Plains GP Holdings LP delivered a solid off-season for the 2024 year with a strategic shift from defense to offense, anchored by bolt-on acquisitions and an upbeat 2025 EBITDA guidance. In Q4 2024 PAGP reported GAAP results showing revenue of $12.402 billion and net income of $(11) million, while management highlighted a robust adjusted EBITDA footprint of $729 million for the quarter and $2.78 billion for the full year. The quarter reflected one-time impairments and insurance write-offs that depressed GAAP earnings but did not materially alter the long-duration strategy around capital discipline, asset integration, and return of capital to unitholders.
Key developments in 2024–early 2025 include the January 31 closing of Ironwood Midstream Energy (expanding Eagle Ford coverage), the remaining 50% acquisition of Midway Pipeline, and the Medallion Delaware Basin crude gathering acquisition by a Permian JV subsidiary. Plains also expanded its capital framework with a 20% quarterly distribution increase (annualized distribution of $1.52 per unit, ~7.5% yield) and a $1.0 billion senior unsecured notes issuance to fund these actions. Management projects 2025 adjusted EBITDA of $2.8–$2.95 billion (≈3% YoY growth at the midpoint) with Permian crude volumes forecast to grow by 200,000–300,000 bpd to year-end 2025, lifting basin volumes toward ~6.7 million bpd by year-end 2025. The strategy emphasizes disciplined growth, integration synergies, and continued financial flexibility to fund bolt-ons and maintenance while returning capital to unitholders.