PAGP

EX-99.1

2 pagp05082026exhibit991.htm

EX-99.1

Document

Exhibit 99.1

Plains All American Reports First-Quarter 2026 Results & Raises 2026 Guidance

Houston, TX – May 8, 2026 – Plains All American Pipeline, L.P. (Nasdaq: PAA) and Plains GP Holdings (Nasdaq: PAGP) today reported first-quarter 2026 results and raised full-year 2026 Adjusted EBITDA Guidance.

First-Quarter 2026 Results

•First-quarter Net income attributable to PAA of $152 million and Net cash provided by operating activities of $418 million

•Delivered first-quarter Adjusted EBITDA attributable to PAA of $730 million

•Pro forma leverage ratio of 4.1x at quarter-end; expect to return toward the midpoint of the target range of 3.25 to 3.75x following closing of the NGL divestiture and migrating toward lower-end of the range by year-end

•Paid a quarterly cash distribution of $0.4175 per unit ($1.67 per unit annualized), representing a current distribution yield of ~7.5%

2026 Updated Outlook

•Increasing midpoint of full-year 2026 Adjusted EBITDA guidance attributable to PAA by $130 million to $2.880 billion +/- $75 million (reflecting a strong oil macro environment and NGL contribution into May 2026)

•Growth capital remains $350 million with maintenance capital increasing to $185 million, reflecting ownership of NGL assets into May 2026

•Full-year 2026 Adjusted Free Cash Flow guidance increased to approximately $1.850 billion (excluding changes in Assets & Liabilities and anticipated cash proceeds from the NGL divestiture)

“Global events this year illustrate the importance of reliable, secure and responsibly produced energy and have accelerated the timing of our view for a more constructive crude oil market. Our integrated business model and asset base connecting U.S. crude production to the global markets are critical to meeting global energy demand. As a result, we are increasing the midpoint of our 2026 Adjusted EBITDA guidance by $130 million to reflect a constructive oil macro environment and extended ownership of our Canadian NGL business into May. The closing of the NGL divestiture will mark a transition to a premier pure play crude oil midstream provider. We remain focused on executing key initiatives in 2026, including closing the pending NGL sale and realizing $100 million of contribution between Cactus III synergies and capturing efficiencies across our system. The combination of these internal initiatives coupled with a healthy oil macro backdrop positions Plains with momentum into 2027 and beyond. Finally, we remain committed to financial discipline and maintaining a strong balance sheet, while continuing to return capital to unit holders,” said Willie Chiang, Chairman, CEO and President.

- more -

333 Clay Street, Suite 1600

Houston, Texas 77002

713-646-4100 / 866-809-1291

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Financial Reporting Considerations for Pending Sale of Canadian NGL Business

On June 17, 2025, we entered into a definitive agreement to sell substantially all of our NGL business in Canada (the “Canadian NGL Business”) to Keyera Corp. This transaction is expected to close in May 2026. As part of the sale, we will divest the Canadian NGL Business, which includes substantially all of our NGL assets; the NGL assets that we will retain are located in the United States.

We have determined that the operations of the Canadian NGL Business meet the criteria for classification as held for sale and for discontinued operations reporting and have applied these changes retrospectively to all periods presented. Results throughout this release specify if they are presented from continuing operations (which exclude the results of the Canadian NGL Business) and/or discontinued operations.

Plains All American Pipeline

Summary Financial Information (unaudited)

(in millions, except per unit data)

Three Months Ended March 31, 2026%

GAAP Results (1) 20262025Change

Net income attributable to PAA (2) $152 $443 (66)%

Diluted net income per common unit $0.14 $0.49 (71)%

Diluted weighted average common units outstanding706 704 — %

Net cash provided by operating activities$418 $639 (35)%

Distribution per common unit declared for the period$0.4175 $0.3800 10 %

Three Months Ended March 31, 2026%

Non-GAAP Results (1) (3)

20262025Change

Adjusted net income attributable to PAA (2) $325 $375 (13)%

Diluted adjusted net income per common unit$0.39 $0.39 — %

Adjusted EBITDA $852 $881 (3)%

Adjusted EBITDA attributable to PAA (2) $730 $754 (3)%

Implied DCF per common unit and common unit equivalent$0.61 $0.66 (8)%

Adjusted Free Cash Flow (4) $82 $(308)**

Adjusted Free Cash Flow after Distributions (4) $(266)$(639)**

Adjusted Free Cash Flow (Excluding Changes in Assets & Liabilities) (4) (5) $185 $(169)**

Adjusted Free Cash Flow after Distributions (Excluding Changes in Assets & Liabilities) (4) (5) $(163)$(500)**

** Indicates that variance as a percentage is not meaningful.

(1)Includes results from continuing operations and discontinued operations for a

pagp-202602060001581990falsePLAINS GP HOLDINGS LP00015819902026-02-062026-02-06

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) — February 6, 2026

Plains GP Holdings, L.P. (Exact name of registrant as specified in its charter)

Delaware1-3613290-1005472 (State or other jurisdiction of incorporation) (Commission File Number)(IRS Employer Identification No.)

333 Clay Street, Suite 1600, Houston, Texas 77002 (Address of principal executive offices) (Zip Code)

713-646-4100 (Registrant’s telephone number, including area code)

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each classTrading Symbol(s)Name of each exchange on which registered Class A SharesPAGPNasdaq

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 and Item 7.01. Results of Operations and Financial Condition; Regulation FD Disclosure.

On February 6, 2026, the Registrant issued a press release reporting its fourth-quarter 2025 results. A copy of the press release is furnished as Exhibit 99.1 hereto. In accordance with General Instruction B.2 of Form 8-K, the information presented herein under Item 2.02 and Item 7.01 shall not be deemed “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by reference into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, each as amended.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

Exhibit NumberDescription 99.1Press Release dated February 6, 2026

104Cover Page Interactive Data File (embedded within the Inline XBRL document)

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

PLAINS GP HOLDINGS, L.P.

By:PAA GP Holdings LLC, its general partner

Date: February 6, 2026By:/s/ Al Swanson Name:Al Swanson Title:Executive Vice President and Chief Financial Officer

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pagp-202511050001581990falsePLAINS GP HOLDINGS LP00015819902025-11-052025-11-05

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) — November 5, 2025

Plains GP Holdings, L.P. (Exact name of registrant as specified in its charter)

Delaware1-3613290-1005472 (State or other jurisdiction of incorporation) (Commission File Number)(IRS Employer Identification No.)

333 Clay Street, Suite 1600, Houston, Texas 77002 (Address of principal executive offices) (Zip Code)

713-646-4100 (Registrant’s telephone number, including area code)

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each classTrading Symbol(s)Name of each exchange on which registered Class A SharesPAGPNasdaq

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 and Item 7.01. Results of Operations and Financial Condition; Regulation FD Disclosure.

On November 5, 2025, the Registrant issued a press release reporting its third-quarter 2025 results. A copy of the press release is furnished as Exhibit 99.1 hereto. In accordance with General Instruction B.2 of Form 8-K, the information presented herein under Item 2.02 and Item 7.01 shall not be deemed “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by reference into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, each as amended.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

Exhibit NumberDescription 99.1Press Release dated November 5, 2025

104Cover Page Interactive Data File (embedded within the Inline XBRL document)

2

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

PLAINS GP HOLDINGS, L.P.

By:PAA GP Holdings LLC, its general partner

Date: November 5, 2025 By:/s/ Al Swanson Name:Al Swanson Title:Executive Vice President and Chief Financial Officer

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