Plains GP Holdings LP (PAGP) Q1 2025 Earnings Report

- Revenue: $12.011B (YoY -1.29%; QoQ -3.15%)
- Gross Profit: $0.988B (Gross Margin ~8.23%) up 50.84% YoY, 171.43% QoQ
- Operating Income: $0.532B (Operating Margin ~4.43%); YoY -4.66%, QoQ +511.49%
- EBITDA: $0.934B (EBITDA Margin ~7.78%)
- Net Income: $0.084B (Net Margin ~0.70%); YoY +100%, QoQ +863.64%
- EPS (diluted): $0.42; YoY +100%, QoQ +1150%
- Cash from Operations: $0.638B; Free Cash Flow: $0.440B
- Capex: -$0.198B; Acquisitions: -$0.624B; Net Investing: -$0.819B
- Total Debt: $8.91B; Cash & Equivalents: $0.429B; Net Debt: ~$8.481B
- Leverage: Total Debt to Capitalization ~86.9%; Debt to EBITDA (where applicable) materially elevated versus peers
- Dividend payments: $0.075B; Share repurchases: $0.333B
- Key balance sheet ratios: Current Ratio 1.01; Quick Ratio 0.94; Long-term leverage range emphasized; Free Cash Flow Yield implied by FCF per share (~$2.22) vs price-to-FCF metrics
- Hedging: ~80% of C3+ spec product sales hedged for 2025; NGLs hedging contributes to earnings resilience
- Guidance (mass market scenario): ~$1.1B in adjusted free cash flow in 2025 excluding working capital changes and acquisitions; 60–65 WTI scenario could push EBITDA to the lower half of the guidance range; 75 WTI with 200–300 kbpd Permian growth assumed in other management commentary
- Notable one-time items: Bolt-on transactions totaling ~-$1.3B over several years, including Cheyenne pipeline (remaining 50% equity) and Black Knight Midstream (~$55M) to augment crude gathering and NGL connectivity