---
schema_version: "secwatch.filing_event.v1"
accession: "0001581990-25-000010"
form_type: "8-K"
ticker: "PAGP"
cik: "0001581990"
company_name: "PLAINS GP HOLDINGS LP"
filed_at: "2025-05-09T23:59:59+00:00"
generated_at: "2026-05-22T01:40:58.571949+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.65
calibrated_materiality_score: 0.65
confidence: "high"
source: SEC EDGAR
---

# Plains GP Q1 net income $443M, up 67% YoY; distribution raised 20% to $0.38/unit

## Summary
- Net income attributable to PAA $443M, up 67% YoY; diluted EPS $0.49 vs $0.29.
- Adjusted EBITDA attributable to PAA $754M, up 5% YoY; total Adjusted EBITDA $881M.
- Quarterly distribution increased 20% to $0.38/unit ($1.52 annualized), yield ~9%.
- Acquired remaining 50% of Cheyenne Pipeline (Feb 28) and Black Knight Permian for ~$55M (May 1).
- Leverage ratio 3.3x; placed Fort Saskatchewan debottleneck (30 Mb/d) into service.

## SEC filing metadata
- accession: 0001581990-25-000010
- form_type: 8-K
- ticker: PAGP
- cik: 0001581990
- company_name: PLAINS GP HOLDINGS LP
- filed_at: 2025-05-09T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.65
- calibrated_materiality_score: 0.65
- confidence: high
- sec_items: 2.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1581990/000158199025000010/0001581990-25-000010-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1581990/000158199025000010/pagp-20250509.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001581990-25-000010
- JSON: https://secwatch.observer/filing/0001581990-25-000010.json
- Plain text: https://secwatch.observer/filing/0001581990-25-000010.txt

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