Plains GP Holdings LP (PAGP)
NASDAQ:PAGP
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Earnings Data
Report Date
Jul 31, 2026After Close (Confirmed)
Period Ending
2026 (Q2)Consensus EPS Forecast
0.47Last Year’s EPS
0.15Same Quarter Last Year
Based on 9 Analysts Ratings
Earnings Call Summary
Q1 2026
Earnings Call Date:May 01, 2026|
% Change Since:
|
Earnings Call Sentiment|Positive
The call conveyed a largely positive outlook driven by strong first-quarter results, an upwardly revised 2026 EBITDA guidance, significant expected NGL sale proceeds (~$3.3 billion) enabling meaningful deleveraging, solid free cash flow expectations (~$1.85 billion) and on‑track cost and synergy initiatives. Near‑term headwinds include one‑time weather and operational impacts (~$49 million), elevated pre‑sale leverage (4.1x), regulatory uncertainty around the Keyera transaction, natural gas takeaway constraints in the Permian that limit near‑term volume growth, and limited immediate benefit from higher commodity prices due to prior hedging. Overall, the positives (guidance raise, cash generation, deleveraging, cost savings and Cactus III benefits) outweigh the noted near‑term challenges.Company Guidance
Strong Q1 EBITDA and Segment Performance
Reported first quarter adjusted EBITDA attributable to Plains GP Holdings of $730 million; crude oil segment adjusted EBITDA of $582 million and NGL segment adjusted EBITDA of $145 million.
Raised 2026 Adjusted EBITDA Guidance
Increased the midpoint of full-year 2026 adjusted EBITDA guidance by $130 million to $2.88 billion (approximately a 4.7% increase versus prior midpoint).
NGL Outperformance and Attractive Sale Proceeds
NGL segment outperformed in Q1 by $45 million and NGL segment EBITDA guidance raised to $170 million for the year; expected net proceeds from the NGL sale are approximately $3.3 billion (about $100 million, or ~3.1%, higher than prior estimate).
Deleveraging and Free Cash Flow Outlook
Expect approximately $1.85 billion of adjusted free cash flow in 2026 (ex. changes in assets/liabilities and NGL sale proceeds); pro forma leverage would decline from 4.1x at quarter end to ~3.5x after the NGL sale and is expected to migrate toward the low end of the 3.25x–3.75x target range by year-end.
Cactus III Contribution and Optimization Upside
Cactus III provided a full-quarter contribution; captured optimization, FERC tariff escalators, increased spot tariff volumes and West Coast volumes contributed to a $60 million uplift to the oil segment in the guidance waterfall; company is capturing optimization opportunities that will pace through the year.
Cost Reduction Targets on Track
Streamlining and cost initiatives are on track to deliver $50 million of savings by 2026 and an additional $50 million in 2027 (total $100 million target through 2027).
Disciplined Capital Allocation Plans
Plan to use NGL sale proceeds to pay down >$3 billion of debt (term loan, outstanding CP and a $750 million note), with priorities to maintain distribution growth, fund investments, and pursue opportunistic share repurchases or preferred paydowns as leverage targets are met.
Favorable Macro and Commercial Momentum
Geopolitical disruptions have tightened markets and supported higher commodity prices; increased producer interest in Canada and the U.S., constructive long‑haul demand and spot activity, and the company’s crude-focused footprint position Plains to capture multi‑year growth and higher value for existing infrastructure.
PAGP Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
PAGP Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
May 01, 2026 | $24.03 | $23.82 | -0.88% |
Feb 06, 2026 | $20.83 | $20.36 | -2.27% |
Nov 05, 2025 | $16.70 | $16.56 | -0.87% |
Aug 08, 2025 | $18.18 | $18.14 | -0.26% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does Plains GP Holdings LP (PAGP) report earnings?
Plains GP Holdings LP (PAGP) is schdueled to report earning on Jul 31, 2026, After Close (Confirmed).
What is Plains GP Holdings LP (PAGP) earnings time?
Plains GP Holdings LP (PAGP) earnings time is at Jul 31, 2026, After Close (Confirmed).
Where can I see when companies are reporting earnings?
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What companies are reporting earnings today?
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What is PAGP EPS forecast?
PAGP EPS forecast for the fiscal quarter 2026 (Q2) is 0.47.