	200 Days
DMA Price	$23.05	$19.42
DMA Trend	up	up
Distance from DMA	-0.9%	17.6%
	3M	1YR
Volatility	18.9%	19.4%
Downside Capture	-0.17	-0.04
Upside Capture	52.72	31.42
Correlation (SPY)	-9.7%	18.7%

PAGP Betas & Captures as of 3/31/2026

	1M	2M	3M	6M	1Y	3Y
Beta	0.05	-0.24	-0.11	0.04	0.59	0.61
Up Beta	-1.94	-1.99	-1.60	-0.29	0.58	0.57
Down Beta	0.40	0.49	0.69	0.43	1.01	0.90
Up Capture	85%	45%	56%	37%	27%	31%
Bmk +ve Days	7	16	27	65	139	424
Stock +ve Days	13	27	42	77	140	427
Down Capture	-43%	-87%	-107%	-59%	26%	61%
Bmk -ve Days	12	23	33	58	110	323
Stock -ve Days	9	15	21	49	111	319

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Based On 1-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with PAGP
PAGP	31.1%	19.6%	1.26	-
Sector ETF (XLE)	40.8%	20.0%	1.60	58.9%
Equity (SPY)	23.7%	12.7%	1.52	18.8%
Gold (GLD)	41.4%	27.5%	1.25	-12.8%
Commodities (DBC)	22.4%	16.2%	1.25	33.4%
Real Estate (VNQ)	14.2%	13.8%	0.72	10.6%
Bitcoin (BTCUSD)	-10.4%	42.7%	-0.14	-0.8%

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Based On 5-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with PAGP
PAGP	28.5%	27.6%	0.92	-
Sector ETF (XLE)	22.1%	26.1%	0.76	72.3%
Equity (SPY)	10.8%	17.1%	0.49	43.6%
Gold (GLD)	21.6%	17.8%	0.99	11.3%
Commodities (DBC)	10.9%	18.8%	0.47	49.9%
Real Estate (VNQ)	4.1%	18.8%	0.12	36.9%
Bitcoin (BTCUSD)	3.8%	56.4%	0.29	16.1%

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Based On 10-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with PAGP
PAGP	6.8%	42.2%	0.30	-
Sector ETF (XLE)	10.0%	29.5%	0.38	69.5%
Equity (SPY)	13.9%	17.9%	0.67	42.6%
Gold (GLD)	13.7%	15.9%	0.71	5.1%
Commodities (DBC)	8.2%	17.6%	0.39	46.2%
Real Estate (VNQ)	5.4%	20.7%	0.23	38.0%
Bitcoin (BTCUSD)	68.0%	66.9%	1.07	14.8%

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Short Interest

Short Interest: As Of Date	3312026
Short Interest: Shares Quantity	15.9 Mil
Short Interest: % Change Since 3152026	6.1%
Average Daily Volume	1.8 Mil
Days-to-Cover Short Interest	8.6 days
Basic Shares Quantity	198.0 Mil
Short % of Basic Shares	8.0%

Returns Analyses

	Title
0	How Low Can Plains GP Stock Really Go?

Earnings Returns History

Expand for More

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
2/6/2026	-2.3%	0.1%	11.3%
11/5/2025	-0.9%	1.7%	8.9%
8/8/2025	-0.3%	-1.2%	-4.6%
5/9/2025	-2.7%	1.1%	1.9%
2/7/2025	-1.8%	-1.0%	-1.8%
11/8/2024	-2.9%	-3.2%	2.5%
8/2/2024	-3.1%	-1.7%	1.1%
5/3/2024	1.9%	2.7%	-1.3%
...
SUMMARY STATS
# Positive	8	14	16
# Negative	16	10	8
Median Positive	1.9%	2.7%	6.5%
Median Negative	-2.6%	-2.5%	-5.4%
Max Positive	5.4%	12.6%	30.6%
Max Negative	-9.0%	-10.1%	-14.3%

	Forward Returns
2/6/2026	-2.3%	0.1%	11.3%
11/5/2025	-0.9%	1.7%	8.9%
8/8/2025	-0.3%	-1.2%	-4.6%
5/9/2025	-2.7%	1.1%	1.9%
2/7/2025	-1.8%	-1.0%	-1.8%
11/8/2024	-2.9%	-3.2%	2.5%
8/2/2024	-3.1%	-1.7%	1.1%
5/3/2024	1.9%	2.7%	-1.3%
2/9/2024	0.9%	3.7%	7.8%
11/3/2023	-0.9%	-4.7%	-1.3%
8/4/2023	1.7%	1.8%	5.2%
5/5/2023	5.4%	2.8%	10.5%
2/8/2023	-1.1%	3.8%	1.1%
11/2/2022	3.2%	1.0%	3.0%
8/3/2022	2.4%	4.4%	9.3%
5/4/2022	-2.5%	-10.1%	4.2%
2/9/2022	-8.4%	-7.6%	-6.3%
11/2/2021	0.0%	2.7%	-10.2%
8/3/2021	-4.0%	-1.1%	-6.3%
5/4/2021	-0.3%	6.0%	24.7%
2/9/2021	-9.0%	-6.3%	3.4%
11/2/2020	1.8%	12.6%	26.8%
8/4/2020	-5.4%	-1.0%	-14.3%
5/5/2020	-6.0%	0.5%	30.6%
SUMMARY STATS
# Positive	8	14	16
# Negative	16	10	8
Median Positive	1.9%	2.7%	6.5%
Median Negative	-2.6%	-2.5%	-5.4%
Max Positive	5.4%	12.6%	30.6%
Max Negative	-9.0%	-10.1%	-14.3%

SEC Filings

Expand for More

Report Date	Filing Date	Filing
12/31/2025	02/27/2026	10-K
09/30/2025	11/07/2025	10-Q
06/30/2025	08/08/2025	10-Q
03/31/2025	05/09/2025	10-Q
12/31/2024	02/28/2025	10-K
09/30/2024	11/08/2024	10-Q
06/30/2024	08/09/2024	10-Q
03/31/2024	05/10/2024	10-Q
12/31/2023	02/29/2024	10-K
09/30/2023	11/08/2023	10-Q
06/30/2023	08/09/2023	10-Q
03/31/2023	05/10/2023	10-Q
12/31/2022	03/01/2023	10-K
09/30/2022	11/08/2022	10-Q
06/30/2022	08/09/2022	10-Q
03/31/2022	05/10/2022	10-Q

Recent Forward Guidance [BETA]

Latest: Q4 2025 Earnings Reported 2/6/2026

Forward Guidance				Guidance Change
Metric	Low	Mid	High	% Chg	% Delta	Change	Prior
2026 Adjusted EBITDA attributable to PAA	2.67 Bil	2.75 Bil	2.83 Bil	-4.0%		Lower New	Guidance: 2.87 Bil for 2025
2026 Adjusted Free Cash Flow		1.80 Bil
2026 Growth Capital	-3.5E10%	3.5E10%	3.5E10%
2026 Maintenance Capital	-165.00 Mil	165.00 Mil	165.00 Mil

Prior: Q3 2025 Earnings Reported 11/5/2025

Forward Guidance				Guidance Change
Metric	Low	Mid	High	% Chg	% Delta	Change	Prior
2025 Adjusted EBITDA	2.84 Bil	2.87 Bil	2.89 Bil

null

Mechanism: null

Supporting Evidence:

Key KPI Watchlist

KPI	Threshold	Rationale

Core Investment Debate

BULL VIEW

CORE TENSION

PREVAILING SENTIMENT

BEAR VIEW

Next 6 months: Risks and Catalysts

Timeline	Event & Metric To Watch

Key Events in Last 6 Months

Date	Event	Stock Impact

Risk Management

Position Sizing

null

Diversification Alternatives

How Is The Market Pricing PAGP?

What will confirm the thesis

What will damage the thesis

Noise: Real but irrelevant to thesis

Repricing Catalyst

What PAGP Makes & Who Pays

TTM figures based on

PAGP Evolution: Price Return by Era

① Structure

② Volume / Momentum

③ Catalyst

Combined Score

0 / 12

1 Price Structure & Trend · ▾

2 Momentum ▾

3 Relative Strength vs. SPY ▾

4 Institutional Footprint & Volume ▾

5 Volatility ▾

6 Key Price Levels Range · Vol ▾

7 Earnings Reaction History ▾

8 How the Verdict Is Derived Three Pillars ▾

Pillar	Score
① Structure	0
② Vol / Mom	0
③ Catalyst	0

ℹ Bull Pillars: 0 · Bear Pillars: 0 · Combined Score: 0 →

External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

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Plains GP (PAGP)

Market Price (4/22/2026): $22.825 | Market Cap: $4.5 BilSector: Energy | Industry: Oil & Gas Storage & Transportation

Plains GP (PAGP)

Market Price (4/22/2026): $22.825Market Cap: $4.5 BilSector: EnergyIndustry: Oil & Gas Storage & Transportation

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

Valuation, Metrics & Events

Price Chart

Why The Stock Moved

Qualitative Assessment

Stock Movement Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Return vs. Risk

Price Returns Compared

How Low Can It Go

In The Past

Preserve Wealth

Asset Allocation

About Plains GP (PAGP)

Share Repurchases

Share Issuance

Outbound Investments

Capital Expenditures

Interactive Breakdown

Better Bets vs. Plains GP (PAGP)

INDUSTRY: Oil & Gas Storage & Transportation

Higher Rev Chg LTM (Value for PAGP: -9.0%)

Higher Rev Chg 3Y Avg (Value for PAGP: -7.5%)

Higher Op Mgn LTM (Value for PAGP: 3.5%)

Higher CFO/Rev LTM (Value for PAGP: 6.5%)

Higher FCF/Rev LTM (Value for PAGP: 5.0%)

Higher Total Yield (Value for PAGP: 12.4%)

SECTOR: Energy

Higher Rev Chg 3Y Avg | Lower P/S (Values for PAGP: -7.5% | 0.1x)

Higher Rev Chg LTM (Value for PAGP: -9.0%)

Higher Rev Chg 3Y Avg (Value for PAGP: -7.5%)

Higher Op Mgn LTM (Value for PAGP: 3.5%)

Higher CFO/Rev LTM (Value for PAGP: 6.5%)

Higher FCF/Rev LTM (Value for PAGP: 5.0%)

Higher Total Yield (Value for PAGP: 12.4%)

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for PAGP: -7.5% | 0.1x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for PAGP: -7.5% | 2.9x)

Higher Rev Chg LTM (Value for PAGP: -9.0%)

Higher Rev Chg 3Y Avg (Value for PAGP: -7.5%)

Higher Op Mgn LTM (Value for PAGP: 3.5%)

Higher CFO/Rev LTM (Value for PAGP: 6.5%)

Higher FCF/Rev LTM (Value for PAGP: 5.0%)

Higher Total Yield (Value for PAGP: 12.4%)

Best Bets in Energy

P/EBIT (Value for PAGP: 2.2x)

P/E (Value for PAGP: 17.5x)

Rev Chg 3Y Avg (Value for PAGP: -7.5%)

Rev Chg LTM (Value for PAGP: -9.0%)

Rev Chg Q (Value for PAGP: -12.2%)

FCF/Rev 3Y Avg (Value for PAGP: 4.6%)

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Market Price (4/22/2026): $22.825 | Market Cap: $4.5 Bil
Sector: Energy | Industry: Oil & Gas Storage & Transportation

Market Price (4/22/2026): $22.825
Market Cap: $4.5 Bil
Sector: Energy
Industry: Oil & Gas Storage & Transportation