Plains GP Holdings LP Class A

PAGP: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Plains Earnings: Stronger Permian Performance Leads to Modest Uptick in 2023 Outlook

Stephen Ellis

Aug 4, 2023

Plains’ second-quarter results were good, as healthy Permian volumes and tariffs led the firm to boost its guidance toward the top end of its outlook, or around $2.55 billion in 2023 EBITDA. The change is modest, and about $50 million above our original expectations. After updating our model, our $14 fair value estimates and no-moat ratings for the Plains entities are unchanged.

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Plains GP Holdings LP Class A

Plains Earnings: Stronger Permian Performance Leads to Modest Uptick in 2023 Outlook

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