Plains GP Holdings, L.P. (PAGP) Q2 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Thank you for standing by and welcome to PAA and PAGP's second quarter 2025 earnings conference call. At this time, all participants are in a listen-only mode. After the speaker presentation, there will be a question and answer session. To ask a question during the session, you will need to press star 1-1 on your telephone. To remove yourself from the queue, you may press star 1-1 again. I would now like to hand the call over to Blake Fernandez, Vice President, Investor Relations. Please go ahead. Thank you, Lateef. Good morning, and welcome to Plains All-American Second Quarter 2025 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 PNGP and other reference materials are in the appendix. Today's call will be hosted by Willie Chang, Chairman and CEO and President, and Al Swanson, Executive Vice President and CFO, along with other members of our management team. With that, I will turn the call over to Willie. Thank you, Blake. Good morning, everyone, and thank you for joining us today. Earlier this morning, we reported solid second quarter adjusted EBITDA attributable to Plains of $672 million, which Al will cover in more detail. In June, we announced the execution of definitive agreements to sell substantially all of our NGL business to Kiara for approximately $3.75 billion when the expected close in the first quarter of 2026. Initial investor feedback has been positive, and we view this as a win-win trans...