Plains GP Holdings, L.P. Q1 FY2026 earnings call

Discussed macro environment changes due to geopolitical events, importance of North America in energy supply, increased 2026 EBITDA guidance, NGL segment performance and drivers, Cactus III synergy capture and streamlining, and progress of transaction with Keyera.

Crude oil segment adjusted EBITDA in the first quarter was $582 million. NGL segment adjusted EBITDA was $145 million. Full-year 2026 adjusted EBITDA guidance midpoint increased by $130 million to $2.88 billion. NGL segment EBITDA expected to be $170 million in 2026, with first quarter outperformance of $45 million and divestiture timing now in May 2026.

Increased full-year 2026 adjusted EBITDA guidance midpoint by $130 million to $2.88 billion. NGL segment EBITDA expected $170 million in 2026. Crude oil segment guidance increased by $60 million. Expect approximately $1.85 billion adjusted free cash flow in 2026.

Competition Bureau has challenged the transaction with Keyera, but parties are committed to closing it.

Q: On new guide and EPIC expansion; A: Al Swanson and Jeremy L. Goebel's responses.

Q: Permian macro and marketing opportunities; A: Willie Chiang and Jeremy L. Goebel's responses.

Q: Weather impact and NGL segment; A: Al Swanson and Jeremy L. Goebel's responses.

Q: Crude segment guidance; A: Willie Chiang's response.

Q: Producer activity and egress expansion; A: Jeremy L. Goebel and Willie Chiang's responses.

Q: Cost reduction and capital allocation; A: Christopher R. Chandler and Al Swanson's responses.