Plains GP Q2 net income $210M (PAA), NGL sale to Keyera for $3.75B

PLAINS GP HOLDINGS LP

Net income attributable to PAA $210M ($0.21/unit), down 16% YoY; adjusted EBITDA $672M flat.
Exited Q2 with leverage ratio 3.3x, low-end of 3.25x-3.75x target range.
Signed agreement to sell Canadian NGL business to Keyera for ~$5.15B CAD ($3.75B USD); close expected Q1 2026 subject to regulatory approval.
Acquired additional 20% interest in BridgeTex Pipeline on July 22, 2025, raising total to 40%.
Distribution increased 20% to $0.38/unit; adjusted free cash flow after distributions fell 78% to $28M.

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