Plains Group Holdings Lp Stock Earnings Reports

Plains GP reported strong Q1 2026 results with adjusted EBITDA attributable to Plains GP Holdings of $730 million and raised full-year 2026 adjusted EBITDA guidance—midpoint increased by $130 million to $2.88 billion. Management cited three primary growth drivers: the NGL asset sale, capturing synergies from the Cactus III acquisition, and company streamlining/optimization actions. NGL segment outperformed in Q1 (adjusted EBITDA $145 million) due to higher straddle production and improving frac spreads; NGL divestiture timing was updated to May 2026. Crude segment adjusted EBITDA was $582 million; results included a full-quarter contribution from Cactus III but were offset by one-offs (Permian winter weather, maintenance, MVC timing). 2026 capex guidance remains $350 million growth and $185 million maintenance (the latter raised due to NGL ownership into May). Management expects ~ $1.85 billion of adjusted free cash flow (excludes NGL sale proceeds) and anticipates roughly $3.3 billion of net proceeds from the NGL sale. Pro forma leverage was ~4.1x at quarter end; pro forma for the NGL sale would be ~3.5x and management expects leverage to migrate toward the low end of its 3.25x–3.75x target range by year-end. Management reiterated commitment to returning capital to unitholders, disciplined capital allocation (debt paydown first with NGL proceeds, then preferred retirements and opportunistic buybacks), and that elevated commodity prices would create further upside opportunities. Management also noted the pending Keyera transaction is being targeted to close this month despite a legal challenge by the Competition Bureau, and requested no further commentary on that matter. Short-term headwinds in Q1 from weather and MVC timing were characterized as largely one-time, while longer-term market developments (Middle East conflict) were discussed as supportive of North American midstream value and demand.