---
schema_version: "secwatch.filing_event.v1"
accession: "0001581990-25-000003"
form_type: "8-K"
ticker: "PAGP"
cik: "0001581990"
company_name: "PLAINS GP HOLDINGS LP"
filed_at: "2025-02-07T23:59:59+00:00"
generated_at: "2026-05-27T00:55:05.232659+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

# Plains All American Q4 net income $36M; 2025 EBITDA guidance $2.80-2.95B

## Summary
- Q4 2024 net income $36M, down 88% YoY; full-year $772M vs $1.23B in 2023.
- Adjusted EBITDA attributable to PAA Q4 $729M, full-year $2.78B, above 2024 guidance top-end.
- 2025 Adjusted EBITDA guidance $2.80-2.95B; distribution raised 20% to $1.52 annualized per unit.
- Closed three bolt-on acquisitions for ~$670M net to PAA, including Ironwood Midstream.
- Issued $1B senior notes at 5.95% due 2035; leverage ratio 3.0x at year-end.

## SEC filing metadata
- accession: 0001581990-25-000003
- form_type: 8-K
- ticker: PAGP
- cik: 0001581990
- company_name: PLAINS GP HOLDINGS LP
- filed_at: 2025-02-07T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 2.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1581990/000158199025000003/0001581990-25-000003-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1581990/000158199025000003/pagp-20250207.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001581990-25-000003
- JSON: https://secwatch.observer/filing/0001581990-25-000003.json
- Plain text: https://secwatch.observer/filing/0001581990-25-000003.txt

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