PLAINS GP HOLDINGS LP Business Summary

Plains GP Holdings LP (PAGP) operates as a holding company that owns a non-economic controlling general partner interest in Plains All American Pipeline, L.P. (PAA), a leading North American midstream energy infrastructure provider. The company generates revenue through fee-based transportation, storage, and terminaling services, as well as merchant marketing activities. Its operations are primarily divided into two segments: Crude Oil and Natural Gas Liquids (NGL). As of early 2026, the company has strategically pivoted toward a crude-focused "pure-play" model following the $3.75 billion divestiture of its Canadian NGL business to Keyera, a move designed to simplify its business model and reduce commodity price exposure. Within the competitive landscape, PAGP maintains a dominant position in the Permian Basin, competing directly with large-cap midstream peers such as Enterprise Products Partners (EPD), Energy Transfer (ET), Kinder Morgan (KMI), and MPLX (MPLX) by leveraging its extensive 20,000-mile pipeline network and 76 million barrels of commercial storage capacity. The company is led by Chairman and CEO Willie Chiang, who joined in 2015 and assumed the top role in 2018 after holding executive positions at Occidental Petroleum, ConocoPhillips, and Chevron. The current leadership team includes Al Swanson as Executive Vice President and CFO, Chris R. Chandler as Executive Vice President and COO, and Jeremy Goebel as Executive Vice President and Chief Commercial Officer. PAGP was originally formed in 2013 by the foundational leadership of PAA, including co-founder and retired CEO Greg L. Armstrong and long-tenured executive Harry Pefanis. The company maintains a high degree of institutional backing, with major stakeholders including The Vanguard Group and JPMorgan Chase & Co., while its board of directors features industry veterans such as Oscar K. Brown Jr. and John T. Raymond, ensuring a focus on capital discipline and multi-year free cash flow generation.