Plains GP Holdings, L.P. (PAGP) Q1 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

and welcome to the PAA and PAGP first quarter 2026 earnings call. At this time, all participants are in a listening mode. After the speaker's presentation, there will be a question and answer session. To ask a question, you will need to press star 11 on your touchscreen telephone. Please note this call is being recorded. I would like to turn the call over to Blake Fernandez, Vice President of Investor Relations. Please go ahead. Thank you, Michelle. Good morning and welcome to Plains All-American first quarter 2026 earnings call. Today's slide presentation is posted on the investor relations website under the news and events section at ir.plains.com. An audio replay will also be available following today's call. Important disclosures regarding forward-looking statements and non-GAAP financial measures are provided on slide two. An overview of today's call is provided on slide three. a condensed consolidating balance sheet for PAGP, and other reference materials are in the appendix. Today's call will be hosted by Willie Chang, Chairman, CEO, and President, and Al Swanson, Executive Vice President and CFO, along with other members of our management team. With that, I'll turn the call over to Willie. Thank you, Blake. Good morning, everyone, and thank you for joining us. This morning, we reported first quarter adjusted EBITDA tripled to planes of $730 million. Al will cover the details on our results in his portion of the call. Let me start with the macro environment, which has changed significantly since our last call. Recent geopolitical events have reiterated the importance of reliable, secure, and responsibly produced energy. The closure of the Strait of Hormuz has significantly disrupted global shipping channels and Middle East supply, contributing to stronger comm...