secwatch.observer — SEC 8-K summary
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Issuer:     PLAINS GP HOLDINGS LP (PAGP)
CIK:        0001581990
Form:       8-K
Filed at:   2026-02-06T23:59:59+00:00
Accession:  0001581990-26-000009
Event type: earnings
Sentiment:  positive
Materiality: 0.85
Item codes: 2.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Plains All American Q4 2025 net income $342M; adj. EBITDA $738M; distribution increased 10%
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- Q4 2025 net income attributable to PAA $342M vs $36M YoY; full-year $1.435B vs $772M.
- Adjusted EBITDA attributable to PAA Q4 $738M, full-year $2.833B.
- 2026 adj. EBITDA guidance midpoint $2.75B (+/- $75M); expects one quarter of NGL contribution.
- Annualized distribution increased $0.15 to $1.67/unit (10% increase); coverage threshold lowered to 150%.
- Cost savings of $100M by 2027 and $50M Cactus III synergies; NGL divestiture to Keyera closing Q1 2026.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1581990/000158199026000009/0001581990-26-000009-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1581990/000158199026000009/pagp-20260206.htm
  HTML page:      https://secwatch.observer/filing/0001581990-26-000009

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer