---
schema_version: "secwatch.filing_event.v1"
accession: "0001581990-25-000025"
form_type: "8-K"
ticker: "PAGP"
cik: "0001581990"
company_name: "PLAINS GP HOLDINGS LP"
filed_at: "2025-11-05T23:59:59+00:00"
generated_at: "2026-05-17T00:17:21.545298+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# Plains Q3 net income $441M; acquires 100% of EPIC crude pipeline for ~$1.33B

## Summary
- Net income $441M ($0.55 diluted EPS); adjusted EBITDA attributable to PAA $669M.
- Completed acquisition of remaining 45% equity in EPIC for ~$1.33B (incl. ~$500M debt) on Nov 1, now owns 100%.
- Full-year 2025 Adjusted EBITDA guidance $2.84-2.89B (includes ~$40M from EPIC); leverage at 3.3x low end.
- Distribution declared $0.38 per unit for Q3, up 20% YoY; implied DCF per unit $0.61.
- Pending sale of Canadian NGL business to Keyera expected to close in Q1 2026.

## SEC filing metadata
- accession: 0001581990-25-000025
- form_type: 8-K
- ticker: PAGP
- cik: 0001581990
- company_name: PLAINS GP HOLDINGS LP
- filed_at: 2025-11-05T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 2.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1581990/000158199025000025/0001581990-25-000025-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1581990/000158199025000025/pagp-20251105.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001581990-25-000025
- JSON: https://secwatch.observer/filing/0001581990-25-000025.json
- Plain text: https://secwatch.observer/filing/0001581990-25-000025.txt

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