---
schema_version: "secwatch.filing_event.v1"
accession: "0001581990-26-000023"
form_type: "8-K"
ticker: "PAGP"
cik: "0001581990"
company_name: "PLAINS GP HOLDINGS LP"
filed_at: "2026-08-07T13:15:49+00:00"
generated_at: "2026-08-07T13:17:05.824685+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Plains All American Q2 2026: Adjusted EBITDA $738M, up 10% YoY; NGL sale closed

## Summary
- Net income attributable to PAA $1.830B incl. ~$1.6B gain from Canadian NGL sale to Keyera (closed May 12, 2026).
- Adjusted EBITDA attributable to PAA $738M, +10% YoY; pro forma leverage 3.3x after ~$2.9B debt reduction.
- Quarterly distribution raised 10% to $0.4175/unit ($1.67 annualized); implied DCF $0.70/unit.
- 2026 organic growth capex raised to $400-450M (from $350M) for Cactus III 75 Mb/d expansion; maintenance capex cut to $175M.
- Adjusted free cash flow $4.189B, boosted by NGL divestiture proceeds; full-year EBITDA guidance on track.

## SEC filing metadata
- accession: 0001581990-26-000023
- form_type: 8-K
- ticker: PAGP
- cik: 0001581990
- company_name: PLAINS GP HOLDINGS LP
- filed_at: 2026-08-07T13:15:49+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1581990/000158199026000023/0001581990-26-000023-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1581990/000158199026000023/pagp-20260807.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001581990-26-000023
- JSON: https://secwatch.observer/filing/0001581990-26-000023.json
- Plain text: https://secwatch.observer/filing/0001581990-26-000023.txt

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