---
schema_version: "secwatch.filing_event.v1"
accession: "0001581990-23-000002"
form_type: "8-K"
ticker: "PAGP"
cik: "0001581990"
company_name: "PLAINS GP HOLDINGS LP"
filed_at: "2023-02-08T23:59:59+00:00"
generated_at: "2026-06-19T21:48:33.083324+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Plains All American Q4 adj EBITDA $659M; 2023 guidance $2.45-2.55B; distribution raised

## Summary
- Q4 2022 net income $263M ($0.30/unit); full-year net income $1.04B ($1.19/unit).
- Adjusted EBITDA attributable to PAA: Q4 $659M (17% YoY), FY $2.51B (14% YoY).
- 2023 guidance: Adjusted EBITDA $2.45-2.55B; free cash flow ~$1.6B; year-end leverage ~3.5x.
- Increased annualized distribution by $0.20 to $1.07/unit (paid Feb 2023); repurchased $74M units in 2022.
- Generated FY 2022 free cash flow $1.61B; repaid $774M debt; year-end leverage 3.7x.

## SEC filing metadata
- accession: 0001581990-23-000002
- form_type: 8-K
- ticker: PAGP
- cik: 0001581990
- company_name: PLAINS GP HOLDINGS LP
- filed_at: 2023-02-08T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1581990/000158199023000002/0001581990-23-000002-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1581990/000158199023000002/pagp-20230208.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001581990-23-000002
- JSON: https://secwatch.observer/filing/0001581990-23-000002.json
- Plain text: https://secwatch.observer/filing/0001581990-23-000002.txt

## Key facts
- Earnings Releases
  PLAINS GP HOLDINGS LP reported twelve months ended December 31, 2022 results: net income $1,037 million, EPS $1.19. Guidance initiated.
  - Period: twelve months ended December 31, 2022
  - Net income: $1,037 million
  - EPS: $1.19
  - Guidance: initiated
  - Result: reported results
  source text: Plains All American Reports Fourth-Quarter and Full-Year 2022 Results; Announces 2023 Guidance
  evidence_url: https://www.sec.gov/Archives/edgar/data/1581990/000158199023000002/0001581990-23-000002-index.htm
- Earnings Releases
  PLAINS GP HOLDINGS LP reported three months ended December 31, 2022 results: net income $263 million, EPS $0.30.
  - Period: three months ended December 31, 2022
  - Net income: $263 million
  - EPS: $0.30
  - Result: reported results
  source text: Plains All American Reports Fourth-Quarter and Full-Year 2022 Results; Announces 2023 Guidance
  evidence_url: https://www.sec.gov/Archives/edgar/data/1581990/000158199023000002/0001581990-23-000002-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.