• Plains GP Holdings reported third-quarter 2025 results on November 5, 2025, with sales of US$11.58 billion and a net income increase to US$83 million, though both earnings and revenue came in below analyst expectations.

• Despite revenue declines, the company announced it completed the acquisition of EPIC Crude Holdings and is divesting its Canadian natural gas liquids business to focus on core crude oil midstream operations.

• We’ll examine how Plains GP Holdings’ underwhelming earnings combined with its recent acquisition and divestiture shape its investment narrative.

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Owning Plains GP Holdings means believing in the long-term strength of U.S. crude oil midstream infrastructure and resilience through commodity cycles. While third-quarter 2025 results fell short of forecasts, the recent EPIC Crude Holdings acquisition and planned NGL divestiture have not materially changed the business’s biggest near-term catalyst, reinvesting sale proceeds for growth and buybacks, or its biggest risk, which remains outsized exposure to crude demand and contract repricing.

The most relevant announcement is the completed EPIC Crude Holdings acquisition, which scales Plains’ core midstream platform just as the company exits less strategic segments. This move supports the catalyst to concentrate assets in the Permian Basin, potentially boosting long-term throughput and margins, while also tying future performance more tightly to regional crude oil trends.

However, despite higher net income this quarter, the risk from increased concentration and any downturn in North American crude volumes is something investors should keep in mind if …

Read the full narrative on Plains GP Holdings (it’s free!)

Plains GP Holdings is expected to generate $49.0 billion in revenue and $417.5 million in earnings by 2028, based on analyst forecasts. This projection reflects an annual revenue decline of 0.9% and a $445.5 million increase in earnings from the current level of -$28.0 million.

Uncover how Plains GP Holdings’ forecasts yield a $20.62 fair value, a 20% upside to its current price.

Six unique community valuations for Plains GP Holdings range from US$18.50 up to US$111.07, illustrating broad differences in outlook among Simply Wall St Community members. While many are focused on potential gains from the shift to asset concentration, remember that heightened exposure to North American crude still shapes the outlook and warrants careful consideration of future earnings resilience.