Tearsheet

Plains GP (PAGP)

Market Price (12/4/2025): $18.94 | Market Cap: $3.8 Bil
Sector: Energy | Industry: Oil & Gas Storage & Transportation

Plains GP (PAGP)

Market Price (12/4/2025): $18.94
Market Cap: $3.8 Bil
Sector: Energy
Industry: Oil & Gas Storage & Transportation

Investment Highlights Why It Matters Which of these 2 stories sounds closer for this stock?

1. Generates cash flow

The stock generated 4% or more of the share price (called cash flow yield), and shows moderate 10-15% or more growth.

2. Riding a trend

Think Tesla during the pandemic of 2020 when EVs were riding a cultural high, or Nvidia in the current AI boom, or even Figma. These companies don’t have enough yield, or, enough growth, or both - however - they are riding a trend. They have momentum. These can be more volatile - they don’t have the floor of strong cash flow

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 11%, 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 6.5%, FCF Yield is 53%	Weak multi-year price returns 2Y Excs Rtn is -13%	Debt is significant Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 219%
1	Attractive cash flow generation CFO LTM is 2.7 Bil, FCF LTM is 2.0 Bil		Weak revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -3.5%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -3.9%, Rev Chg QQuarterly Revenue Change % is -17%
2	Low stock price volatility Vol 12M is 26%
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 11%, 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 6.5%, FCF Yield is 53%
1	Attractive cash flow generation CFO LTM is 2.7 Bil, FCF LTM is 2.0 Bil
2	Low stock price volatility Vol 12M is 26%
3	Megatrend and thematic drivers Megatrends include Energy Infrastructure. Themes include Hydrocarbon Transportation & Storage.
4	Weak multi-year price returns 2Y Excs Rtn is -13%
5	Debt is significant Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 219%
6	Weak revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -3.5%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -3.9%, Rev Chg QQuarterly Revenue Change % is -17%

Valuation, Metrics & Events

	12/4/25	2024	2023	2022	2021
Share Price CYE	$18.94	$16.98	$13.74	$9.95	$7.55
Market Cap CYE ($ Bil)	3.8	3.3	2.7	1.9	1.5
Total Debt ($ Bil)	8.9	7.9	8.0	8.8	9.6
Total Cash ($ Bil)	0.5	0.3	0.5	0.4	0.5
Enterprise Value ($ Bil)	12.2	11.2	10.7	10.7	11.1
Valuation Ratios
P/S TTM	0.1	0.1	0.1	0.0	0.1
P/EBIT TTM	2.2	2.2	1.6	1.3	1.7
P/E TTM	28.4	35.1	15.7	14.4	32.8
Sector Ratios
P/S TTM (Sector)	1.4	1.5	1.5	1.2	1.3
P/EBIT TTM (Sector)	7.3	6.7	5.7	4.0	4.4
P/E TTM (Sector)	10.8	10.1	8.5	5.4	4.1

	12/4/25	2024	2023
Share Price CYE	$18.94	$16.98	$13.74
Market Cap CYE ($ Bil)	3.8	3.3	2.7
Total Debt ($ Bil)	8.9	7.9	8.0
Total Cash ($ Bil)	0.5	0.3	0.5
Enterprise Value ($ Bil)	12.2	11.2	10.7
Valuation Ratios
P/S TTM	0.1	0.1	0.1
P/EBIT TTM	2.2	2.2	1.6
P/E TTM	28.4	35.1	15.7
Sector Ratios
P/S TTM (Sector)	1.4	1.5	1.5
P/EBIT TTM (Sector)	7.3	6.7	5.7
P/E TTM (Sector)	10.8	10.1	8.5

	PAGP	S&P 500
REVENUE GROWTH	VERY POOR
Rev LTM ($ Bil)	47.8
Rev Chg Q	-16.6%	7.1%
Rev Chg LTM	-3.5%	6.1%
Rev Chg 3Y Avg	-3.9%	5.5%
PROFITABILITY	VERY POOR
Op Inc LTM ($ Bil)	1.4
CFO LTM ($ Bil)	2.7
Net Inc LTM ($ Bil)	0.1
Op Mgn LTM	2.9%	18.8%
CFO/Rev LTM	5.7%	20.5%
Net Inc Mgn	0.3%	13.1%
VALUATION	MODERATE
P/S	0.1	3.2
P/CFO	1.4	15.8
P/FCF	1.9	20.5
P/E	28.4	23.5
STABILITY	VERY POOR
Debt/Equity	2.30	0.20
Cash/Assets	0.02	0.07

AI Generated 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

Recent
11/05/2025	Earnings Release	Rev: $11 Bil (A) vs. $12 Bil (E) EPS: 0.31 (A) vs. $0.42 (E)
Upcoming
2/06/2026	Earnings Release	Rev: - EPS: -

PAGP Stock

Return (1M):

Why The Stock Moved

Qualitative Assessment

AI Generated Analysis | Feedback

Here are key points highlighting why Plains GP (PAGP) stock moved by -0.1% for the approximate time period from August 31, 2025, to December 4, 2025:

1. Plains All American Pipeline, L.P. (PAA), a subsidiary of Plains GP, completed the acquisition of 100% of EPIC Crude Holdings, LP on October 31, 2025. This acquisition was announced with an initial 55% stake on September 2, 2025, for $1.57 billion, with potential for an additional $193 million.

2. Following the EPIC acquisition, Plains All American Pipeline terminated the EPIC Credit Agreement and repaid all outstanding amounts on December 1, 2025. Concurrently, PAA entered into a new $1.1 billion senior unsecured term loan agreement on November 26, 2025.

Stock Movement Drivers

Fundamental Drivers

The 2.8% change in PAGP stock from 9/3/2025 to 12/3/2025 was primarily driven by a 2.8% change in the company's P/E Multiple.

	9032025	12032025	Change
Stock Price ($)	18.36	18.87	2.79%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	47798.00	47798.00	0.00%
Net Income Margin (%)	0.28%	0.28%	0.00%
P/E Multiple	26.73	27.47	2.79%
Shares Outstanding (Mil)	198.00	198.00	0.00%
Cumulative Contribution			2.79%

LTM = Last Twelve Months as of date shown

Market Drivers

9/3/2025 to 12/3/2025

	Return	Correlation
PAGP	2.8%
Market (SPY)	6.2%	15.0%
Sector (XLE)	3.8%	63.4%

Fundamental Drivers

The 9.0% change in PAGP stock from 6/4/2025 to 12/3/2025 was primarily driven by a 16.2% change in the company's P/E Multiple.

	6042025	12032025	Change
Stock Price ($)	17.31	18.87	8.99%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	49913.00	47798.00	-4.24%
Net Income Margin (%)	0.29%	0.28%	-2.06%
P/E Multiple	23.64	27.47	16.20%
Shares Outstanding (Mil)	198.00	198.00	0.00%
Cumulative Contribution			8.99%

LTM = Last Twelve Months as of date shown

Market Drivers

6/4/2025 to 12/3/2025

	Return	Correlation
PAGP	9.0%
Market (SPY)	15.1%	12.6%
Sector (XLE)	13.0%	55.3%

Fundamental Drivers

The 2.5% change in PAGP stock from 12/3/2024 to 12/3/2025 was primarily driven by a 25.7% change in the company's P/E Multiple.

	12032024	12032025	Change
Stock Price ($)	18.42	18.87	2.46%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	50193.00	47798.00	-4.77%
Net Income Margin (%)	0.33%	0.28%	-13.97%
P/E Multiple	21.86	27.47	25.70%
Shares Outstanding (Mil)	197.00	198.00	-0.51%
Cumulative Contribution			2.46%

LTM = Last Twelve Months as of date shown

Market Drivers

12/3/2024 to 12/3/2025

	Return	Correlation
PAGP	2.5%
Market (SPY)	14.3%	52.3%
Sector (XLE)	-0.5%	70.2%

Fundamental Drivers

The 81.5% change in PAGP stock from 12/4/2022 to 12/3/2025 was primarily driven by a 183.3% change in the company's P/E Multiple.

	12042022	12032025	Change
Stock Price ($)	10.40	18.87	81.52%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	57378.00	47798.00	-16.70%
Net Income Margin (%)	0.36%	0.28%	-21.51%
P/E Multiple	9.70	27.47	183.35%
Shares Outstanding (Mil)	194.00	198.00	-2.06%
Cumulative Contribution			81.45%

LTM = Last Twelve Months as of date shown

Market Drivers

12/4/2023 to 12/3/2025

	Return	Correlation
PAGP	35.4%
Market (SPY)	53.2%	47.1%
Sector (XLE)	15.0%	64.5%

Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
PAGP Return	-51%	29%	32%	38%	24%	10%	55%
Peers Return	-20%	38%	27%	13%	50%	9%	159%
S&P 500 Return	16%	27%	-19%	24%	23%	16%	112%
Monthly Win Rates [3]
PAGP Win Rate	42%	67%	58%	75%	67%	40%
Peers Win Rate	43%	73%	65%	60%	72%	58%
S&P 500 Win Rate	58%	75%	42%	67%	75%	70%
Max Drawdowns [4]
PAGP Max Drawdown	-81%	-0%	0%	-2%	0%	-5%
Peers Max Drawdown	-56%	-0%	-1%	-8%	-3%	-6%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: ET, MPLX, ENB, WMB, KMI.
[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] 2025 data is for the year up to 12/3/2025 (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	1568 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	1480 days

Compare to ET, MPLX, ENB, WMB, KMI

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

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Asset Allocation

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About Plains GP (PAGP)

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 Generated 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 Generated 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 Generated 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 Generated Analysis | Feedback

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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 Generated 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 Generated 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 Generated 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 Generated 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)

	PAGP	Better Performance than PAGP
Metric	Value	INDUSTRY: Oil & Gas Storage & Transportation
Rev Chg LTM	-3.5%	OKE (58.4%), ENB (32.3%), TRP (24.5%), WMB (9.0%), KMI (8.3%)
Rev Chg 3Y Avg	-3.9%	OKE (16.4%), ENB (8.6%), WES (5.8%), TRP (1.5%), WMB (0.8%)
Op Mgn LTM	2.9%	TRP (43.1%), WMB (34.3%), KMI (27.2%), OKE (18.7%), ENB (17.4%)
CFO/Rev LTM	5.7%	TRP (51.4%), WMB (48.2%), KMI (34.9%), ENB (20.0%), OKE (17.9%)
FCF/Rev LTM	4.2%	KMI (16.8%), WMB (15.0%), TRP (13.3%), OKE (9.3%), ENB (6.3%)
Total Yield	10.7%	WES (18.3%), PBA (14.5%), VNOM (14.0%), ENB (12.9%), TRP (12.6%)
P/S	0.1
P/Op Inc	2.8	TK (2.2)

	PAGP	Better Performance than PAGP
Metric	Value	SECTOR: Energy
Rev Chg LTM	-3.5%	ENB (32.3%), WMB (9.0%), CNQ (8.3%), COP (8.2%), XOM (-3.3%)
Rev Chg 3Y Avg	-3.9%	ENB (8.6%), TRP (1.5%), WMB (0.8%), XOM (-2.1%), CNQ (-2.4%)
Op Mgn LTM	2.9%	WMB (34.3%), COP (21.0%), ENB (17.4%), XOM (11.4%), CVX (8.1%)
CFO/Rev LTM	5.7%	WMB (48.2%), COP (33.3%), ENB (20.0%), CVX (17.0%), XOM (16.5%)
FCF/Rev LTM	4.2%	WMB (15.0%), COP (11.9%), XOM (8.8%), CVX (8.2%), ENB (6.3%)
Total Yield	10.7%	CNQ (17.1%), ENB (12.9%), EOG (12.6%), TRP (12.6%), COP (10.8%)
P/S	0.1	SLB (0.0), WKC (0.0), NINE (0.0), KLXE (0.1)
P/Op Inc	2.8	VTLE (1.7), BORR (2.1), TK (2.2), NBR (2.2), REI (2.6)

	PAGP	Better Performance than PAGP
Metric	Value	ALL OTHER SECTORS
Rev Chg LTM	-3.5%	NVDA (71.6%), MSFT (15.6%), GOOGL (13.4%), AMZN (10.9%), AAPL (6.0%)
Rev Chg 3Y Avg	-3.9%	NVDA (92.0%), MSFT (13.2%), AMZN (11.3%), GOOGL (11.0%), AAPL (1.8%)
Op Mgn LTM	2.9%	NVDA (58.1%), MSFT (46.3%), GOOGL (32.2%), AAPL (31.9%), AMZN (11.4%)
CFO/Rev LTM	5.7%	MSFT (50.0%), NVDA (46.6%), GOOGL (39.3%), AAPL (26.6%), AMZN (18.1%)
FCF/Rev LTM	4.2%	NVDA (43.6%), AVGO (41.6%), MSFT (26.6%), AAPL (23.5%), GOOGL (19.1%)
Total Yield	10.7%	VZ (16.8%), TD (16.6%), PFE (13.5%), MRK (13.0%), T (11.0%)
P/S	0.1	SNEX (0.0), AMRK (0.1), KSS (0.1), IHRT (0.1), UNFI (0.1)
P/Op Inc	2.8	PAGS (0.4), STNE (0.7), BIPC (2.2), SNEX (2.4), CZR (2.7)

		Best Bets In Energy Sector
	PAGP
What You Pay
P/E	28.3
P/EBIT	2.2
What You Get
Rev Chg Q	-16.6%
Rev Chg LTM	-3.5%
Rev Chg 3Y Avg	-3.9%
FCF/Rev 3Y Avg	4.0%

[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 Stock Jump Looks Great, But How Secure Is That Gain?	Return
2	Plains GP vs American Airlines: Which Is A Better Investment?	Counter-Intuitive Comparisons
3	Plains GP vs APA: Which Is A Better Investment?	Counter-Intuitive Comparisons
4	How Does Plains GP Stock Stack Up Against Its Peers?	Peer Comparison
5	Better Bet Than PAGP Stock: Pay Less Than Plains GP To Get More From BIPC, SNEX
6	Why Plains GP Stock Moved: PAGP Stock Has Gained 145% Since 2021 Fiscal End, Primarily Due To Favorable Change In Price To Sales Multiple (P/S)
7	PAGP Dip Buy Analysis
8	Plains GP (PAGP) Valuation Ratios Comparison	Financials
9	Plains GP Total Shareholder Return (TSR): 30.5% in 2024 and 37.3% 3-yr compounded annual returns (above peer average)
10	Why You Shouldn?t Be Buying Plains GP Stock	Buy or Fear

	Title
0	ARTICLES

Trade Ideas

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

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
WHD_11212025_Dip_Buyer_ValueBuy	11212025	WHD	Cactus	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	8.3%	8.3%	0.0%
OVV_10172025_Dip_Buyer_FCFYield	10172025	OVV	Ovintiv	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	13.3%	13.3%	0.0%
COP_10102025_Dip_Buyer_FCFYield	10102025	COP	ConocoPhillips	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	2.8%	2.8%	-2.3%
HAL_10102025_Dip_Buyer_FCFYield	10102025	HAL	Halliburton	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	22.5%	22.5%	-0.7%
OXY_10102025_Dip_Buyer_FCFYield	10102025	OXY	Occidental Petroleum	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	-0.4%	-0.4%	-5.7%

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
WHD_11212025_Dip_Buyer_ValueBuy	11212025	WHD	Cactus	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	8.3%	8.3%	0.0%
OVV_10172025_Dip_Buyer_FCFYield	10172025	OVV	Ovintiv	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	13.3%	13.3%	0.0%
COP_10102025_Dip_Buyer_FCFYield	10102025	COP	ConocoPhillips	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	2.8%	2.8%	-2.3%
HAL_10102025_Dip_Buyer_FCFYield	10102025	HAL	Halliburton	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	22.5%	22.5%	-0.7%
OXY_10102025_Dip_Buyer_FCFYield	10102025	OXY	Occidental Petroleum	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	-0.4%	-0.4%	-5.7%

Recent Active Movers

1 Day Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
MPLT	MapLight Therapeutics	0.7	31.3%
AEVA	Aeva Technologies	0.8	25.7%	188.2%
DC	Dakota Gold	0.6	19.7%	150.9%
SERV	Serve Robotics	0.7	18.2%	-12.6%
ACDC	ProFrac	0.7	17.6%	-45.0%
HY	Hyster Yale	0.6	15.6%	-29.9%
AEO	American Eagle Outfitters	4.1	15.1%	49.7%
BEAM	Beam Therapeutics	2.7	14.4%	7.8%
GOSS	Gossamer Bio	0.8	14.4%	278.1%
FTRE	Fortrea	1.3	14.4%	-21.8%

1 Day Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
PSTG	Pure Storage	22.6	-27.3%	12.1%
GTLB	GitLab	6.3	-12.8%	-32.9%
CTEV	Claritev	0.7	-11.3%
FBYD	Falcons Beyond Global	0.7	-11.2%	131.2%
ACHC	Acadia Healthcare	1.3	-10.9%	-63.0%
ULS	UL Solutions	16.0	-10.7%	60.4%
HPK	HighPeak Energy	0.7	-10.6%	-59.8%
OS	OneStream	3.5	-10.4%	-35.0%
ARE	Alexandria Real Estate Equities	8.2	-10.1%	-47.9%
THO	Thor Industries	5.3	-9.5%	6.6%

1 Week Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
HPP	Hudson Pacific Properties	6.3	641.5%	-34.3%
TLRY	Tilray Brands	7.5	618.1%	-46.9%
TMC	TMC The Metals	2.8	42.2%	589.3%
VERA	Vera Therapeutics	2.6	40.2%	-2.4%
ARWR	Arrowhead Pharmaceuticals	9.0	39.1%	246.1%
TE	T1 Energy	0.7	37.4%
MPLT	MapLight Therapeutics	0.7	32.1%
AEVA	Aeva Technologies	0.8	31.1%	188.2%
AMKR	Amkor Technology	10.9	30.2%	73.4%
DC	Dakota Gold	0.6	30.2%	150.9%

1 Week Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
JANX	Janux Therapeutics	1.1	-50.7%	-68.0%
VTYX	Ventyx Biosciences	0.6	-25.0%	258.0%
CTEV	Claritev	0.7	-23.5%
AMBA	Ambarella	3.0	-22.9%	-3.6%
FULC	Fulcrum Therapeutics	0.6	-21.5%	92.8%
PD	PagerDuty	1.1	-20.5%	-33.9%
NTNX	Nutanix	12.7	-19.3%	-22.4%
CNK	Cinemark	2.6	-18.0%	-25.2%
PSTG	Pure Storage	22.6	-17.2%	12.1%
ZS	Zscaler	38.1	-15.9%	35.1%

1 Month Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
OLMA	Olema Pharmaceuticals	2.3	223.6%	367.4%
COGT	Cogent Biosciences	5.4	152.6%	402.1%
CDTX	Cidara Therapeutics	5.9	115.1%	722.1%
IRWD	Ironwood Pharmaceuticals	0.6	100.5%	-15.8%
TERN	Terns Pharmaceuticals	2.5	95.9%	396.2%
FRGE	Forge Global	0.6	90.3%	217.8%
SGML	Sigma Lithium	1.1	87.3%	-10.6%
INSP	Inspire Medical Systems	4.0	82.8%	-27.3%
NPCE	NeuroPace	0.6	77.2%	48.9%
ALMS	Alumis	0.6	71.9%	-0.3%

1 Month Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
UP	Wheels Up Experience	0.4	-52.7%	-62.4%
CCOI	Cogent Communications	0.9	-51.9%	-72.9%
SMR	NuScale Power	3.0	-50.7%	12.3%
FRMI	Fermi	10.3	-47.5%
AMSC	American Superconductor	1.4	-47.2%	30.1%
TLRY	Tilray Brands	7.5	-46.1%	-46.9%
BTDR	Bitdeer Technologies	2.4	-44.8%	-41.8%
EXOD	Exodus Movement	0.4	-43.1%	-53.3%
STUB	Stubhub	3.5	-39.8%
METC	Ramaco Resources	1.0	-39.4%	66.9%

Recent Active Movers

1 Day Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
MPLT	MapLight Therapeutics	0.7	31.3%
AEVA	Aeva Technologies	0.8	25.7%	188.2%
DC	Dakota Gold	0.6	19.7%	150.9%
SERV	Serve Robotics	0.7	18.2%	-12.6%
ACDC	ProFrac	0.7	17.6%	-45.0%
HY	Hyster Yale	0.6	15.6%	-29.9%
AEO	American Eagle Outfitters	4.1	15.1%	49.7%
BEAM	Beam Therapeutics	2.7	14.4%	7.8%
GOSS	Gossamer Bio	0.8	14.4%	278.1%
FTRE	Fortrea	1.3	14.4%	-21.8%

1 Day Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
PSTG	Pure Storage	22.6	-27.3%	12.1%
GTLB	GitLab	6.3	-12.8%	-32.9%
CTEV	Claritev	0.7	-11.3%
FBYD	Falcons Beyond Global	0.7	-11.2%	131.2%
ACHC	Acadia Healthcare	1.3	-10.9%	-63.0%
ULS	UL Solutions	16.0	-10.7%	60.4%
HPK	HighPeak Energy	0.7	-10.6%	-59.8%
OS	OneStream	3.5	-10.4%	-35.0%
ARE	Alexandria Real Estate Equities	8.2	-10.1%	-47.9%
THO	Thor Industries	5.3	-9.5%	6.6%

1 Week Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
HPP	Hudson Pacific Properties	6.3	641.5%	-34.3%
TLRY	Tilray Brands	7.5	618.1%	-46.9%
TMC	TMC The Metals	2.8	42.2%	589.3%
VERA	Vera Therapeutics	2.6	40.2%	-2.4%
ARWR	Arrowhead Pharmaceuticals	9.0	39.1%	246.1%
TE	T1 Energy	0.7	37.4%
MPLT	MapLight Therapeutics	0.7	32.1%
AEVA	Aeva Technologies	0.8	31.1%	188.2%
AMKR	Amkor Technology	10.9	30.2%	73.4%
DC	Dakota Gold	0.6	30.2%	150.9%

1 Week Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
JANX	Janux Therapeutics	1.1	-50.7%	-68.0%
VTYX	Ventyx Biosciences	0.6	-25.0%	258.0%
CTEV	Claritev	0.7	-23.5%
AMBA	Ambarella	3.0	-22.9%	-3.6%
FULC	Fulcrum Therapeutics	0.6	-21.5%	92.8%
PD	PagerDuty	1.1	-20.5%	-33.9%
NTNX	Nutanix	12.7	-19.3%	-22.4%
CNK	Cinemark	2.6	-18.0%	-25.2%
PSTG	Pure Storage	22.6	-17.2%	12.1%
ZS	Zscaler	38.1	-15.9%	35.1%

Peer Comparisons for Plains GP

Peers to compare with:

Financials

	PAGP	ET	MPLX	ENB	WMB	KMI	Median
Name	Plains GP	Energy T.	MPLX	Enbridge	Williams.	Kinder M.
Mkt Price	18.87	-	-	47.75	61.55	27.17	37.46
Mkt Cap	3.7	-	-	104.1	75.2	60.4	67.8
Rev LTM	47,798	79,757	11,420	64,234	11,495	16,416	32,107
Op Inc LTM	1,391	9,240	4,626	11,199	3,941	4,459	4,542
FCF LTM	2,027	5,189	4,686	4,054	1,722	2,757	3,406
FCF 3Y Avg	1,977	6,095	4,589	6,707	2,458	3,375	3,982
CFO LTM	2,744	10,841	6,088	12,821	5,540	5,735	5,912
CFO 3Y Avg	2,604	10,217	5,708	13,191	5,484	5,918	5,813

Growth & Margins

	PAGP	ET	MPLX	ENB	WMB	KMI	Median
Name	Plains GP	Energy T.	MPLX	Enbridge	Williams.	Kinder M.
Rev Chg LTM	-3.5%	-4.7%	6.3%	32.3%	9.0%	8.3%	7.3%
Rev Chg 3Y Avg	-3.9%	-3.0%	2.5%	8.6%	0.8%	-4.3%	-1.1%
Rev Chg Q	-16.6%	-3.9%	4.6%	-1.6%	10.2%	12.1%	1.5%
QoQ Delta Rev Chg LTM	-4.2%	-1.0%	1.1%	-0.4%	2.4%	2.8%	0.4%
Op Mgn LTM	2.9%	11.6%	40.5%	17.4%	34.3%	27.2%	22.3%
Op Mgn 3Y Avg	2.9%	10.8%	40.6%	19.1%	35.5%	27.6%	23.3%
QoQ Delta Op Mgn LTM	0.0%	0.1%	-0.4%	0.1%	1.6%	-0.5%	0.0%
CFO/Rev LTM	5.7%	13.6%	53.3%	20.0%	48.2%	34.9%	27.4%
CFO/Rev 3Y Avg	5.3%	12.7%	52.8%	25.6%	49.8%	37.5%	31.6%
FCF/Rev LTM	4.2%	6.5%	41.0%	6.3%	15.0%	16.8%	10.7%
FCF/Rev 3Y Avg	4.0%	7.5%	42.5%	13.5%	22.5%	21.5%	17.5%

Valuation

	PAGP	ET	MPLX	ENB	WMB	KMI	Median
Name	Plains GP	Energy T.	MPLX	Enbridge	Williams.	Kinder M.
Mkt Cap	3.7	-	-	104.1	75.2	60.4	67.8
P/S	0.1	-	-	1.7	6.7	3.8	2.8
P/EBIT	2.2	-	-	8.4	16.7	14.1	11.3
P/E	28.3	-	-	18.3	32.7	23.1	25.7
P/CFO	1.4	-	-	8.6	14.0	11.0	9.8
Total Yield	10.7%	-	-	12.9%	6.2%	8.4%	9.6%
Dividend Yield	7.2%	-	-	7.4%	3.1%	4.1%	5.6%
FCF Yield 3Y Avg	58.5%	-	-	8.3%	4.7%	7.2%	7.8%
D/E	2.3	-	-	0.9	0.4	0.5	0.7
Net D/E	2.2	-	-	0.9	0.4	0.5	0.7

Returns

	PAGP	ET	MPLX	ENB	WMB	KMI	Median
Name	Plains GP	Energy T.	MPLX	Enbridge	Williams.	Kinder M.
1M Rtn	9.9%	-	-	3.9%	4.3%	4.2%	4.2%
3M Rtn	2.8%	-	-	0.2%	7.5%	2.8%	2.8%
6M Rtn	9.0%	-	-	5.3%	4.1%	-0.9%	4.7%
12M Rtn	2.5%	-	-	16.4%	12.6%	3.4%	8.0%
3Y Rtn	81.5%	-	-	43.5%	102.0%	68.6%	75.1%
1M Excs Rtn	9.9%	-	-	3.9%	4.3%	4.2%	4.3%
3M Excs Rtn	-2.5%	-	-	-4.8%	2.5%	-2.5%	-2.5%
6M Excs Rtn	-5.7%	-	-	-9.4%	-10.6%	-15.7%	-10.0%
12M Excs Rtn	-11.5%	-	-	3.1%	-4.7%	-13.2%	-8.1%
3Y Excs Rtn	12.6%	-	-	-31.4%	38.1%	0.7%	6.7%

Comparison Analyses

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

Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2024	2023	2022	2021	2020	2019
Period End	6/30/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019
Filing Date	8/8/2025	2/28/2025	2/29/2024	3/1/2023	3/1/2022	3/1/2021	2/27/2020
Key Financials
Total Revenue	47,798	50,073	48,712	57,342	42,078	23,290	33,669
EBITDA	2,766	2,682	3,051	2,782	1,914	-1,515	3,267
Operating Income	1,391	1,332	1,349	1,553	1,434	851	2,008
Net Income	136	103	198	168	60	-568	331
EPS	0.70	0.52	1.01	0.86	0.31	-3.06	1.97
Growth Rates
Total Revenue Growth	-3.5%	2.8%	-15.1%	36.3%	80.7%	-30.8%	-1.1%
EBITDA Growth	-0.4%	-12.1%	9.7%	45.4%	226.3%	-146.4%	-2.8%
Operating Income Growth	2.7%	-1.3%	-13.1%	8.3%	68.5%	-57.6%	-7.0%
Net Income Growth	-16.0%	-48.0%	17.9%	180.0%	110.6%	-271.6%	-0.9%
Margins
EBITDA Margin	5.8%	5.4%	6.3%	4.9%	4.5%	-6.5%	9.7%
Operating Income Margin	2.9%	2.7%	2.8%	2.7%	3.4%	3.7%	6.0%
Net Income Margin	0.3%	0.2%	0.4%	0.3%	0.1%	-2.4%	1.0%
Cash & Debt
Total Cash	460	349	453	404	452	25	47
Total Debt	8,869	7,934	8,025	8,754	9,559	10,530	10,078
Net Debt / (Cash)	8,409	7,585	7,572	8,350	9,107	10,505	10,031
Cash Flows
Net Cash from Operations	2,744	2,484	2,722	2,404	1,991	1,510	2,500
Free Cash from Operations	2,027	1,844	2,140	1,865	1,655	772	1,319
Returns to Shareholders
Dividends	276	251	209	162	140	166	231
Share Repurchases	341	-0	-0	74	178	50	-0

$ Mil \| FY: 12/31	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4	2022Q3
Period End	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	9/30/2022
Filing Date	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	11/8/2022
Key Financials Quarterly
Total Revenue	10,642	12,011	12,402	12,743	12,757	11,995	12,698	12,071	11,602	12,341	12,952	14,336
Ebitda	543	934	516	773	639	713	805	621	744	881	675	886
Operating Income	279	519	246	347	332	369	415	239	378	317	275	624
Net Income	30	84	-11	33	39	42	52	29	48	69	44	71
EPS	0.15	0.42	-0.04	0.17	0.20	0.21	0.26	0.15	0.25	0.35	0.23	0.36
Key Financials TTM
Total Revenue TTM	47,798	49,913	49,897	50,193	49,521	48,366	48,712	48,966	51,231	55,988	57,341	57,378
Ebitda TTM	2,766	2,862	2,641	2,930	2,778	2,883	3,051	2,921	3,186	3,080	2,781	3,018
Operating Income TTM	1,391	1,444	1,294	1,463	1,355	1,401	1,349	1,209	1,594	1,621	1,553	1,874
Net Income TTM	136	145	103	166	162	171	198	190	232	215	168	208
Growth Rates Quarterly
Total Revenue Growth	-16.6%	0.1%	-2.3%	5.6%	10.0%	-2.8%	-2.0%	-15.8%	-29.1%	-9.9%	-0.3%	33.0%
EBITDA Growth	-15.0%	31.0%	-35.9%	24.5%	-14.1%	-19.1%	19.3%	-29.9%	16.6%	51.4%	-26.0%	349.7%
Operating Income Growth	-16.0%	40.7%	-40.7%	45.2%	-12.2%	16.4%	50.9%	-61.7%	-6.7%	27.3%	-53.9%	244.8%
Net Income Growth	-23.1%	100.0%	-121.2%	13.8%	-18.8%	-39.1%	18.2%	-59.2%	54.8%	213.6%	-47.6%	395.8%
Margins Quarterly
EBITDA Margin	5.1%	7.8%	4.2%	6.1%	5.0%	5.9%	6.3%	5.1%	6.4%	7.1%	5.2%	6.2%
Operating Income Margin	2.6%	4.3%	2.0%	2.7%	2.6%	3.1%	3.3%	2.0%	3.3%	2.6%	2.1%	4.4%
Net Income Margin	0.3%	0.7%	-0.1%	0.3%	0.3%	0.4%	0.4%	0.2%	0.4%	0.6%	0.3%	0.5%
Cash & Debt
Total Cash	460	429	349	641	556	334	453	262	936	529	404	625
Total Debt	8,869	8,983	7,934	8,246	8,255	8,123	8,025	8,286	8,296	8,303	8,754	8,745
Net Debt / (Cash)	8,409	8,554	7,585	7,605	7,699	7,789	7,572	8,024	7,360	7,774	8,350	8,120
Cash Flows Quarterly
FCF from Operations	692	638	726	688	652	418	1,010	83	887	742	334	941
Cash Flows TTM
FCF from Operations TTM	2,744	2,704	2,484	2,768	2,163	2,398	2,722	2,046	2,904	2,807	2,404	2,703
Returns to Shareholders Quarterly
Dividends	75	75	63	63	62	63	53	52	52	52	42	43
Share Repurchases	8	333	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0
Return on Invested Capital (ROIC) Quarterly
ROIC	12.3%	21.1%	9.3%	15.4%	14.1%	17.5%	19.2%	11.9%	17.6%	13.7%	12.1%	23.5%
Return on Invested Capital (ROIC) TTM
ROIC TTM	14.1%	14.1%	14.4%	16.7%	15.8%	16.3%	15.7%	13.5%	18.1%	17.2%	15.4%	18.5%

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	$18.87
Market Cap ($ Bil)	3.7
First Trading Date	02/23/2007
Distance from 52W High	-8.1%
	50 Days	200 Days
DMA Price	$17.58	$18.28
DMA Trend	down	down
Distance from DMA	7.3%	3.2%
	3M	1YR
Volatility	16.8%	25.6%
Downside Capture	-15.22	53.37
Upside Capture	1.86	48.57
Correlation (SPY)	13.2%	52.2%

PAGP Betas & Captures as of 11/30/2025

	1M	2M	3M	6M	1Y	3Y
Beta	0.03	0.31	0.22	0.23	0.68	0.70
Up Beta	0.79	0.75	0.91	0.48	0.64	0.64
Down Beta	0.78	0.38	0.42	0.46	0.96	0.89
Up Capture	29%	28%	-8%	15%	35%	36%
Bmk +ve Days	13	26	39	74	142	427
Stock +ve Days	15	25	33	69	133	422
Down Capture	-62%	7%	-1%	-8%	65%	83%
Bmk -ve Days	7	16	24	52	107	323
Stock -ve Days	5	17	30	56	114	322

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

1Y 5Y 10Y

Based On 1-Year Data

		Comparison of PAGP With Other Asset Classes (Last 1Y)
	PAGP	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	4.9%	-1.1%	15.3%	58.9%	4.6%	-5.8%	-3.1%
Annualized Volatility	25.7%	24.6%	19.7%	19.4%	15.9%	17.8%	35.7%
Sharpe Ratio	0.15	-0.09	0.60	2.26	0.09	-0.48	0.04
Correlation With Other Assets		69.8%	52.0%	3.2%	46.1%	46.0%	16.2%

ETFs used for asset classes: Sector ETF = XLE, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
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Based On 5-Year Data

		Comparison of PAGP With Other Asset Classes (Last 5Y)
	PAGP	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	25.6%	22.4%	15.0%	17.9%	11.9%	4.9%	37.1%
Annualized Volatility	30.7%	27.1%	17.1%	15.5%	18.9%	19.0%	49.1%
Sharpe Ratio	0.79	0.76	0.71	0.93	0.52	0.17	0.64
Correlation With Other Assets		71.5%	42.3%	14.5%	48.4%	35.6%	19.6%

Based On 10-Year Data

		Comparison of PAGP With Other Asset Classes (Last 10Y)
	PAGP	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	2.4%	7.1%	14.5%	14.2%	5.6%	5.4%	76.3%
Annualized Volatility	46.5%	29.9%	18.0%	14.8%	17.7%	20.9%	55.9%
Sharpe Ratio	0.23	0.29	0.69	0.79	0.25	0.23	0.95
Correlation With Other Assets		67.6%	42.1%	4.3%	45.8%	37.5%	13.3%

Short Interest

Short Interest: As Of Date	11142025
Short Interest: Shares Quantity	8,729,786
Short Interest: % Change Since 10312025	-10.9%
Average Daily Volume	1,378,231
Days-to-Cover Short Interest	6.33
Basic Shares Quantity	198,000,000
Short % of Basic Shares	4.4%

Returns Analyses

	Title
0	Plains GP Stock Jump Looks Great, But How Secure Is That Gain?

SEC Filings

Expand for More

Report Date	Filing Date	Filing
6302025	8082025	10-Q 6/30/2025
3312025	5092025	10-Q 3/31/2025
12312024	2282025	10-K 12/31/2024
9302024	11082024	10-Q 9/30/2024
6302024	8092024	10-Q 6/30/2024
3312024	5102024	10-Q 3/31/2024
12312023	2292024	10-K 12/31/2023
9302023	11082023	10-Q 9/30/2023
6302023	8092023	10-Q 6/30/2023
3312023	5102023	10-Q 3/31/2023
12312022	3012023	10-K 12/31/2022
9302022	11082022	10-Q 9/30/2022
6302022	8092022	10-Q 6/30/2022
3312022	5102022	10-Q 3/31/2022
12312021	3012022	10-K 12/31/2021
9302021	11082021	10-Q 9/30/2021

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 (12/4/2025): $18.94 | Market Cap: $3.8 BilSector: Energy | Industry: Oil & Gas Storage & Transportation

Plains GP (PAGP)

Market Price (12/4/2025): $18.94Market Cap: $3.8 BilSector: EnergyIndustry: Oil & Gas Storage & Transportation

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About Plains GP (PAGP)

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

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

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Market Price (12/4/2025): $18.94 | Market Cap: $3.8 Bil
Sector: Energy | Industry: Oil & Gas Storage & Transportation

Market Price (12/4/2025): $18.94
Market Cap: $3.8 Bil
Sector: Energy
Industry: Oil & Gas Storage & Transportation