The following is a summary of the Plains GP Holdings, L.P. Class A Shares (PAGP) Q3 2024 Earnings Call Transcript:

Financial Performance:

• Plains GP Holdings reported adjusted EBITDA for Q3 2024 at $659 million, indicating benefits from higher Permian volumes.

• For 2024, the company expects to generate roughly $1.45 billion of adjusted free cash flow, accounting for capital expenditures and bolt-on acquisitions.

• Adjusted free cash flow guidance for 2024 has been revised to include recent bolt-on acquisitions and charges from legal settlements.

Business Progress:

• They are on track with the Fort Saskatchewan fractionation expansion project, scheduled for completion in the first half of 2025. This project enhances their NGL business efficiency.

• Recent acquisition of the Fivestones Permian gathering system, integrating it with existing operations to optimize throughput.

• Plains GP Holdings aims to utilize its financial flexibility to maintain capital discipline and return capital to investors.

Opportunities:

• Permian volume growth continues as expected, within the forecasted range, providing more integrated and scalable operations.

• Continuing to pursue bolt-on acquisitions to drive an efficient growth strategy.

Risks:

• The settlements related to the 2015 oil spill and their $225 million claim expected to be resolved mainly in Q1 2025 present financial and reputational risks, although these are now largely mitigated with recent legal resolutions.

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