Plains GP Holdings announces $670M bolt-on acquisitions, 18% preferred unit buyback, 20% distribution increase

PLAINS GP HOLDINGS LP

Acquired Ironwood Midstream (Eagle Ford gathering) from EnCap Flatrock for ~$475M; expected close Q1 2025.
Plains Oryx JV acquired Medallion Midstream's Delaware Basin crude gathering for $160M ($105M net to PAA).
Acquired remaining 50% of Midway Pipeline from CVR Energy for $90M on Dec 23, 2024.
Agreed to purchase ~12.7M Series A Preferred Units (18%) at $26.25/unit for ~$330M from EnCap Flatrock; close late Jan 2025.
Quarterly distribution increased from $0.3175 to $0.38/unit (20% annualized), payable Feb 2025.

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