Tearsheet

Plains GP (PAGP)

Market Price (1/15/2026): $20.41 | Market Cap: $4.0 Bil
Sector: Energy | Industry: Oil & Gas Storage & Transportation

Plains GP (PAGP)

Market Price (1/15/2026): $20.41
Market Cap: $4.0 Bil
Sector: Energy
Industry: Oil & Gas Storage & Transportation

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

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 7.2%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 7.7%, FCF Yield is 52%	Trading close to highs Dist 52W High is -1.8%, Dist 3Y High is -1.8%	Debt is significant Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 212%
1	Attractive cash flow generation CFO LTM is 2.9 Bil, FCF LTM is 2.1 Bil	Weak multi-year price returns 2Y Excs Rtn is -1.4%	Weak revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -4.9%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -5.9%, Rev Chg QQuarterly Revenue Change % is -7.0%
2	Low stock price volatility Vol 12M is 24%		Key risks PAGP key risks include [1] revenue instability from upcoming contract roll-offs on its significant Cactus II, Show more.
3	Megatrend and thematic drivers Megatrends include Energy Infrastructure. Themes include Hydrocarbon Transportation & Storage.

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 7.2%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 7.7%, FCF Yield is 52%
1	Attractive cash flow generation CFO LTM is 2.9 Bil, FCF LTM is 2.1 Bil
2	Low stock price volatility Vol 12M is 24%
3	Megatrend and thematic drivers Megatrends include Energy Infrastructure. Themes include Hydrocarbon Transportation & Storage.
4	Trading close to highs Dist 52W High is -1.8%, Dist 3Y High is -1.8%
5	Weak multi-year price returns 2Y Excs Rtn is -1.4%
6	Debt is significant Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 212%
7	Weak revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -4.9%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -5.9%, Rev Chg QQuarterly Revenue Change % is -7.0%
8	Key risks PAGP key risks include [1] revenue instability from upcoming contract roll-offs on its significant Cactus II, Show more.

Valuation, Metrics & Events

	1/15/26	2025	2024	2023	2022	2021
Share Price CYE	$20.41	$19.14	$18.38	$15.95	$12.44	$10.14
Market Cap CYE ($ Bil)	4.0	3.8	3.6	3.1	2.4	2.0
Total Debt ($ Bil)	9.6	9.6	8.2	8.3	8.7	9.5
Total Cash ($ Bil)	1.2	1.2	0.6	0.3	0.6	0.2
Enterprise Value ($ Bil)	12.5	13.4	11.8	11.4	11.1	11.5
Valuation Ratios
P/S TTM	0.1	0.1	0.1	0.1	0.0	0.1
P/EBIT TTM	2.0	1.9	2.1	1.7	1.2	3.9
P/E TTM	21.6	20.4	21.8	16.5	11.6	-45.7
P/FCF TTM	1.9	1.8	1.6	2.2	1.0	1.6
Sector Ratios
P/S TTM (Sector)	1.4	1.4	1.5	1.5	1.3	1.5
P/EBIT TTM (Sector)	7.8	7.6	5.9	5.6	4.0	0.2
P/E TTM (Sector)	12.0	11.3	9.2	8.0	5.1	-1.3
P/FCF TTM (Sector)	7.8	6.9	7.3	7.0	4.9	6.0

	1/15/26	2025	2024
Share Price CYE	$20.41	$19.14	$18.38
Market Cap CYE ($ Bil)	4.0	3.8	3.6
Total Debt ($ Bil)	9.6	9.6	8.2
Total Cash ($ Bil)	1.2	1.2	0.6
Enterprise Value ($ Bil)	12.5	13.4	11.8
Valuation Ratios
P/S TTM	0.1	0.1	0.1
P/EBIT TTM	2.0	1.9	2.1
P/E TTM	21.6	20.4	21.8
P/FCF TTM	1.9	1.8	1.6
Sector Ratios
P/S TTM (Sector)	1.4	1.4	1.5
P/EBIT TTM (Sector)	7.8	7.6	5.9
P/E TTM (Sector)	12.0	11.3	9.2
P/FCF TTM (Sector)	7.8	6.9	7.3

	PAGP	S&P 500
REVENUE GROWTH	VERY POOR
Rev LTM ($ Bil)	47.5
Rev Chg Q	-7.0%	7.3%
Rev Chg LTM	-4.9%	6.3%
Rev Chg 3Y Avg	-5.9%	5.6%
PROFITABILITY	VERY POOR
Op Inc LTM ($ Bil)	1.6
CFO LTM ($ Bil)	2.9
Net Inc LTM ($ Bil)	0.2
Op Mgn LTM	3.5%	18.8%
CFO/Rev LTM	6.1%	20.5%
Net Inc Mgn	0.4%	13.0%
VALUATION	LOW
P/S	0.1	3.3
P/CFO	1.4	16.0
P/FCF	1.9	21.6
P/E	21.6	24.2
STABILITY	VERY POOR
Debt/Equity	2.39	0.20
Cash/Assets	0.04	0.07

AI Analysis | Feedback

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
1/30/2026	Dividend	Amount: $0.42 Payment On: 2/13/2026
2/06/2026	Earnings Release	Rev: $13 Bil (E) EPS: $0.56 (E)
5/07/2026	Earnings Release	Rev: - EPS: -

PAGP Stock

Return (1M):

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

The 17.3% stock movement for Plains GP (PAGP) during the approximate time period from October 31, 2025, to January 15, 2026, can be attributed to several key developments:

1. Strong Third-Quarter 2025 Financial Results and Strategic Acquisitions. Plains All American Pipeline, L.P. (which PAGP is the general partner of) reported its third-quarter 2025 results on November 5, 2025, which included increased crude oil Adjusted EBITDA and robust cash flow. Concurrently, the company announced the closing of acquisitions totaling 100% equity interest in EPIC Crude Holdings, which were seen as crucial for streamlining operations and boosting oil delivery capacity.

2. Successful Debt Offering. On November 10, 2025, Plains All American announced the pricing of a public offering of $750 million in senior notes, a move likely aimed at enhancing financial stability and funding operational needs.

Show more

Stock Movement Drivers

Fundamental Drivers

The 17.3% change in PAGP stock from 10/31/2025 to 1/14/2026 was primarily driven by a 39.3% change in the company's Net Income Margin (%).

	10312025	1142026	Change
Stock Price ($)	17.27	20.25	17.26%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	48328.00	47450.00	-1.82%
Net Income Margin (%)	0.28%	0.39%	39.30%
P/E Multiple	25.14	21.56	-14.26%
Shares Outstanding (Mil)	198.00	198.00	0.00%
Cumulative Contribution			17.26%

LTM = Last Twelve Months as of date shown

Market Drivers

10/31/2025 to 1/14/2026

	Return	Correlation
PAGP	17.3%
Market (SPY)	1.2%	-0.3%
Sector (XLE)	9.1%	63.3%

Fundamental Drivers

The 5.6% change in PAGP stock from 7/31/2025 to 1/14/2026 was primarily driven by a 36.4% change in the company's Net Income Margin (%).

	7312025	1142026	Change
Stock Price ($)	19.18	20.25	5.58%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	50443.00	47450.00	-5.93%
Net Income Margin (%)	0.29%	0.39%	36.37%
P/E Multiple	26.19	21.56	-17.69%
Shares Outstanding (Mil)	198.00	198.00	0.00%
Cumulative Contribution			5.58%

LTM = Last Twelve Months as of date shown

Market Drivers

7/31/2025 to 1/14/2026

	Return	Correlation
PAGP	5.6%
Market (SPY)	9.5%	15.2%
Sector (XLE)	11.2%	64.0%

Fundamental Drivers

The 1.8% change in PAGP stock from 1/31/2025 to 1/14/2026 was primarily driven by a 17.8% change in the company's Net Income Margin (%).

	1312025	1142026	Change
Stock Price ($)	19.89	20.25	1.84%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	49906.00	47450.00	-4.92%
Net Income Margin (%)	0.33%	0.39%	17.85%
P/E Multiple	23.60	21.56	-8.65%
Shares Outstanding (Mil)	197.00	198.00	-0.51%
Cumulative Contribution			1.83%

LTM = Last Twelve Months as of date shown

Market Drivers

1/31/2025 to 1/14/2026

	Return	Correlation
PAGP	1.8%
Market (SPY)	15.7%	54.0%
Sector (XLE)	12.4%	73.0%

Fundamental Drivers

The 89.6% change in PAGP stock from 1/31/2023 to 1/14/2026 was primarily driven by a 116.4% change in the company's P/E Multiple.

	1312023	1142026	Change
Stock Price ($)	10.68	20.25	89.64%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	57378.00	47450.00	-17.30%
Net Income Margin (%)	0.36%	0.39%	8.13%
P/E Multiple	9.96	21.56	116.44%
Shares Outstanding (Mil)	194.00	198.00	-2.06%
Cumulative Contribution			89.56%

LTM = Last Twelve Months as of date shown

Market Drivers

1/31/2023 to 1/14/2026

	Return	Correlation
PAGP	89.6%
Market (SPY)	76.2%	45.6%
Sector (XLE)	17.3%	66.2%

Return vs. Risk

Price Returns Compared

	2021	2022	2023	2024	2025	2026	Total [1]
Returns
PAGP Return	29%	32%	38%	24%	13%	5%	245%
Peers Return	57%	32%	18%	64%	-1%	�	�
S&P 500 Return	27%	-19%	24%	23%	16%	2%	85%
Monthly Win Rates [3]
PAGP Win Rate	67%	58%	75%	67%	50%	100%
Peers Win Rate	75%	63%	60%	77%	52%	�
S&P 500 Win Rate	75%	42%	67%	75%	67%	100%
Max Drawdowns [4]
PAGP Max Drawdown	-0%	0%	-2%	0%	-5%	0%
Peers Max Drawdown	-1%	-2%	-6%	-3%	-15%	�
S&P 500 Max Drawdown	-1%	-25%	-1%	-2%	-15%	0%

[1] Cumulative total returns since the beginning of 2021
[2] Peers: ET, KMI, OKE, MPLX, 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 1/14/2026 (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 ET, KMI, OKE, MPLX, 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.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth over time.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

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.

AI Analysis | Feedback

PAGP is like a specialized investment in major North American oil and gas pipelines and storage, similar to a focused version of Kinder Morgan or Enbridge that prioritizes cash distributions.

PAGP is the 'general partner' and incentive owner for a large oil & gas pipeline company, similar to how Brookfield Asset Management (BAM) manages and earns fees from its infrastructure assets.

AI Analysis | Feedback

Plains GP (PAGP) derives its value from its ownership interest in Plains All American Pipeline, L.P. (PAA), a midstream energy company. Its major services are therefore those provided by PAA, primarily focused on crude oil and natural gas liquids (NGLs):

Crude Oil Transportation Services: Operates an extensive network of pipelines, trucks, barges, and rail to move crude oil from production areas to refineries and market centers.
Crude Oil Gathering Services: Collects crude oil from wellhead production sites and moves it to larger transportation systems or storage facilities.
Crude Oil Storage Services: Provides large-scale storage capacity for crude oil at strategic terminals, facilitating market access and inventory management.
Crude Oil Marketing and Logistics: Buys and sells crude oil, managing supply chains, logistics, and providing risk management solutions for producers and refiners.
NGL (Natural Gas Liquids) Services: Offers transportation and storage solutions for various natural gas liquids, supporting their movement from processing plants to end-users.

AI Analysis | Feedback

Plains GP (PAGP), primarily through its operating subsidiary Plains All American Pipeline (PAA), sells its crude oil and natural gas liquids (NGL) transportation, storage, terminaling, and marketing services predominantly to other companies.

According to PAA's most recent annual report (Form 10-K), its customer base is highly diversified. The company explicitly states that no single customer accounted for 10% or more of its consolidated revenues for the fiscal years ended December 31, 2023, 2022, or 2021. Therefore, specific names of major customers that meet a 10% revenue threshold are not disclosed by the company.

However, the company's primary customers typically fall into the following categories:

Independent and major oil and gas producers
Refiners
Petrochemical companies
Marketers and other crude oil and NGL businesses

AI Analysis | Feedback

null

AI Analysis | Feedback

Willie Chiang, Chairman and Chief Executive Officer

Mr. Willie Chiang has been the Chairman and Chief Executive Officer of Plains GP Holdings since January 2020. He was appointed CEO in October 2018. He also assumed the role of President effective June 1, 2025. Prior to joining Plains, he served as Executive Vice President of Operations for Occidental Petroleum Corporation from 2012. From 1996 to 2012, he held various positions at ConocoPhillips and its predecessors, including Senior Vice President of Refining, Marketing, Transportation, and Commercial. Mr. Chiang began his career in refining with Chevron in 1981.

Al Swanson, Chief Financial Officer and Executive Vice President

Mr. Al Swanson has served as the Chief Financial Officer and Executive Vice President of Plains GP Holdings LP since February 2011. Before joining Plains All American in 2000, he was the Treasurer of Santa Fe Snyder Corporation from 1999 to October 2000. His experience also includes various roles at Snyder Oil Corporation, such as Director of Corporate Finance from 1998, Controller for SOCO Offshore, Inc. from 1997, and Accounting Manager from 1992. Mr. Swanson commenced his career with Apache Corporation in 1986.

Chris R. Chandler, Chief Operating Officer and Executive Vice President

Mr. Chris R. Chandler has been the Chief Operating Officer and Executive Vice President of Plains GP Holdings since March 2019. He joined Plains in 2018. Prior to his tenure at Plains, Mr. Chandler held various leadership positions at Phillips 66, including General Manager of Corporate Strategy and General Manager of Midstream Commercial and Business Development.

Jeremy L. Goebel, Chief Commercial Officer and Executive Vice President

Mr. Jeremy L. Goebel has served as the Chief Commercial Officer and Executive Vice President of Plains GP Holdings since March 2021. He brings over 20 years of experience in the energy and investment banking sectors, having been with Plains for more than ten years. His previous roles at Plains include Executive Vice President – Commercial from March 2019 to March 2021 and Senior Group Vice President – Commercial from May 2018 to March 2019.

Harry N. Pefanis, Director and Senior Advisor

Mr. Harry N. Pefanis has served as a Director of Plains GP Holdings, L.P. since February 2017. Effective June 1, 2025, he transitioned to a Senior Advisor role and continues to serve on the Board of Directors. He joined Plains Resources, Inc. in 1983. Mr. Pefanis previously served as President of PAA and its predecessors since 1988. Before joining Plains Resources, he worked as an Auditor for Price Waterhouse & Co..

AI Analysis | Feedback

The key risks to Plains GP (PAGP) are primarily concentrated around market dynamics, contract stability, and regulatory pressures.

Commodity Price Volatility: Plains GP's financial performance is closely tied to the volatile crude oil and natural gas liquids (NGL) markets. Fluctuations in these commodity prices can significantly impact the company's revenue and profitability. While Plains GP is strategically shifting to a more crude oil-focused model through the sale of its NGL business, the risk of volatility in crude oil prices remains relevant in the short term.
Contract Roll-offs: The company faces challenges in maintaining revenue stability due to upcoming contract roll-offs for significant pipelines, including Cactus II, Cactus I, and Sunrise. These contract expirations are anticipated to affect future revenues, even with efforts to recontract volumes.
Regulatory and Environmental Challenges: Plains GP operates within a highly regulated industry subject to stringent environmental and operational safety standards. Changes in laws, regulations, or public sentiment regarding the hydrocarbon energy sector could lead to increased operational costs, additional constraints, or negatively impact the company's traditional business model.

AI Analysis | Feedback

The accelerated global energy transition away from fossil fuels, leading to a long-term decline in demand for crude oil and natural gas liquids (NGLs).

AI Analysis | Feedback

Plains GP Holdings LP (PAGP), through its investment in Plains All American Pipeline, L.P., primarily engages in midstream energy infrastructure and logistics services for crude oil, natural gas liquids (NGLs), and natural gas, with operations predominantly in the United States and Canada. The addressable markets for their main products and services are as follows:

Crude Oil and Natural Gas Pipeline Infrastructure, Transportation, and Maintenance

Global Market: The global oil and gas pipeline market size was over USD 57.19 billion in 2025 and is projected to reach USD 111.45 billion by 2035.
North America Market: North America is projected to account for 45.90% of the global oil and gas pipeline market share by 2035.
U.S. Market: The U.S. oil and gas infrastructure market size was valued at USD 78.9 billion in 2024 and is projected to grow at a CAGR of 6.4% from 2025 to 2034. The segment specifically for oil, gas, and NGL pipelines is anticipated to exceed USD 41 billion by 2034. Additionally, the U.S. oil and gas pipeline construction market was valued at USD 52.5 billion in 2024 and is expected to reach USD 99 billion by 2032. The U.S. oil and gas pipeline Maintenance, Repair, and Overhaul (MRO) market is estimated at approximately USD 38 billion in 2024 and is projected to reach USD 52.01 billion over the forecast period.

Natural Gas Liquids (NGLs) Transportation, Processing, and Storage

Global Market: The Natural Gas Liquids market size was USD 16.3 billion in 2025 and is estimated to reach USD 29.4 billion by the end of 2035. Another estimate projects the global Natural Gas Liquid (NGL) market to grow from USD 24.72 billion in 2025 to USD 43.04 billion by 2035.
North America Market: The North America Natural Gas Liquids (NGL) market is estimated to grow from USD 7.08 billion in 2024 to USD 11.53 billion by 2033. North America is expected to lead the NGL market regionally, with the United States being the top performer, holding 92.8% of the North American natural gas liquid market share in 2024.

AI Analysis | Feedback

Here are the expected drivers of future revenue growth for Plains GP (PAGP) over the next 2-3 years:

Increased Crude Oil Volumes from Key Basins: Plains GP anticipates continued growth in crude oil volumes, particularly from the Permian Basin, which has historically been a significant driver of performance. CEO Willie Chiang has indicated expectations for similar ranges of growth in Permian volumes going forward. The company's strategy includes utilizing its expanded asset base in regions like the Permian and Eagle Ford to drive higher volumes through its pipelines.
Strategic Acquisitions and Integration of the EPIC Crude Oil Pipeline: Plains GP recently completed the acquisition of a 100% equity interest in EPIC Crude Holdings, LP, which operates the EPIC Crude Oil Pipeline (to be renamed Cactus III). This acquisition is expected to accelerate and increase synergy capture, lead to meaningful cost savings, and enhance the flexibility of its crude oil system to meet customer needs. This also positions Plains to drive volumes to EPIC's downstream assets and potentially expand market influence with future pipeline capacity enhancements. The company also noted contributions from other recently completed bolt-on acquisitions and expects to pursue additional smaller bolt-ons that fit its system.
Tariff Escalations and Contractual Step-ups: The company has benefited from tariff escalations and contractual step-ups within its crude oil segment, which have contributed to improved performance. These built-in mechanisms within existing contracts provide a recurring source of revenue growth.
Optimized Asset Utilization and System Integration: Plains GP aims to drive growth through quality optimization opportunities and by leveraging its broader Permian and Eagle Ford asset base. The integration of acquisitions, such as EPIC, is expected to yield operational synergies, further optimizing the company's asset utilization and improving efficiency.
Strategic Focus on Crude Oil Midstream Services: Plains GP is actively streamlining its operations by divesting its Canadian NGL business, a transaction anticipated to close by the first quarter of 2026. This strategic shift allows the company to focus predominantly on its core crude oil midstream services, which is expected to provide tailwinds for the business and drive future growth in this specialized segment.

AI Analysis | Feedback

Share Repurchases

A $500 million common equity repurchase program was approved in November 2020 for PAA common units and/or PAGP Class A shares.
As of January 29, 2022, $53.8 million remained under an authorized share repurchase program.
As of Q2 2025, the company indicated a focus on optimizing its capital structure, including potential repurchases of Series A and B preferred units and opportunistic common unit repurchases.

Outbound Investments

In July 2023, Plains' Permian joint venture acquired the remaining 43% non-operated interest in the OMOG JV for approximately $145 million net to Plains' interest.
Since the second half of 2022, Plains completed eight bolt-on acquisitions for an aggregate investment of approximately $535 million net to Plains, aimed at complementing existing assets and fostering growth opportunities.
In October and November 2025, Plains GP Holdings acquired a 100% equity interest in EPIC Crude Holdings for a total of approximately $2.9 billion (inclusive of debt), with a potential earnout payment of up to $157 million tied to pipeline system expansions by 2028.

Capital Expenditures

Capital expenditures were $373 million in 2021, $539 million in 2022, $582 million in 2023, and $640 million in 2024.
For 2023, investment capital was approximately $455 million and maintenance capital was $270 million, with a primary focus on Permian wellhead and connectivity, W2W projects, and NGL optimization.
For 2025, expected growth capital is approximately $475 million and maintenance capital is approximately $230 million, primarily focused on new Permian and South Texas lease connects and Permian terminal expansions, funded mainly by retained cash flow.

Better Bets than Plains GP (PAGP)

TC Energy

SECTOR: Energy

Higher Rev Chg 3Y Avg | Lower P/S (Values for PAGP: -5.9% | 0.1x)

SLB (10.5% | 0.0x)

SLB

KLXE (-0.2% | 0.1x)

KLX Energy Services

NINE (3.2% | 0.0x)

Nine Energy Service

VIVK (175.7% | 0.0x)

Vivakor

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for PAGP: -5.9% | 2.4x)

CIVI (14.4% | 2.3x)

Civitas Resources

SM (1.1% | 2.0x)

SM Energy

HPK (21.0% | 2.4x)

HighPeak Energy

REI (2.7% | 2.2x)

Ring Energy

SLB (10.5% | 0.0x)

SLB

Higher Rev Chg LTM (Value for PAGP: -4.9%)

ENB (32.3%)

Enbridge

WMB (9.0%)

Williams Companies

COP (8.2%)

ConocoPhillips

CVX (-3.6%)

Chevron

XOM (-4.4%)

Exxon Mobil

Higher Rev Chg 3Y Avg (Value for PAGP: -5.9%)

ENB (8.6%)

Enbridge

WMB (0.8%)

Williams Companies

CNQ (-2.4%)

Canadian Natural Resources

KMI (-4.3%)

Kinder Morgan

XOM (-5.6%)

Exxon Mobil

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

WMB (34.3%)

Williams Companies

COP (21.0%)

ConocoPhillips

ENB (17.4%)

Enbridge

XOM (11.0%)

Exxon Mobil

CVX (8.1%)

Chevron

Higher CFO/Rev LTM (Value for PAGP: 6.1%)

WMB (48.2%)

Williams Companies

COP (33.3%)

ConocoPhillips

ENB (20.0%)

Enbridge

CVX (17.0%)

Chevron

XOM (15.9%)

Exxon Mobil

Higher FCF/Rev LTM (Value for PAGP: 4.4%)

WMB (15.0%)

Williams Companies

COP (11.9%)

ConocoPhillips

CVX (8.2%)

Chevron

XOM (7.3%)

Exxon Mobil

ENB (6.3%)

Enbridge

Higher Total Yield (Value for PAGP: 11.9%)

CNQ (16.5%)

Canadian Natural Resources

ENB (14.0%)

Enbridge

SU (13.8%)

Suncor Energy

EOG (13.1%)

EOG Resources

TRP (12.6%)

TC Energy

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for PAGP: -5.9% | 0.1x)

SNEX (29.6% | 0.0x)

StoneX

UNFI (2.5% | 0.1x)

United Natural Foods

MAN (-4.7% | 0.1x)

ManpowerGroup

ARKO (-4.1% | 0.1x)

ARKO

CYH (0.9% | 0.0x)

Community Health Systems

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for PAGP: -5.9% | 2.4x)

CHTR (1.3% | 2.0x)

Charter Communications

BIPC (30.2% | 2.4x)

Brookfield Infrastructure

STNE (21.3% | 0.6x)

StoneCo

CALM (19.2% | 2.4x)

Cal-Maine Foods

PAGS (10.6% | 0.4x)

PagSeguro Digital

Higher Rev Chg LTM (Value for PAGP: -4.9%)

NVDA (65.2%)

NVIDIA

MSFT (15.6%)

Microsoft

GOOGL (13.4%)

Alphabet

AMZN (10.9%)

Amazon.com

AAPL (6.0%)

Apple

Higher Rev Chg 3Y Avg (Value for PAGP: -5.9%)

NVDA (91.6%)

NVIDIA

MSFT (13.2%)

Microsoft

AMZN (11.3%)

Amazon.com

GOOGL (11.0%)

Alphabet

AAPL (1.8%)

Apple

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

NVDA (58.8%)

NVIDIA

MSFT (46.3%)

Microsoft

GOOGL (32.2%)

Alphabet

AAPL (31.9%)

Apple

AMZN (11.4%)

Amazon.com

Higher CFO/Rev LTM (Value for PAGP: 6.1%)

MSFT (50.0%)

Microsoft

NVDA (44.4%)

NVIDIA

GOOGL (39.3%)

Alphabet

AAPL (26.6%)

Apple

AMZN (18.1%)

Amazon.com

Higher FCF/Rev LTM (Value for PAGP: 4.4%)

AVGO (42.1%)

Broadcom

NVDA (41.3%)

NVIDIA

MSFT (26.6%)

Microsoft

AAPL (23.5%)

Apple

GOOGL (19.1%)

Alphabet

Higher Total Yield (Value for PAGP: 11.9%)

CMCSA (26.5%)

Comcast

VZ (19.0%)

Verizon Communications

PFE (13.7%)

Pfizer

T (13.3%)

AT&T

TD (12.9%)

Toronto-Dominion Bank

		Best Bets In Energy Sector
	PAGP	TPL	AM	MGY	INSW	DTM	CTRA	WHD	EQT	WMB	EOG
What You Pay
P/E	21.5	46.6	17.9	12.2	12.7	29.8	11.7	20.8	18.1	31.2	10.6
P/EBIT	2.0	37.9	10.1	9.0	10.8	16.7	8.6	14.0	10.3	16.0	8.0
What You Get
Rev Chg Q	-7.0%	17.0%	8.7%	-2.5%	-12.8%	26.6%	33.7%	-10.0%	49.8%	10.2%	-2.3%
Rev Chg LTM	-4.9%	12.5%	8.7%	0.7%	-23.6%	20.4%	25.1%	-3.8%	64.8%	9.0%	-5.0%
Rev Chg 3Y Avg	-5.9%	5.7%	9.0%	-6.6%	16.7%	9.6%	-5.3%	22.9%	-2.8%	0.8%	-7.6%
FCF/Rev 3Y Avg	3.9%	47.9%	46.6%	33.7%	29.6%	25.8%	24.8%	23.5%	23.5%	22.5%	22.1%

[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	Topic
0	DASHBOARDS
1	Plains GP Earnings Notes
2	Plains GP Earnings Notes
3	Plains GP Earnings Notes
4	Plains GP Earnings Notes
5	How Low Can Plains GP Stock Really Go?	Return
6	Plains GP vs American Airlines: Which Is A Better Investment?	Counter-Intuitive Comparisons
7	Plains GP vs APA: Which Is A Better Investment?	Counter-Intuitive Comparisons
8	How Does Plains GP Stock Stack Up Against Its Peers?	Peer Comparison
9	Better Bet Than PAGP Stock: Pay Less Than Plains GP To Get More From BIPC, SNEX
10	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)

	Title
0	ARTICLES

Trade Ideas

Select ideas related to PAGP. For more, see Trefis Trade Ideas.

Unique Key

Recent Active Movers

Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
TERN	Terns Pharmaceuticals	3.2	0.0%	-14.7%
ABG	Asbury Automotive	4.8	0.0%	5.6%
INDB	Independent Bank	3.7	0.0%	0.6%
ENPH	Enphase Energy	4.8	0.0%	13.5%
IRM	Iron Mountain	27.2	0.0%	11.1%
FICO	Fair Isaac	38.8	0.0%	-4.0%
NDAQ	Nasdaq	56.7	0.0%	1.8%
IESC	IES	8.6	0.0%	11.1%
INDI	Indie Semiconductor	0.8	0.0%	16.4%
ABM	ABM Industries	2.7	0.0%	4.7%

Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
TERN	Terns Pharmaceuticals	3.2	0.0%	-14.7%
ABG	Asbury Automotive	4.8	0.0%	5.6%
INDB	Independent Bank	3.7	0.0%	0.6%
ENPH	Enphase Energy	4.8	0.0%	13.5%
IRM	Iron Mountain	27.2	0.0%	11.1%
FICO	Fair Isaac	38.8	0.0%	-4.0%
NDAQ	Nasdaq	56.7	0.0%	1.8%
IESC	IES	8.6	0.0%	11.1%
INDI	Indie Semiconductor	0.8	0.0%	16.4%
ABM	ABM Industries	2.7	0.0%	4.7%

Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
ELVN	Enliven Therapeutics	1.6	66.5%	67.2%
MLTX	MoonLake Immunotherapeutics	1.1	51.5%	29.7%
ERAS	Erasca	2.1	45.2%	101.7%
BW	Babcock & Wilcox Enterprises	0.9	43.4%	33.9%
TTMI	TTM Technologies	9.6	32.9%	35.1%
KTOS	Kratos Defense & Security Solutions	20.4	30.9%	57.7%
ZBIO	Zenas BioPharma	0.9	30.6%	-40.6%
KRUS	Kura Sushi USA	0.9	29.5%	37.7%
BE	Bloom Energy	32.8	29.4%	60.9%
HOV	Hovnanian Enterprises	0.8	29.4%	30.5%

Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
ELME	Elme Communities	0.3	-83.5%	-83.6%
BBNX	Beta Bionics	0.8	-45.2%	-43.3%
AQST	Aquestive Therapeutics	0.4	-45.1%	-47.1%
CRMD	Cormedix	0.5	-36.8%	-39.3%
FBYD	Falcons Beyond Global	0.3	-30.1%	-39.0%
NUVB	Nuvation Bio	2.2	-25.9%	-26.9%
LXEO	Lexeo Therapeutics	0.5	-25.8%	-25.2%
ATEC	Alphatec	2.5	-25.1%	-21.8%
WLTH	Wealthfront	1.5	-22.4%	-23.0%
TVTX	Travere Therapeutics	2.6	-19.8%	-23.8%

Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
HYMC	Hycroft Mining	1.4	152.5%	42.4%
ERAS	Erasca	2.1	108.5%	101.7%
ALMS	Alumis	2.3	92.4%	126.5%
SNDK	SanDisk	56.9	89.1%	64.2%
GTN-A	Gray Media	1.4	79.6%	16.0%
VTYX	Ventyx Biosciences	1.0	69.2%	53.5%
SKYT	SkyWater Technology	1.4	66.7%	61.2%
SOC	Sable Offshore	1.0	63.8%	11.9%
RCAT	Red Cat	1.3	62.4%	64.7%
ONDS	Ondas	3.6	58.7%	42.3%

Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
NOW	ServiceNow	143.5	-84.0%	-9.8%
ELME	Elme Communities	0.3	-83.5%	-83.6%
CORT	Corcept Therapeutics	3.8	-58.7%	4.5%
ZBIO	Zenas BioPharma	0.9	-46.9%	-40.6%
AQST	Aquestive Therapeutics	0.4	-44.9%	-47.1%
BBNX	Beta Bionics	0.8	-42.0%	-43.3%
CRMD	Cormedix	0.5	-38.6%	-39.3%
LVWR	LiveWire	0.6	-37.4%	-30.1%
RARE	Ultragenyx Pharmaceutical	2.4	-33.5%	4.8%
NKTR	Nektar Therapeutics	0.7	-33.1%	-13.5%

Peer Comparisons for Plains GP

Peers to compare with:

Financials

	PAGP	ET	KMI	OKE	MPLX	TRGP	Median
Name	Plains GP	Energy T.	Kinder M.	ONEOK	MPLX	Targa Re.
Mkt Price	20.17	-	27.38	74.25	-	180.28	50.81
Mkt Cap	4.0	-	60.9	46.8	-	38.8	42.8
Rev LTM	47,450	79,757	16,416	31,564	11,420	17,378	24,471
Op Inc LTM	1,641	9,240	4,459	5,907	4,626	3,114	4,542
FCF LTM	2,084	5,189	2,757	2,920	4,686	643	2,838
FCF 3Y Avg	1,909	6,095	3,375	2,763	4,589	524	3,069
CFO LTM	2,873	10,841	5,735	5,664	6,088	3,740	5,700
CFO 3Y Avg	2,562	10,217	5,918	4,801	5,708	3,270	5,254

Growth & Margins

	PAGP	ET	KMI	OKE	MPLX	TRGP	Median
Name	Plains GP	Energy T.	Kinder M.	ONEOK	MPLX	Targa Re.
Rev Chg LTM	-4.9%	-4.7%	8.3%	58.4%	6.3%	7.2%	6.8%
Rev Chg 3Y Avg	-5.9%	-3.0%	-4.3%	16.4%	2.5%	-6.2%	-3.6%
Rev Chg Q	-7.0%	-3.9%	12.1%	71.9%	4.6%	7.8%	6.2%
QoQ Delta Rev Chg LTM	-1.8%	-1.0%	2.8%	12.9%	1.1%	1.8%	1.4%
Op Mgn LTM	3.5%	11.6%	27.2%	18.7%	40.5%	17.9%	18.3%
Op Mgn 3Y Avg	2.9%	10.8%	27.6%	21.2%	40.6%	16.6%	18.9%
QoQ Delta Op Mgn LTM	0.5%	0.1%	-0.5%	-0.9%	-0.4%	0.3%	-0.2%
CFO/Rev LTM	6.1%	13.6%	34.9%	17.9%	53.3%	21.5%	19.7%
CFO/Rev 3Y Avg	5.3%	12.7%	37.5%	21.5%	52.8%	19.6%	20.6%
FCF/Rev LTM	4.4%	6.5%	16.8%	9.3%	41.0%	3.7%	7.9%
FCF/Rev 3Y Avg	3.9%	7.5%	21.5%	12.7%	42.5%	3.1%	10.1%

Valuation

	PAGP	ET	KMI	OKE	MPLX	TRGP	Median
Name	Plains GP	Energy T.	Kinder M.	ONEOK	MPLX	Targa Re.
Mkt Cap	4.0	-	60.9	46.8	-	38.8	42.8
P/S	0.1	-	3.7	1.5	-	2.2	1.9
P/EBIT	2.0	-	13.7	7.4	-	12.4	9.9
P/E	21.5	-	22.3	14.0	-	22.4	21.9
P/CFO	1.4	-	10.6	8.3	-	10.4	9.3
Total Yield	11.9%	-	8.7%	7.1%	-	6.0%	7.9%
Dividend Yield	7.2%	-	4.3%	0.0%	-	1.6%	2.9%
FCF Yield 3Y Avg	53.9%	-	6.6%	6.4%	-	1.9%	6.5%
D/E	2.4	-	0.5	0.7	-	0.4	0.6
Net D/E	2.1	-	0.5	0.7	-	0.4	0.6

Returns

	PAGP	ET	KMI	OKE	MPLX	TRGP	Median
Name	Plains GP	Energy T.	Kinder M.	ONEOK	MPLX	Targa Re.
1M Rtn	5.9%	-	2.5%	1.9%	-	-1.1%	2.2%
3M Rtn	20.2%	-0.7%	0.3%	9.4%	6.2%	20.1%	7.8%
6M Rtn	7.4%	-1.9%	0.3%	-3.5%	5.7%	10.0%	3.0%
12M Rtn	5.8%	-11.1%	-1.8%	-26.3%	11.4%	-8.5%	-5.2%
3Y Rtn	95.8%	66.7%	71.3%	22.7%	93.5%	155.9%	82.4%
1M Excs Rtn	5.6%	-	1.0%	-0.6%	-	-3.0%	0.2%
3M Excs Rtn	17.9%	-2.7%	-2.9%	4.1%	2.7%	16.4%	3.4%
6M Excs Rtn	-3.2%	-12.5%	-10.3%	-14.1%	-4.9%	-0.6%	-7.6%
12M Excs Rtn	-10.1%	-27.7%	-18.5%	-43.5%	-5.0%	-25.4%	-21.9%
3Y Excs Rtn	24.3%	-6.4%	-5.4%	-49.6%	18.4%	79.6%	6.5%

Comparison Analyses

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

FDIC Bank Data

$ Mil \| FY: 12/31	LTM	2024	2023	2022	2021	2020	2019
Period End	9/30/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019
Filing Date	11/7/2025	2/28/2025	2/29/2024	3/1/2023	3/1/2022	3/1/2021	2/27/2020
Key Financials
Total Revenue	47,450	50,073	48,712	57,342	42,078	23,290	33,669
EBITDA	3,094	2,682	3,051	2,782	1,914	-1,515	3,267
Operating Income	1,641	1,332	1,349	1,553	1,434	851	2,008
Net Income	186	103	198	168	60	-568	331
EPS	0.95	0.52	1.01	0.86	0.31	-3.06	1.97
Growth Rates
Total Revenue Growth	-4.9%	2.8%	-15.1%	36.3%	80.7%	-30.8%	-1.1%
EBITDA Growth	15.2%	-12.1%	9.7%	45.4%	226.3%	-146.4%	-2.8%
Operating Income Growth	25.2%	-1.3%	-13.1%	8.3%	68.5%	-57.6%	-7.0%
Net Income Growth	12.0%	-48.0%	17.9%	180.0%	110.6%	-271.6%	-0.9%
Margins
EBITDA Margin	6.5%	5.4%	6.3%	4.9%	4.5%	-6.5%	9.7%
Operating Income Margin	3.5%	2.7%	2.8%	2.7%	3.4%	3.7%	6.0%
Net Income Margin	0.4%	0.2%	0.4%	0.3%	0.1%	-2.4%	1.0%
Cash & Debt
Total Cash	1,181	349	453	404	452	25	47
Total Debt	9,637	7,934	8,025	8,754	9,559	10,530	10,078
Net Debt / (Cash)	8,456	7,585	7,572	8,350	9,107	10,505	10,031
Cash Flows
Net Cash from Operations	2,873	2,484	2,722	2,404	1,991	1,510	2,500
Free Cash from Operations	2,084	1,844	2,140	1,865	1,655	772	1,319
Returns to Shareholders
Dividends	288	251	209	162	140	166	231
Share Repurchases	341	-0	-0	74	178	50	-0

$ Mil \| FY: 12/31	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4
Period End	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	12/31/2022
Filing Date	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	3/1/2023
Key Financials Quarterly
Total Revenue	11,578	10,642	12,011	13,219	12,456	12,757	11,995	12,698	12,071	11,602	12,341	12,952
Ebitda	800	543	934	817	528	639	713	805	621	744	881	675
Operating Income	391	279	519	452	195	332	369	415	239	378	317	275
Net Income	83	30	84	-11	33	39	42	52	29	48	69	44
EPS	0.42	0.15	0.42	-0.04	0.17	0.20	0.21	0.26	0.15	0.25	0.35	0.23
Key Financials TTM
Total Revenue TTM	47,450	48,328	50,443	50,427	49,906	49,521	48,366	48,712	48,966	51,231	55,988	57,341
Ebitda TTM	3,094	2,822	2,918	2,697	2,685	2,778	2,883	3,051	2,921	3,186	3,080	2,781
Operating Income TTM	1,641	1,445	1,498	1,348	1,311	1,355	1,401	1,349	1,209	1,594	1,621	1,553
Net Income TTM	186	136	145	103	166	162	171	198	190	232	215	168
Growth Rates Quarterly
Total Revenue Growth	-7.0%	-16.6%	0.1%	4.1%	3.2%	10.0%	-2.8%	-2.0%	-15.8%	-29.1%	-9.9%	-0.3%
EBITDA Growth	51.5%	-15.0%	31.0%	1.5%	-15.0%	-14.1%	-19.1%	19.3%	-29.9%	16.6%	51.4%	-26.0%
Operating Income Growth	100.5%	-16.0%	40.7%	8.9%	-18.4%	-12.2%	16.4%	50.9%	-61.7%	-6.7%	27.3%	-53.9%
Net Income Growth	151.5%	-23.1%	100.0%	-121.2%	13.8%	-18.8%	-39.1%	18.2%	-59.2%	54.8%	213.6%	-47.6%
Margins Quarterly
EBITDA Margin	6.9%	5.1%	7.8%	6.2%	4.2%	5.0%	5.9%	6.3%	5.1%	6.4%	7.1%	5.2%
Operating Income Margin	3.4%	2.6%	4.3%	3.4%	1.6%	2.6%	3.1%	3.3%	2.0%	3.3%	2.6%	2.1%
Net Income Margin	0.7%	0.3%	0.7%	-0.1%	0.3%	0.3%	0.4%	0.4%	0.2%	0.4%	0.6%	0.3%
Cash & Debt
Total Cash	1,181	460	429	349	641	556	334	453	262	936	529	404
Total Debt	9,637	8,869	8,983	7,934	8,246	8,255	8,123	8,025	8,286	8,296	8,303	8,754
Net Debt / (Cash)	8,456	8,409	8,554	7,585	7,605	7,699	7,789	7,572	8,024	7,360	7,774	8,350
Cash Flows Quarterly
FCF from Operations	817	692	638	726	688	652	418	1,010	83	887	742	334
Cash Flows TTM
FCF from Operations TTM	2,873	2,744	2,704	2,484	2,768	2,163	2,398	2,722	2,046	2,904	2,807	2,404
Returns to Shareholders Quarterly
Dividends	75	75	75	63	63	62	63	53	52	52	52	42
Share Repurchases	-0	8	333	-0	-0	-0	-0	-0	-0	-0	-0	-0
Return on Invested Capital (ROIC) Quarterly
ROIC	17.3%	12.3%	21.1%	17.5%	9.4%	14.1%	17.5%	19.2%	11.9%	17.6%	13.7%	12.1%
Return on Invested Capital (ROIC) TTM
ROIC TTM	16.8%	14.6%	14.5%	14.9%	15.1%	15.8%	16.3%	15.7%	13.5%	18.1%	17.2%	15.4%

Segment Financials

Revenue by Segment

$ Mil	2024	2023	2022	2021	2020
Crude Oil	47,174	55,080	40,470	22,199
Natural gas liquids (NGL)	1,935	2,761	1,968	1,360
Intersegment Revenues Elimination	-397	-499	-360	-269	-471
Facilities					609
Supply and Logistics					32,272
Transportation					1,259
Total	48,712	57,342	42,078	23,290	33,669

Price Behavior

Price Behavior

Market Price	$20.25
Market Cap ($ Bil)	4.0
First Trading Date	02/23/2007
Distance from 52W High	-1.4%
	50 Days	200 Days
DMA Price	$18.58	$18.16
DMA Trend	indeterminate	up
Distance from DMA	9.0%	11.5%
	3M	1YR
Volatility	14.0%	24.2%
Downside Capture	-62.57	48.57
Upside Capture	48.57	45.73
Correlation (SPY)	5.6%	52.8%

PAGP Betas & Captures as of 12/31/2025

	1M	2M	3M	6M	1Y	3Y
Beta	-0.15	-0.00	0.24	0.22	0.66	0.68
Up Beta	-0.10	0.58	0.63	0.42	0.61	0.63
Down Beta	-0.92	-0.28	0.20	0.37	0.94	0.90
Up Capture	49%	41%	32%	12%	41%	34%
Bmk +ve Days	11	23	37	72	143	431
Stock +ve Days	12	27	37	68	137	426
Down Capture	-21%	-48%	-1%	5%	59%	78%
Bmk -ve Days	11	18	27	55	108	320
Stock -ve Days	10	14	27	58	112	319

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

Based On 1-Year Data

		PAGP vs. Other Asset Classes (Last 1Y)
	PAGP	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	9.5%	11.4%	20.0%	71.6%	5.6%	10.4%	1.0%
Annualized Volatility	24.3%	25.1%	19.3%	20.0%	15.3%	16.7%	34.5%
Sharpe Ratio	0.32	0.39	0.82	2.59	0.15	0.42	0.11
Correlation With Other Assets		71.5%	52.7%	2.2%	50.6%	49.2%	13.7%

ETFs used for asset classes: Sector ETF = XLE, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 5-Year Data

		PAGP vs. Other Asset Classes (Last 5Y)
	PAGP	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	25.1%	23.0%	14.6%	18.8%	11.6%	5.8%	21.0%
Annualized Volatility	29.6%	26.7%	17.1%	15.6%	18.7%	18.8%	48.2%
Sharpe Ratio	0.79	0.78	0.69	0.97	0.50	0.22	0.46
Correlation With Other Assets		71.5%	42.9%	14.6%	49.6%	36.2%	20.4%

Based On 10-Year Data

		PAGP vs. Other Asset Classes (Last 10Y)
	PAGP	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	6.0%	9.4%	15.1%	15.1%	7.6%	5.4%	71.7%
Annualized Volatility	45.2%	29.8%	18.0%	14.8%	17.6%	20.8%	55.7%
Sharpe Ratio	0.30	0.36	0.72	0.84	0.35	0.23	0.92
Correlation With Other Assets		68.1%	43.0%	4.3%	46.4%	38.7%	13.6%

Short Interest

Short Interest: As Of Date	12312025
Short Interest: Shares Quantity	9,978,886
Short Interest: % Change Since 12152025	-1.3%
Average Daily Volume	1,315,775
Days-to-Cover Short Interest	7.58
Basic Shares Quantity	198,000,000
Short % of Basic Shares	5.0%

Returns Analyses

	Title
0	How Low Can Plains GP Stock Really Go?

SEC Filings

Expand for More

Report Date	Filing Date	Filing
09/30/2025	11/07/2025	10-Q (09/30/2025)
06/30/2025	08/08/2025	10-Q (06/30/2025)
03/31/2025	05/09/2025	10-Q (03/31/2025)
12/31/2024	02/28/2025	10-K (12/31/2024)
09/30/2024	11/08/2024	10-Q (09/30/2024)
06/30/2024	08/09/2024	10-Q (06/30/2024)
03/31/2024	05/10/2024	10-Q (03/31/2024)
12/31/2023	02/29/2024	10-K (12/31/2023)
09/30/2023	11/08/2023	10-Q (09/30/2023)
06/30/2023	08/09/2023	10-Q (06/30/2023)
03/31/2023	05/10/2023	10-Q (03/31/2023)
12/31/2022	03/01/2023	10-K (12/31/2022)
09/30/2022	11/08/2022	10-Q (09/30/2022)
06/30/2022	08/09/2022	10-Q (06/30/2022)
03/31/2022	05/10/2022	10-Q (03/31/2022)
12/31/2021	03/01/2022	10-K (12/31/2021)

Insider Activity

Expand for Morenull

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

Prefer one of these to Trefis? Tell us why.

Plains GP (PAGP)

Market Price (1/15/2026): $20.41 | Market Cap: $4.0 BilSector: Energy | Industry: Oil & Gas Storage & Transportation

Plains GP (PAGP)

Market Price (1/15/2026): $20.41Market Cap: $4.0 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

PAGP Stock

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)

Crude Oil and Natural Gas Pipeline Infrastructure, Transportation, and Maintenance

Natural Gas Liquids (NGLs) Transportation, Processing, and Storage

Share Repurchases

Outbound Investments

Capital Expenditures

Interactive Breakdown

Better Bets than Plains GP (PAGP)

INDUSTRY: Oil & Gas Storage & Transportation

Higher Rev Chg LTM (Value for PAGP: -4.9%)

Higher Rev Chg 3Y Avg (Value for PAGP: -5.9%)

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

Higher CFO/Rev LTM (Value for PAGP: 6.1%)

Higher FCF/Rev LTM (Value for PAGP: 4.4%)

Higher Total Yield (Value for PAGP: 11.9%)

SECTOR: Energy

Higher Rev Chg 3Y Avg | Lower P/S (Values for PAGP: -5.9% | 0.1x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for PAGP: -5.9% | 2.4x)

Higher Rev Chg LTM (Value for PAGP: -4.9%)

Higher Rev Chg 3Y Avg (Value for PAGP: -5.9%)

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

Higher CFO/Rev LTM (Value for PAGP: 6.1%)

Higher FCF/Rev LTM (Value for PAGP: 4.4%)

Higher Total Yield (Value for PAGP: 11.9%)

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for PAGP: -5.9% | 0.1x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for PAGP: -5.9% | 2.4x)

Higher Rev Chg LTM (Value for PAGP: -4.9%)

Higher Rev Chg 3Y Avg (Value for PAGP: -5.9%)

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

Higher CFO/Rev LTM (Value for PAGP: 6.1%)

Higher FCF/Rev LTM (Value for PAGP: 4.4%)

Higher Total Yield (Value for PAGP: 11.9%)

Latest Trefis Analyses

Trade Ideas

Recent Active Movers

Top Gainers

Top Losers

Top Gainers

Top Losers

Top Gainers

Top Losers

More From Trefis

Research & Analysis

Invest in Strategies

Wealth Management

Peer Comparisons for Plains GP

Financials

Growth & Margins

Valuation

Returns

Comparison Analyses

FDIC Bank Data

Bank Capital

Bank Deposits

Bank Assets

Market Price (1/15/2026): $20.41 | Market Cap: $4.0 Bil
Sector: Energy | Industry: Oil & Gas Storage & Transportation

Market Price (1/15/2026): $20.41
Market Cap: $4.0 Bil
Sector: Energy
Industry: Oil & Gas Storage & Transportation