Plains GP Holdings, L.P. (PAGP) is a holding company whose primary cash-generating asset is its interest in Plains All American Pipeline, L.P. (PAA), one of the largest midstream energy infrastructure companies in North America. Through PAA, the company operates an extensive network of pipeline transportation, terminalling, storage, and gathering assets in key crude oil and natural gas liquids (NGL) producing basins, including the Permian Basin. The business is organized into two primary operating segments: Crude Oil and Natural Gas Liquids (NGL). The Crude Oil segment provides gathering and transportation services via pipelines, trucks, and barges, alongside terminalling and storage services. The NGL segment involves fractionation, storage, transportation, and terminalling of natural gas liquids. In 2025, the company announced the sale of its Canadian NGL business to Keyera Corp., while retaining its U.S. NGL assets and Canadian crude oil assets. PAGP generates revenue primarily through fee-based activities associated with its midstream infrastructure, offering investors a way to participate in PAA's cash distributions and governance structure.
