Plains All American sells Canadian NGL business to Keyera for ~$3.75B USD

PLAINS GP HOLDINGS LP

Cash consideration of C$5.15B (~$3.75B USD); expected close Q1 2026 subject to regulatory approvals.
Plains retains US NGL assets and all Canadian crude oil assets; becomes crude oil pure play.
Net proceeds estimated at ~$3.0B after taxes, expenses, and potential ~$0.35/unit special distribution.
Proceeds to be prioritized for bolt-on M&A, debt reduction, preferred/common unit repurchases.
Transaction expected to generate ~$360M Canadian entity-level taxes; PAA unitholders may receive foreign tax credits.

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