Every material Form 8-K PLAINS GP HOLDINGS LP has filed with the SEC since August 07, 2026, read and summarized by AI: what happened, the key figures, whether it reads positive or negative for shareholders, and how big a deal it is (impact 1-5). Newest first; each brief links to its own page and to the filing on SEC.gov.
Plains reported third-quarter 2026 results on November 6, 2026. Net income attributable to PAA fell to $363 million from $441 million, and diluted net income per common unit turned to a loss of $0.06 from a profit of $0.55, while adjusted EBITDA attributable to PAA rose 6% to $711 million on revenues of $15.2 billion. Management said the company is on track to meet full-year 2026 adjusted EBITDA guidance attributable to PAA of $2.880 billion, plus or minus $50 million, so unitholders see a mixed quarter: the operating measure grew, but reported profit declined.
Net income attributable to PAA was $363 million, down 18% from $441 million a year earlier.
Diluted net loss per common unit was $0.06, compared with earnings of $0.55 per unit in the third quarter of 2025.
Adjusted EBITDA attributable to PAA rose 6% to $711 million; revenues were $15.2 billion versus $11.6 billion.
Full-year 2026 adjusted EBITDA guidance attributable to PAA of $2.880 billion plus or minus $50 million was reaffirmed as on track, and a quarterly distribution of $0.4175 per unit was paid.
Plains announced that Dean Liollio will become Executive Vice President and Chief Operating Officer of the general partners of PAA and PAGP effective October 2, 2026, succeeding Chris Chandler, who is resigning to pursue other interests. The filing says Chandler's departure is not due to any disagreement over company operations, policies or practices. The filing discloses Liollio's pay package, including a $625,000 base salary and a promotional phantom unit grant.
Dean Liollio, age 67, was Senior Vice President, Special Projects, from June 2024 before his appointment as EVP and COO effective October 2, 2026.
Liollio's annual base salary is $625,000, with a bonus target of 150% of base salary.
Liollio will receive a time-based promotional LTIP grant for 150,000 phantom units vesting in August 2029.
Chris Chandler gave notice on September 25, 2026 that he will resign effective October 2, 2026.
On September 14, 2026, Plains All American Pipeline, L.P. (PAA), a wholly owned subsidiary of PAGP, completed a public offering of $700 million of 6.750% Series A notes and $800 million of 7.000% Series B notes, both due December 15, 2056. The notes are unsecured, rank junior to PAA's existing and future senior debt, and are not guaranteed by PAA's subsidiaries. The filing also provides unaudited pro forma 2025 results that show revenue slightly higher but per-share net income from continuing operations lower than reported, reflecting the EPIC Crude Holdings acquisitions.
Series A: $700 million, 6.750% junior subordinated notes due December 15, 2056; interest first payable June 15, 2027.
Series B: $800 million, 7.000% junior subordinated notes due December 15, 2056; rates may reset on December 15, 2036 and every five years after.
Pro forma 2025 revenue of $44,464 million versus $44,262 million historical; net income per Class A share of $0.68 versus $0.77 historical.
Underwriters were J.P. Morgan Securities LLC, Citigroup Global Markets Inc., Mizuho Securities USA LLC, MUFG Securities Americas Inc. and Truist Securities, Inc.
Plains GP Holdings reported second-quarter 2026 results that were lifted by a net gain of about $1.6 billion from the May 12, 2026 sale of its Canadian NGL business to Keyera Corp. Excluding that gain, the results still improved, with Adjusted EBITDA attributable to PAA up 10% and the quarterly distribution up 10% to $0.4175 per unit. The company also raised its 2026 organic growth capital range and lowered its maintenance capital guidance.
Net income attributable to PAA was $1.830 billion, or $2.51 per diluted unit, versus $210 million, or $0.21, a year earlier.
Adjusted EBITDA attributable to PAA rose to $738 million from $672 million, and pro forma leverage was 3.3x at quarter-end.
2026 organic growth capital guidance was raised to $400 million to $450 million from $350 million, and maintenance capital guidance was cut by $10 million to $175 million.
Quarterly distribution was $0.4175 per unit, up from $0.3800 a year earlier.
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