Plains GP Holdings, L.P. (PAGP) Q4 2025 Earnings Call

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WEBVTT 00:00:00.031 -- 00:00:04.395 I would now like to hand it over to your speaker, Blake Fernandez, Vice President, Investor 00:00:04.395 -- 00:00:06.857 Relations. Please go ahead. 00:00:06.857 -- 00:00:10.580 Thank you, Victor. Good morning, and welcome to Plains All-American fourth quarter 2025 00:00:10.580 -- 00:00:15.664 earnings call. Today's slide presentation is posted on the Investor Relations 00:00:15.664 -- 00:00:20.246 website under the news and events section at ir.plains.com. 00:00:20.408 -- 00:00:24.332 An audio replay will also be available following today's call. 00:00:24.332 -- 00:00:28.315 Important disclosures regarding forward-looking statements and non-GAAP financial measures 00:00:28.315 -- 00:00:33.274 are provided on slide two. An overview of today's call is provided on slide three. 00:00:33.274 -- 00:00:38.280 A condensed consolidating balance sheet for PAGP and other reference materials are 00:00:38.280 -- 00:00:43.405 in the appendix. Today's call will be hosted by Willie Chang, Chairman and CEO and President, 00:00:43.405 -- 00:00:48.110 and Al Swanson, Executive Vice President and CFO, along with other members of the management 00:00:48.110 -- 00:00:51.574 team. With that, I'll turn the call over to Willie. 00:00:51.574 -- 00:00:55.118 Thank you, Blake. Good morning, everyone, and thank you for joining us. 00:00:55.118 -- 00:00:59.858 Earlier this morning, we reported fourth quarter and full year adjusted EBITDA attributable 00:00:59.858 -- 00:01:04.685 to planes of $738 million and $2.833 billion, respectively. 00:01:04.685 -- 00:01:06.547 2025 00:01:06.547 -- 00:01:11.434 was a pivotal year for planes. The market environment presented multiple challenges, 00:01:11.434 -- 00:01:16.441 including geopolitical unrest, actions from OPEC ...