---
schema_version: "secwatch.filing_event.v1"
accession: "0001581990-23-000008"
form_type: "8-K"
ticker: "PAGP"
cik: "0001581990"
company_name: "PLAINS GP HOLDINGS LP"
filed_at: "2023-05-05T23:59:59+00:00"
generated_at: "2026-06-15T16:47:49.729364+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Plains reports Q1 net income $422M, reaffirms 2023 guidance

## Summary
- Net income of $422M ($0.52 diluted EPS), up 126% YoY; Adj. EBITDA attributable to PAA $715M.
- Free cash flow of $823M including ~$284M asset sales; reduced total debt by ~$450M.
- Reaffirms FY2023 Adj. EBITDA guidance of $2.45-2.55B, leverage ~3.5x, distribution coverage ~215%.
- Annualized common distribution increased $0.20 to $1.07 per unit (~23% increase).
- Generated $743M net cash from operations, up 119% YoY.

## SEC filing metadata
- accession: 0001581990-23-000008
- form_type: 8-K
- ticker: PAGP
- cik: 0001581990
- company_name: PLAINS GP HOLDINGS LP
- filed_at: 2023-05-05T23:59:59+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/1581990/000158199023000008/0001581990-23-000008-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1581990/000158199023000008/pagp-20230505.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001581990-23-000008
- JSON: https://secwatch.observer/filing/0001581990-23-000008.json
- Plain text: https://secwatch.observer/filing/0001581990-23-000008.txt

## Key facts
- Earnings Releases
  PLAINS GP HOLDINGS LP reported first-quarter 2023 results: net income $422 million, EPS $0.52. Guidance reaffirmed.
  - Period: first-quarter 2023
  - Net income: $422 million
  - EPS: $0.52
  - Guidance: reaffirmed
  - Result: reported results
  source text: Plains All American Reports First-Quarter 2023 Results; Reaffirms 2023 Guidance Houston, TX – May 5, 2023 – Plains All American Pipeline, L.P. (Nasdaq: PAA) and Plains GP Holdings (Nasdaq: PAGP) today reported first-quarter 2023 results and reaffirmed 2023 guidance as highlighted below: First-Quarter Results • Reported Net income attributable to PAA of $422 million and Net cash provided by operating activities of $743 million • Delivered strong Adjusted EBITDA attributable to PAA of $715 million • Generated Free Cash Flow of $823 million, including approximately $284 million of asset sales • Reduced total debt by approximately $450 million • Increased annualized common distribution by $0.20 to $1.07 per unit (~23% increase, paid in February)
  evidence_url: https://www.sec.gov/Archives/edgar/data/1581990/000158199023000008/0001581990-23-000008-index.htm

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