PAGPHIGH SIGNALOPERATIONAL10-K

PAGP is divesting its entire Canadian NGL business to Keyera Corp for $5.15 billion CAD, fundamentally restructuring the company to focus solely on U.S. operations.

This represents a major strategic pivot that will significantly reduce PAGP's geographic diversification and NGL exposure, as the company is selling "substantially all" of its NGL assets and retaining only U.S.-based operations. The transaction, expected to close in Q1 2026, transforms the company's business profile and may indicate management's view that the Canadian assets were underperforming or that capital can be better deployed elsewhere.

Comparing 2026-02-27 vs 2025-02-28View on EDGAR →
FINANCIAL ANALYSIS

The financial statements show dramatic growth with revenue surging 282% to $44.3B and net income more than tripling to $260M, suggesting strong operational performance ahead of the major divestiture. However, inventory declined 52% to $211M while total debt increased 48% to $10.7B, indicating potential working capital optimization but higher leverage that may be addressed by the pending $5.15B asset sale proceeds. The combination of strong earnings growth and the upcoming major cash infusion from the Canadian asset sale positions the company for significant capital allocation decisions.

FINANCIAL STATEMENT CHANGES
Revenue
P&L
+282.3%
$11.6B→$44.3B

Strong top-line growth of 282.3% — accelerating demand or successful expansion into new markets.

Net Income
P&L
+213.3%
$83.0M→$260.0M

Net income grew 213.3% — bottom-line growth signals improving overall business health.

Operating Income
P&L
+195.7%
$483.0M→$1.4B

Operating leverage kicking in — revenue growth outpacing cost growth, a hallmark of scaling businesses.

Inventory
Balance Sheet
-51.9%
$439.0M→$211.0M

Inventory drawn down 51.9% — strong sell-through or deliberate destocking; watch for supply constraints.

Total Debt
Balance Sheet
+48.3%
$7.2B→$10.7B

Debt increased 48.3% — substantial leverage increase; assess whether deployed for growth or covering losses.

Operating Cash Flow
Cash Flow
+18%
$2.5B→$2.9B

Operating cash flow grew 18% — strong conversion of earnings to cash, healthy business fundamentals.

Total Assets
Balance Sheet
+12.7%
$27.8B→$31.3B

Asset base grew 12.7% — expansion through organic growth, acquisitions, or capital deployment.

LANGUAGE CHANGES
NEW — 2026-02-27
PRIOR — 2025-02-28
ADDED
As of February 20, 2026, there were 197,904,124 Class A shares outstanding.
In June 2025, a subsidiary of PAA entered into a definitive Share Purchase Agreement ( SPA ) with Keyera Corp.
( Keyera ), an Alberta corporation, pursuant to which Keyera agreed to acquire all of the issued and outstanding shares of Plains Midstream Canada ULC, PAA s wholly-owned subsidiary that owns substantially all of our NGL business in Canada (the Canadian NGL Business ), for cash consideration of approximately $5.15 billion CAD (approximately $3.75 billion USD), subject to certain post-closing adjustments, as defined in the SPA.
This transaction is expected to close around the end of the first quarter of 2026, subject to the satisfaction or waiver of customary closing conditions, including receipt of regulatory approvals.
The operations of the Canadian NGL Business meet the criteria for classification as held for sale and for discontinued operations reporting.
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REMOVED
As of February 14, 2025, there were 197,743,624 Class A shares outstanding.
PAA s assets and the services it provides are primarily focused on crude oil and NGL.
The Class C shares function as a pass-through voting mechanism through which PAA votes at the direction of and as proxy for the PAA common unitholders (other than AAP) and Series A preferred unitholders on the election of directors.
(2) On January 31, 2025, PAA repurchased approximately 12.7 million Series A Preferred Units.
See Note 11 to our Consolidated Financial Statements for additional information regarding this repurchase.
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