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Mar 31
Plains GP Q1 2025 Earnings Report
Plains GP reported higher net income and EPS in Q1 2025, supported by strong operational execution at PAA.
Key Takeaways
Plains GP Holdings delivered solid financial results in Q1 2025 with increased net income and EPS, benefiting from strong segment performance, improved NGL margins, and bolt-on acquisitions completed by PAA.
Net income attributable to PAGP was $84 million, up from $42 million last year.
EPS doubled year-over-year to $0.42 from $0.21.
Consolidated revenue reached $12.011 billion, maintaining year-over-year levels.
Performance was bolstered by PAA’s expansion in NGL and acquisition-driven growth.
Plains GP
Plains GP
Plains GP Revenue by Segment
Revenue by Segment
Crude Oil Revenue
CapyFin.comNGL Revenue
CapyFin.com Forward Guidance
The company maintained cautious optimism, emphasizing cash generation, capital discipline, and efficient growth despite macro volatility.
Positive Outlook
- Stable leverage ratio at the low end of target range (3.3x).
- Two bolt-on acquisitions strengthen crude oil and NGL infrastructure.
- Fort Saskatchewan debottleneck project placed in service.
- C3+ spec hedging increased to 80% at ~$0.70/gal.
- Strong distribution payout maintained.
Challenges Ahead
- Adjusted Free Cash Flow after distributions was negative (-$639 million).
- Free cash flow impacted by $624 million in bolt-on acquisitions.
- Higher operating expenses partially offset tariff gains.
- Refinery downtime impacted asset utilization.
- Market volatility continues to present demand and pricing uncertainty.
Revenue & Expenses
Visualization of income flow from segment revenue to net income