Plains GP Holdings said its 2025 pro forma results would have shown revenue of $44.464 billion, up $202 million from Plains’ reported $44.262 billion, after folding in EPIC Crude Holdings.
The biggest swing came below the top line. Costs and expenses rose to $42.946 billion from $42.834 billion, a gain of $112 million. Within that total, purchases and related costs fell $72 million to $40.361 billion, but field operating costs increased $63 million to $1.217 billion and general and administrative expenses rose $19 million to $367 million. Depreciation and amortization climbed to $1.055 billion from $953 million.
Operating income improved to $1.518 billion from $1.428 billion, an increase of $90 million. But higher financing costs cut into that gain: interest expense rose to $634 million from $467 million, up $167 million. As a result, income from continuing operations before tax slipped to $1.318 billion from $1.395 billion, down $77 million.
Net income from continuing operations, net of tax, declined to $1.231 billion from $1.303 billion. Net income attributable to PAGP from continuing operations fell to $135 million from $152 million, a drop of $17 million.
Per Class A share, earnings from continuing operations decreased to $0.68 from $0.77, down 9 cents. The weighted average Class A share count stayed flat at 198 million.
EPIC Crude Holdings’ historical results for 2025 were reclassified to $202 million of revenue, $106 million of costs and expenses, and $96 million of operating income. Its nine-month 2025 revenue of $295 million plus $32 million for the period from October 1 to November 6 was reduced by a $125 million reclassification tied to inventory exchange margin. As a result of these announcements, the company's shares have moved 0.16% on the market, and are now trading at a price of $28.045. For more information, read the company's full 8-K submission here.
