Plains GP Holdings LP Q3 2025 Earnings Call Highlights: Strong Financial Performance and Strategic Moves

Plains GP Holdings LP reported Q3 2025 adjusted EBITDA of $669 million, executing its strategy of lowering leverage, maximizing free cash flow, and optimizing its system. The company plans to continue increasing distributions by $0.15 until reaching its targeted coverage. The acquisition of Epic Crude Holdings is expected to generate a mid-teens unlevered return and improve synergy capture. The sale of NGL assets is expected to close early next year, further focusing the portfolio on crude oil and enhancing cash flow stability.