Plains GP Holdings (NASDAQ:PAGP) reported a fourth-quarter profit that missed analyst estimates on both the top and bottom lines, as lower commodity prices and contract resets in the Permian Basin offset gains from recent pipeline acquisitions.
The Houston-based midstream operator posted a net profit of $62 million, or $0.31 per share, for the quarter ended Dec. 31, 2025.
When adjusted for one-time items, earnings were $0.17 per share, falling short of the $0.55 consensus estimate.
Revenue for the period came in at $10.57 billion, a decline compared to the $11.6 billion expected by Wall Street, reflecting a broader cooling in energy market pricing despite higher transport volumes.
Despite the quarterly miss, management signaled confidence in its transition toward a "pure play" crude oil midstream provider.
The company announced a 10% increase in its annualized distribution to $1.67 per share, supported by a $2.75 billion adjusted EBITDA guidance for 2026.