Plains GP (PAGP)
Market Price (10/5/2026): $25.91 | Market Cap: $5.1 BilSector: Energy | Industry: Oil & Gas Storage & Transportation
Plains GP (PAGP)
Market Price (10/5/2026): $25.91Market Cap: $5.1 BilSector: EnergyIndustry: Oil & Gas Storage & Transportation
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 17%, Dividend Yield is 6.1%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 13%, FCF Yield is 45% Attractive cash flow generationCFO LTM is 3.0 Bil, FCF LTM is 2.3 Bil Low stock price volatilityVol 12M is 18% Megatrend and thematic driversMegatrends include Energy Infrastructure. Themes include Hydrocarbon Transportation & Storage. | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 147% Key risksPAGP key risks include [1] revenue instability from upcoming contract roll-offs on its significant Cactus II, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 17%, Dividend Yield is 6.1%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 13%, FCF Yield is 45% |
| Attractive cash flow generationCFO LTM is 3.0 Bil, FCF LTM is 2.3 Bil |
| Low stock price volatilityVol 12M is 18% |
| Megatrend and thematic driversMegatrends include Energy Infrastructure. Themes include Hydrocarbon Transportation & Storage. |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 147% |
| Key risksPAGP key risks include [1] revenue instability from upcoming contract roll-offs on its significant Cactus II, Show more. |
Qualitative Assessment
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Plains GP (PAGP) stock has gained about 10% since 6/30/2026 because of the following key factors:
1. Improved financial outlook and positive analyst revisions despite a Q2 2026 earnings miss.
Plains GP (PAGP) reported a Q2 2026 earnings per share (EPS) of -$0.37 in August 2026, missing the Zacks Consensus Estimate of $0.46 by 180.43%. However, the company reaffirmed its full-year Adjusted EBITDA guidance of $2.88 billion. Furthermore, analyst sentiment for the upcoming Q3 2026 earnings, anticipated in early November 2026, is highly optimistic, with projections for an EPS of $0.61 or $1.13, representing a potential year-over-year increase of up to 264.52%. The Zacks Consensus Estimate for PAGP's full-year earnings also rose 39% within Q3 2026, reflecting an improving earnings outlook.
2. Sustained quarterly distributions and potential for future dividend taxation.
PAGP announced an unchanged quarterly cash distribution of $0.4175 per Class A Share for Q3 2026, payable on November 13, 2026, consistent with the distribution paid in August 2026. Following the close of its NGL asset sale, Plains GP anticipates potentially reporting positive current earnings and profits for Tax Year 2026, which could result in a portion of its Class A Share cash distribution being taxed as a dividend.
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Plains GP (PAGP) stock has gained about 10% since 6/30/2026 because of the following key factors:
1. Improved financial outlook and positive analyst revisions despite a Q2 2026 earnings miss.
Plains GP (PAGP) reported a Q2 2026 earnings per share (EPS) of -$0.37 in August 2026, missing the Zacks Consensus Estimate of $0.46 by 180.43%. However, the company reaffirmed its full-year Adjusted EBITDA guidance of $2.88 billion. Furthermore, analyst sentiment for the upcoming Q3 2026 earnings, anticipated in early November 2026, is highly optimistic, with projections for an EPS of $0.61 or $1.13, representing a potential year-over-year increase of up to 264.52%. The Zacks Consensus Estimate for PAGP's full-year earnings also rose 39% within Q3 2026, reflecting an improving earnings outlook.
2. Sustained quarterly distributions and potential for future dividend taxation.
PAGP announced an unchanged quarterly cash distribution of $0.4175 per Class A Share for Q3 2026, payable on November 13, 2026, consistent with the distribution paid in August 2026. Following the close of its NGL asset sale, Plains GP anticipates potentially reporting positive current earnings and profits for Tax Year 2026, which could result in a portion of its Class A Share cash distribution being taxed as a dividend.
3. Favorable analyst sentiment with a consensus "Buy" rating.
Throughout the specified period, Plains GP maintained a strong endorsement from Wall Street analysts. As of September 15, 2026, 10 analysts collectively issued a consensus "Buy" rating for PAGP. Similarly, by September 23, 2026, 14 analysts surveyed by S&P Global also assigned a consensus "Buy" rating, with an average price target of $25.77. This positive analyst outlook indicates expectations for the stock to outperform the market over the next twelve months.
4. Strategic operational focus and leadership transition.
Plains GP's strategic decision to divest its NGL segment and reallocate approximately $3 billion in proceeds to core crude oil operations and targeted acquisitions is expected to streamline operations, reduce commodity price exposure, and enhance financial flexibility. This move is aimed at boosting core revenue and improving net margins through higher-return investments. Complementing this, Dean Liollio was appointed Executive Vice President and Chief Operating Officer effective October 2, 2026, a move anticipated to ensure continuity in operational leadership given his extensive midstream experience.
5. Positive macroeconomic trends in the energy sector.
The broader energy sector experienced a strong performance, with the Oils-Energy sector returning an average of 31.3% year-to-date as of September 25, 2026. PAGP outperformed this trend, gaining approximately 39.5% year-to-date. Global crude oil prices remained elevated, with Brent crude averaging $91 per barrel in August 2026, a $7/b increase from July, primarily due to declining global oil inventories. WTI crude oil prices were projected to trade in a range of $71.57–$100.86 in October 2026, supported by geopolitical tensions and constrained supply.
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Stock Movement Drivers
Fundamental Drivers
The 9.1% change in PAGP stock from 6/30/2026 to 10/4/2026 was primarily driven by a 145.8% change in the company's Net Income Margin (%).| (LTM values as of) | 6302026 | 10042026 | Change |
|---|---|---|---|
| Stock Price ($) | 23.89 | 26.06 | 9.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 45,254 | 52,305 | 15.6% |
| Net Income Margin (%) | 0.4% | 1.1% | 145.8% |
| P/E Multiple | 24.3 | 9.3 | -61.6% |
| Shares Outstanding (Mil) | 198 | 198 | 0.0% |
| Cumulative Contribution | 9.1% |
Market Drivers
6/30/2026 to 10/4/2026| Return | Correlation | |
|---|---|---|
| PAGP | 9.1% | |
| Market (SPY) | 3.1% | -46.3% |
| Sector (XLE) | 18.3% | 58.8% |
Fundamental Drivers
The 10.9% change in PAGP stock from 3/31/2026 to 10/4/2026 was primarily driven by a 81.0% change in the company's Net Income Margin (%).| (LTM values as of) | 3312026 | 10042026 | Change |
|---|---|---|---|
| Stock Price ($) | 23.49 | 26.06 | 10.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 44,261 | 52,305 | 18.2% |
| Net Income Margin (%) | 0.6% | 1.1% | 81.0% |
| P/E Multiple | 18.0 | 9.3 | -48.1% |
| Shares Outstanding (Mil) | 198 | 198 | 0.0% |
| Cumulative Contribution | 10.9% |
Market Drivers
3/31/2026 to 10/4/2026| Return | Correlation | |
|---|---|---|
| PAGP | 10.9% | |
| Market (SPY) | 18.6% | -39.8% |
| Sector (XLE) | 3.3% | 69.3% |
Fundamental Drivers
The 54.0% change in PAGP stock from 9/30/2025 to 10/4/2026 was primarily driven by a 263.0% change in the company's Net Income Margin (%).| (LTM values as of) | 9302025 | 10042026 | Change |
|---|---|---|---|
| Stock Price ($) | 16.92 | 26.06 | 54.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 46,610 | 52,305 | 12.2% |
| Net Income Margin (%) | 0.3% | 1.1% | 263.0% |
| P/E Multiple | 24.6 | 9.3 | -62.2% |
| Shares Outstanding (Mil) | 198 | 198 | 0.0% |
| Cumulative Contribution | 54.0% |
Market Drivers
9/30/2025 to 10/4/2026| Return | Correlation | |
|---|---|---|
| PAGP | 54.0% | |
| Market (SPY) | 16.5% | -21.1% |
| Sector (XLE) | 43.8% | 62.7% |
Fundamental Drivers
The 101.4% change in PAGP stock from 9/30/2023 to 10/4/2026 was primarily driven by a 133.9% change in the company's Net Income Margin (%).| (LTM values as of) | 9302023 | 10042026 | Change |
|---|---|---|---|
| Stock Price ($) | 12.94 | 26.06 | 101.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 51,231 | 52,305 | 2.1% |
| Net Income Margin (%) | 0.5% | 1.1% | 133.9% |
| P/E Multiple | 10.9 | 9.3 | -14.3% |
| Shares Outstanding (Mil) | 195 | 198 | -1.5% |
| Cumulative Contribution | 101.4% |
Market Drivers
9/30/2023 to 10/4/2026| Return | Correlation | |
|---|---|---|
| PAGP | 101.4% | |
| Market (SPY) | 86.2% | 31.2% |
| Sector (XLE) | 51.9% | 63.9% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| PAGP Return | 29% | 32% | 38% | 24% | 13% | 44% | 371% |
| Peers Return | 63% | 28% | 13% | 75% | -4% | 27% | 401% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 104% |
Monthly Win Rates [3] | |||||||
| PAGP Win Rate | 67% | 58% | 75% | 67% | 50% | 78% | |
| Peers Win Rate | 75% | 61% | 53% | 78% | 50% | 74% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 44% | |
Max Drawdowns [4] | |||||||
| PAGP Max Drawdown | -24% | -22% | -14% | -11% | -21% | -10% | |
| Peers Max Drawdown | -16% | -27% | -15% | -14% | -29% | -11% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[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 10/2/2026 (YTD)
How Low Can It Go
| Event | PAGP | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -20.6% | -18.8% |
| % Gain to Breakeven | 26.0% | 23.1% |
| Time to Breakeven | 283 days | 79 days |
| 2020 COVID-19 Crash | ||
| % Loss | -79.3% | -33.7% |
| % Gain to Breakeven | 382.2% | 50.9% |
| Time to Breakeven | 1051 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -20.6% | -19.2% |
| % Gain to Breakeven | 25.9% | 23.8% |
| Time to Breakeven | 57 days | 105 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -28.4% | -3.7% |
| % Gain to Breakeven | 39.6% | 3.9% |
| Time to Breakeven | 2588 days | 6 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -72.9% | -12.2% |
| % Gain to Breakeven | 268.6% | 13.9% |
| Time to Breakeven | 3752 days | 62 days |
In The Past
Plains GP's stock fell -20.6% during the 2025 US Tariff Shock. Such a loss loss requires a 26.0% gain to breakeven.
Preserve Wealth
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Asset Allocation
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| Event | PAGP | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -20.6% | -18.8% |
| % Gain to Breakeven | 26.0% | 23.1% |
| Time to Breakeven | 283 days | 79 days |
| 2020 COVID-19 Crash | ||
| % Loss | -79.3% | -33.7% |
| % Gain to Breakeven | 382.2% | 50.9% |
| Time to Breakeven | 1051 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -20.6% | -19.2% |
| % Gain to Breakeven | 25.9% | 23.8% |
| Time to Breakeven | 57 days | 105 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -28.4% | -3.7% |
| % Gain to Breakeven | 39.6% | 3.9% |
| Time to Breakeven | 2588 days | 6 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -72.9% | -12.2% |
| % Gain to Breakeven | 268.6% | 13.9% |
| Time to Breakeven | 3752 days | 62 days |
In The Past
Plains GP's stock fell -20.6% during the 2025 US Tariff Shock. Such a loss loss requires a 26.0% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Plains GP (PAGP)
Plains GP Holdings, L.P. (PAGP) is a crucial midstream energy infrastructure company operating across the United States and Canada. The company specializes in handling both crude oil and Natural Gas Liquids (NGLs), providing essential services that connect energy production areas to markets. Its core business revolves around the transportation, storage, and processing of these vital energy commodities.
PAGP's comprehensive services include extensive transportation networks, featuring thousands of miles of crude oil and NGL pipelines and gathering systems, complemented by truck and railcar fleets. The company also offers significant storage solutions with millions of barrels of crude oil and NGL capacity in tanks and cavern storage. Furthermore, PAGP is involved in the processing of NGLs through fractionation and isomerization, as well as natural gas and condensate processing, alongside terminalling and throughput services for various energy products.
The company primarily serves energy producers, refiners, and other customers within the energy industry by offering robust logistics services. PAGP's infrastructure effectively moves crude oil and NGLs from production basins to refineries and end-users, ensuring reliable and efficient delivery throughout the North American energy supply chain.
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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.
AI Analysis | Feedback
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.
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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.
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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.
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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.
Peer Outperformance in Oil & Gas Storage & Transportation
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| PAGP | Plains GP | 1.0% | 9.3x | 55.4% | 115.9% | 244.2% | — |
| TRGP | Targa Resources | -1.9% | 26.7x | 77.3% | 275.1% | 499.6% | +255pp |
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Oil & Gas Refining & Marketing | 11 | 122.3% | 143.4% | 393.3% | MPC 646% · PBF 583% · VLO 538% |
| Integrated Oil & Gas | 7 | 41.2% | 66.1% | 217.2% | IMO 328% · SU 290% · CVE 242% |
| Oil & Gas Storage & Transportation ← | 18 | 23.8% | 115.9% | 172.1% | INSW 947% · LPG 856% · TRGP 500% |
| Oil & Gas Equipment & Services | 34 | 32.3% | 24.0% | 80.4% | SEI 966% · FTI 787% · TDW 560% |
| Coal & Consumable Fuels | 14 | -21.6% | 26.3% | 64.9% | EU 923% · CCJ 293% · LEU 258% |
| Oil & Gas Drilling | 7 | 50.5% | 3.9% | 49.8% | VAL 119% · PDS 103% · NE 72% |
| Oil & Gas Exploration & Production | 51 | 19.5% | 10.8% | 44.3% | KGEI 9647% · OBE 6280% · EP 2513% |
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 59.34 |
| Mkt Cap | 57.9 |
| Rev LTM | 28,662 |
| Op Inc LTM | 4,526 |
| FCF LTM | 2,624 |
| FCF 3Y Avg | 2,402 |
| CFO LTM | 5,221 |
| CFO 3Y Avg | 4,502 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 12.3% |
| Rev Chg 3Y Avg | 1.5% |
| Rev Chg Q | 31.8% |
| QoQ Delta Rev Chg LTM | 7.2% |
| Op Inc Chg LTM | 22.8% |
| Op Inc Chg 3Y Avg | 11.9% |
| Op Mgn LTM | 19.3% |
| Op Mgn 3Y Avg | 18.8% |
| QoQ Delta Op Mgn LTM | 0.2% |
| CFO/Rev LTM | 20.6% |
| CFO/Rev 3Y Avg | 20.7% |
| FCF/Rev LTM | 5.9% |
| FCF/Rev 3Y Avg | 7.2% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 57.9 |
| P/S | 2.5 |
| P/Op Inc | 11.1 |
| P/EBIT | 10.8 |
| P/E | 17.5 |
| P/CFO | 9.8 |
| Total Yield | 10.1% |
| Dividend Yield | 4.3% |
| FCF Yield 3Y Avg | 5.6% |
| D/E | 0.5 |
| Net D/E | 0.5 |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Crude Oil | 44,131 | 48,720 | 47,174 | 55,080 | 40,470 |
| Natural gas liquids (NGL) | 151 | 187 | 186 | 2,761 | 1,968 |
| Intersegment Revenues Elimination | -20 | -18 | -24 | -499 | -360 |
| Total | 44,262 | 48,889 | 47,336 | 57,342 | 42,078 |
| $ Mil | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|
| Transportation | 14,416 | 15,549 | 13,947 | 13,362 | 11,863 |
| Facilities | 6,165 | 7,593 | 7,464 | 7,593 | 7,878 |
| Supply and Logistics | 5,370 | 6,827 | 5,419 | 5,798 | 6,362 |
| Total | 25,951 | 29,969 | 26,830 | 26,753 | 26,103 |
Price Behavior
| Market Price | $26.06 | |
| Market Cap ($ Bil) | 5.2 | |
| First Trading Date | 02/23/2007 | |
| Distance from 52W High | -8.5% | |
| 50 Days | 200 Days | |
| DMA Price | $26.73 | $23.33 |
| DMA Trend | up | up |
| Distance from DMA | -2.5% | 11.7% |
| 3M | 1YR | |
| Volatility | 19.1% | 18.4% |
| Downside Capture | -103.90 | -59.90 |
| Upside Capture | -43.91 | 1.96 |
| Correlation (SPY) | -47.2% | -20.8% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -0.46 | -0.81 | -0.83 | -0.65 | -0.30 | 0.44 |
| Up Beta | -0.79 | -1.57 | -1.02 | -1.20 | -0.82 | 0.37 |
| Down Beta | -1.46 | -1.44 | -1.07 | -0.40 | 0.12 | 0.81 |
| Up Capture | -68% | -48% | -43% | -23% | 0% | 13% |
| Bmk +ve Days | 6 | 16 | 27 | 66 | 132 | 424 |
| Stock +ve Days | 9 | 19 | 34 | 64 | 141 | 414 |
| Down Capture | 59% | -51% | -125% | -104% | -101% | 37% |
| Bmk -ve Days | 16 | 26 | 37 | 60 | 120 | 328 |
| Stock -ve Days | 13 | 23 | 30 | 59 | 108 | 331 |
[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 | 53.8% | 18.4% | 2.19 | - |
| Sector ETF (XLE) | 44.0% | 22.0% | 1.57 | 62.8% |
| Equity (SPY) | 16.2% | 13.0% | 0.88 | -21.1% |
| Gold (GLD) | 6.8% | 29.6% | 0.22 | -17.6% |
| Commodities (DBC) | 44.9% | 20.8% | 1.67 | 37.6% |
| Real Estate (VNQ) | 1.5% | 13.6% | -0.15 | 1.7% |
| Bitcoin (BTCUSD) | -28.9% | 44.3% | -0.64 | -9.3% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with PAGP | |
|---|---|---|---|---|
| PAGP | 28.6% | 26.2% | 0.95 | - |
| Sector ETF (XLE) | 24.0% | 25.5% | 0.82 | 71.5% |
| Equity (SPY) | 13.1% | 17.2% | 0.58 | 38.7% |
| Gold (GLD) | 18.4% | 18.9% | 0.79 | 6.2% |
| Commodities (DBC) | 10.3% | 19.6% | 0.41 | 46.9% |
| Real Estate (VNQ) | 0.7% | 18.8% | -0.07 | 35.4% |
| Bitcoin (BTCUSD) | 14.6% | 52.2% | 0.45 | 15.7% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with PAGP | |
|---|---|---|---|---|
| PAGP | 4.7% | 41.1% | 0.25 | - |
| Sector ETF (XLE) | 10.6% | 29.6% | 0.39 | 70.0% |
| Equity (SPY) | 15.3% | 17.9% | 0.72 | 41.6% |
| Gold (GLD) | 11.5% | 16.4% | 0.57 | 4.6% |
| Commodities (DBC) | 8.2% | 18.1% | 0.37 | 44.3% |
| Real Estate (VNQ) | 4.2% | 20.7% | 0.16 | 38.6% |
| Bitcoin (BTCUSD) | 64.1% | 66.2% | 1.04 | 15.0% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 9/29/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 9/14/2026 | -0.6% | -2.4% | |
| 5/8/2026 | -1.9% | 2.1% | 4.2% |
| 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% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 8 | 14 | 16 |
| # Negative | 16 | 10 | 7 |
| Median Positive | 1.9% | 2.7% | 4.7% |
| Median Negative | -2.1% | -2.8% | -4.6% |
| Max Positive | 5.4% | 12.6% | 26.8% |
| Max Negative | -9.0% | -10.1% | -10.2% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 9/14/2026 | -0.6% | -2.4% | |
| 5/8/2026 | -1.9% | 2.1% | 4.2% |
| 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% |
| SUMMARY STATS | |||
| # Positive | 8 | 14 | 16 |
| # Negative | 16 | 10 | 7 |
| Median Positive | 1.9% | 2.7% | 4.7% |
| Median Negative | -2.1% | -2.8% | -4.6% |
| Max Positive | 5.4% | 12.6% | 26.8% |
| Max Negative | -9.0% | -10.1% | -10.2% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/10/2026 | 10-Q |
| 03/31/2026 | 05/08/2026 | 10-Q |
| 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 |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/10/2026 | 10-Q |
| 03/31/2026 | 05/08/2026 | 10-Q |
| 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 |
| 12/31/2021 | 03/01/2022 | 10-K |
| 09/30/2021 | 11/08/2021 | 10-Q |
| 06/30/2021 | 08/06/2021 | 10-Q |
| 03/31/2021 | 05/10/2021 | 10-Q |
| 12/31/2020 | 03/01/2021 | 10-K |
| 09/30/2020 | 11/06/2020 | 10-Q |
| 06/30/2020 | 08/10/2020 | 10-Q |
| 03/31/2020 | 05/08/2020 | 10-Q |
| 12/31/2019 | 02/27/2020 | 10-K |
| 09/30/2019 | 11/07/2019 | 10-Q |
Investor Activity (13F)
Updated Oct 5, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
Industry Resources
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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