Plains completes sale of Canadian NGL business to Keyera for ~$3.3B net proceeds

PLAINS GP HOLDINGS LP

• Sale closed May 12, 2026; cash consideration ~CAD $5.13B (~USD $3.76B); net proceeds ~$3.3B.
• Proceeds to repay commercial paper, term loan, and 4.50% senior notes due Dec 2026.
• Leverage expected to trend toward middle of targeted 3.25-3.75x range post-closing.
• No special distribution; tax liability mitigated by bonus depreciation from Cactus III acquisition.
• Company now a pure-play crude oil midstream company with assets from Canada to U.S. Gulf Coast.

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