PLAINS GP HOLDINGS LP

Overview

Plains GP Holdings, L.P. is a publicly traded partnership in the energy midstream sector, with its principal operating business conducted through Plains All American Pipeline (PAA). Its activities center on transporting and handling crude oil and natural gas liquids (NGLs), using pipelines, storage facilities and terminals, alongside related marketing services. Its reportable business segments are Crude Oil and NGL.[1][2]

The company’s infrastructure and operations span the United States and Canada, with NGL assets concentrated primarily in the southwestern United States. Plains describes its mission as “Delivering critical energy resources across the U.S.” [3][4] For the year ended December 31, 2025, consolidated revenue was approximately $44.3 billion. PAA, the operating business, reported a workforce of about 3,900 employees; this is not a headcount for the standalone GP entity.[5][6] [1]+9

Products & services

Plains GP Holdings LP’s offerings include crude-oil gathering, transportation, terminalling, storage and marketing. Crude oil is moved by pipeline, truck and, in some cases, barge or rail to terminals, connecting carriers, regional hubs and refineries. Services are provided through transportation tariffs and fees, pipeline-capacity agreements, and storage and terminalling agreements; the company also buys and sells crude oil.[7][8]

Its NGL offerings include natural-gas processing and extraction, fractionation, transportation, storage, terminalling and sales. Products include ethane, propane, butane and condensate; infrastructure includes pipelines, storage caverns and tanks, and rail and truck terminals. In Canada, four Empress-area straddle plants can process up to 5.7 Bcf of gas per day, while the Empress fractionation facility has capacity of up to 26,000 barrels per day. Fort Saskatchewan has 112,000 barrels per day of inlet design capacity, including 57,000 barrels per day of full C3+ fractionation capability.[9]+4

For fiscal 2025, product sales were $42.501 billion, about 96% of reported revenue, and services were $1.761 billion, about 4%. These are company-wide revenue categories rather than a breakdown by individual product.[14] [7]+7

Geographic presence

Plains GP Holdings LP’s operations are concentrated in North America, spanning the Permian Basin, South Texas/Eagle Ford, Mid-Continent, Gulf Coast, Rocky Mountain, Canada and Western regions. At year-end 2025, its reported crude-oil pipeline network covered 20,405 system miles. The Permian was the largest region by reported pipeline tariff volume, with 7.333 million barrels per day out of 9.68 million barrels per day company-wide; these are operating-volume figures, not geographic revenue shares.[15][16]

The network moves crude oil to market hubs and coastal outlets including Cushing, Oklahoma; Corpus Christi and Houston, Texas; and St. James, Louisiana. Other reported terminal locations include Midland, Texas, and Patoka, Illinois. The company’s principal executive office is in Houston, Texas, and its official contact listings include a Plains Canada Liquid Pipelines office in Calgary.[17]+3

Plains completed the sale of substantially all of its Canadian NGL business on May 12, 2026; its 2025 year-end regional asset figures therefore include assets that were subsequently divested. The company also reports Canadian crude assets and cross-border crude pipelines. It does not provide geographic revenue percentages or a regional breakdown of employees in the sources reviewed.[21]+4 [15]+11

Business segments

Plains GP Holdings, L.P. reports two operating and reportable segments: **Crude Oil** and **NGL**, organized by product. Crude Oil includes crude-oil pipelines, storage, marine terminals and related marketing activities. NGL comprises natural-gas-liquids assets, primarily in the Southwestern United States.[1]

By segment revenue before intersegment eliminations, Crude Oil represented approximately **99.7%** and NGL **0.3%** of FY2025 segment revenue (year ended December 31, 2025). For the six months ended June 30, 2026, the approximate mix was **99.8% Crude Oil** and **0.2% NGL**. These percentages use each segment’s reported revenue divided by the sum of segment revenues; consolidated revenue is lower after intersegment eliminations.[14][25] [1]+2

Company history

Plains’ business traces its origins to Plains Resources, an oil-and-gas company established in 1981. In 1998, Plains All American Pipeline (PAA) was formed as a master limited partnership to acquire and operate Plains Resources’ midstream crude-oil business, and it completed its IPO that year alongside the acquisition of Goodyear’s All American Pipeline and related businesses. Plains expanded into Canada with midstream asset acquisitions in 2001 and broadened its North American operations through its 2006 merger with Pacific Energy Partners.[26]+3

Plains GP Holdings, L.P. (PAGP) was formed in July 2013 and completed its public offering that October, becoming the publicly traded general partner of PAA. In 2012, PAA had expanded into Canadian natural-gas-liquids operations through its acquisition of BP’s Canadian NGL business; in 2016, PAGP and PAA completed a partnership simplification that eliminated PAA’s incentive distribution rights and related general-partner economics. Leadership changed in 2018 when Willie Chiang succeeded Greg Armstrong as CEO. Later milestones included forming a Permian Basin joint venture with Oryx in 2021, acquiring full ownership of EPIC Crude in 2025, and selling substantially all of the Canadian NGL business to Keyera in May 2026.[30]+7 [22]+11

Sources

• PLAINS GP HOLDINGS LP — Full financial report (2025 Y)
  15 citations

  [1][5][9][10][11][12][13][14][15][16][17][18][19][23][24]
• www.sec.gov[2]
• www.plains.com[3]
• www.plains.com[4]
• stockanalysis.com[6]
• PLAINS GP HOLDINGS LP — Full financial report (2026 Q 2)
  5 citations

  [7][8][21][22][25]
• www.plains.com[20]
• www.plains.com[26]
• s3.amazonaws.com[27]
• www.theautochannel.com[28]
• s3.amazonaws.com[29]
• www.sec.gov[30]
• s3.amazonaws.com[31]
• www.businesswire.com[32]
• www.sec.gov[33]
• www.sec.gov[34]
• ir.plains.com[35]
• ir.plains.com[36]