Plains GP Posts Strong Q2 with $738M Adj. EBITDA, 3.3x Leverage, and Higher Growth Capex
PAGP sits 50% above its 52-week low of $16.685.
Summary
Plains GP Holdings reported Q2 2026 Adjusted EBITDA of $738 million, up 10% YoY, with leverage at 3.3x following the Canadian NGL sale. The company raised 2026 growth capex guidance and announced a Cactus III pipeline expansion.
Key Events · Earnings and Guidance · PAGP
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Q2 Adjusted EBITDA Beats
Adjusted EBITDA attributable to PAA reached $738 million, a 10% increase from $672 million in Q2 2025, driven by a 19% jump in Crude Oil segment EBITDA.
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Leverage Hits Target Low-End
Pro forma leverage ratio improved to 3.3x after using $2.9 billion of Canadian NGL sale proceeds to pay down debt, placing the company at the low end of its 3.25-3.75x target range.
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Growth Capex Guidance Raised
2026 organic growth capital guidance increased to $400-$450 million from $350 million, including a 75 Mb/d expansion of the Cactus III pipeline and additional Permian gathering projects.
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Canadian NGL Sale Closed
The $3.76 billion sale of the Canadian NGL business closed on May 12, 2026, resulting in a $1.6 billion net gain and transforming Plains into a pure-play crude oil midstream provider.
Analysis · PAGP · Energy & Transportation
A solid quarter saw Adjusted EBITDA climb 10% year-over-year, fueled by strength in the crude oil segment. The Canadian NGL sale closed, delivering a $1.6 billion gain and enabling $2.9 billion in debt reduction—bringing leverage to the low end of the target range. Confidence in Permian expansion opportunities, including a Cactus III capacity increase, prompted management to raise organic growth capital guidance by up to $100 million. The distribution yield remains attractive at ~7%. These results confirm the company is on track to meet full-year guidance and carries momentum into 2027.
How filings like this one have moved
In the 30 days to Sep 19, 2026, 29.6% of the 1700 measured filings Wiseek scored 7 moved their stock by 5% or more by the next session's close. The median move was -0.36%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, PAGP was trading at $25.10 on NASDAQ in the Energy & Transportation sector, with a market capitalization of approximately $5B. The 52-week trading range was $16.69 to $26.78. This filing was assessed with positive market sentiment and an importance score of 7 out of 10.