Plains GP Holdings Management
Management criteria checks 2/4
Plains GP Holdings' CEO is Willie Chiang, appointed in Oct 2018, has a tenure of 7.58 years. total yearly compensation is $12.30M, comprised of 7.2% salary and 92.8% bonuses, including company stock and options. directly owns 0.19% of the company’s shares, worth $11.37M. The average tenure of the management team and the board of directors is 7.2 years and 9.3 years respectively.
Key information
Willie Chiang
Chief executive officer
US$12.3m
Total compensation
| CEO salary percentage | 7.22% |
| CEO tenure | 7.6yrs |
| CEO ownership | 0.2% |
| Management average tenure | 7.2yrs |
| Board average tenure | 9.3yrs |
Recent management updates
Recent updates
Narrative Update • Apr 21
PAGP: Updated Cash Flow Outlook And Diverging Ratings Will Shape Future Risk Reward
Narrative Update: Plains GP Holdings The analyst price target for Plains GP Holdings has shifted higher, with fair value moving by about $0.50 as analysts factor in updated assumptions for revenue growth, profit margins, and future P/E, while incorporating a slightly higher discount rate. Analyst Commentary Recent Street research on Plains GP Holdings shows a mix of upbeat and cautious views, with several firms adjusting price targets and ratings after fresh estimates and recent share performance.Narrative Update • Apr 06
PAGP: Updated Cash Flow Assumptions And Mixed Ratings Will Shape Future Risk Reward
Narrative Update The analyst price target for Plains GP Holdings has moved higher by about $1.23 to reflect updated assumptions around fair value, discount rate, revenue growth, profit margin and future P/E. Analysts point to a recent wave of fresh and higher targets, new coverage and estimate updates following Q4 results as key supports for this change.
Narrative Update • Mar 23
PAGP: Future Distribution Increase Will Be Challenged By Oil Price Volatility
The analyst price target for Plains GP Holdings has increased by several dollars to around the mid $20s, as analysts update their views following recent Q4 results and factor in revisions to key assumptions such as profitability, discount rate and expected valuation multiples. Analyst Commentary Recent Street research around Plains GP Holdings shows a mix of price target increases and more cautious views, with some firms revisiting their stance after recent share price strength and Q4 results.Narrative Update • Mar 08
PAGP: Future Distribution Hike Will Be Offset By Oil Price And Margin Risks
Analysts have raised their average price target on Plains GP Holdings by a few dollars to the mid-$20 range, citing updated post-Q4 estimates, higher oil price assumptions, and slightly stronger long-term margin and P/E expectations as the main factors behind the adjustment. Analyst Commentary Recent Street research on Plains GP Holdings shows a mix of optimism around the raised price targets and some pushback from bearish analysts who see more limited upside after the stock's recent performance.Narrative Update • Feb 22
PAGP: Future Distribution Hike Will Be Undermined By Compressed P/E Assumptions
The analyst price target for Plains GP Holdings has been adjusted from $16.50 to $17.00 as analysts factor in updated views on revenue growth, profit margins and future P/E following a series of recent target changes and rating moves across major firms. Analyst Commentary Recent research on Plains GP Holdings shows a split view, with some banks lifting price targets and others turning more cautious after a period of share price strength.Narrative Update • Feb 07
PAGP: Distribution Increases And Mixed Ratings Will Shape Future Risk Reward
Analysts have trimmed their price expectations for Plains GP Holdings slightly, with the updated blended fair value estimate easing from about $20.88 to roughly $20.85. This reflects mixed views as some firms cite recent outperformance, while others point to improved growth assumptions and a marginally higher future P/E multiple.Narrative Update • Jan 23
PAGP: Future Earnings Multiple And Distribution Policy Will Shape Balanced Risk Reward
Narrative Update Analysts lifted their price target for Plains GP Holdings by US$1, citing updated assumptions around fair value, discount rate, revenue, profit margin and future P/E that together slightly adjust how they see the company’s risk and earnings power. Analyst Commentary Analysts updating their models after the latest review are focusing on how changes to fair value, discount rate, revenue outlook, profit margin and future P/E assumptions flow through to what they see as a reasonable trading range for Plains GP Holdings.Narrative Update • Jan 08
PAGP: Future Distribution Increase Will Be Outweighed By Rich Earnings Multiple
Analysts have reduced their fair value estimate for Plains GP Holdings from US$17.50 to US$16.50, citing updated assumptions for the discount rate, revenue growth, profit margin and future P/E, which together indicate a more balanced risk and return profile. What's in the News Plains GP Holdings, L.P. declared a quarterly distribution of US$0.4175 per Class A share, which equals US$1.67 on an annualized basis with respect to the fourth quarter of 2025 (Key Developments).Narrative Update • Dec 15
PAGP: Future Earnings Multiple Will Drive Balanced Risk Reward Profile
Analysts have slightly lowered their price target on Plains GP Holdings, trimming their fair value estimate by approximately 0.19 dollars per share. This adjustment reflects a balance between improved revenue growth expectations and a higher future P E multiple, set against modestly softer profit margin assumptions and a reduced discount rate.Narrative Update • Dec 01
PAGP: Future Earnings Strength Will Drive Share Price Higher
Plains GP Holdings has received a slight upward revision in its analyst price target, rising from $20.62 to $20.85. Analysts are factoring in stronger profit margins and a lower projected price-to-earnings ratio, even as revenue growth expectations remain more modest.Narrative Update • Nov 17
PAGP: Potential Fed Rate Cut May Drive Upcoming Midstream Recovery
Analysts have reduced their price target for Plains GP Holdings by $2, lowering it from $22 to $20. They cite ongoing commodity market uncertainty but note that a potential Federal Reserve rate cut could provide support for midstream stocks.Narrative Update • Nov 03
PAGP: Prospective Rate Cut Will Drive Increased Optimism For Midstream Equities
Analysts have slightly lowered their price target for Plains GP Holdings from $22 to $20, reflecting updated assessments of market uncertainty and trends in the infrastructure sector. Analyst Commentary Recent adjustments to the price target reflect varying opinions among analysts about Plains GP Holdings' near-term outlook and strategic positioning within the midstream and renewable infrastructure sectors.Narrative Update • Oct 20
NGL Divestitures And Permian Focus Will Foster Future Resilience
Analysts have slightly lowered their price target for Plains GP Holdings from $22 to $20 per share. They cite ongoing uncertainty in commodity markets and revised rate cut expectations as key factors in their updated outlook.Narrative Update • Oct 05
NGL Divestitures And Permian Focus Will Foster Future Resilience
Analysts have reduced their price target for Plains GP Holdings to $21.00 from $21.46, citing updated views on sector dynamics and expectations for more moderate revenue growth in light of continued market uncertainty. Analyst Commentary Recent analyst perspectives on Plains GP Holdings reflect a balanced outlook, with both positive developments and ongoing concerns shaping their revised price targets and overall sentiment on the company's prospects.Seeking Alpha • Sep 27
Plains GP: Business Expansion A Path To Increased Profits
Summary Plains GP Holdings is rated a 'buy' due to its strategic shift toward oil and divestiture of its loss-making gas business. PAGP's $3.75B gas business sale and acquisitions like EPIC Crude Holdings are expected to boost oil delivery capacity and financial flexibility. DCF modeling projects a fair value of $37.97 per share by 2030, implying an average annual growth of 20% from current levels. Despite short-term oil price volatility risks, PAGP's simplified business model and market recovery outlook support a $22.76 one-year target price. Read the full article on Seeking AlphaSeeking Alpha • Apr 21
Plains GP Holdings Is A Buy With Its Massive FCF
Summary Plains GP Holdings offers exposure to Plains All American with a simpler tax structure, boasting a vast network of pipelines and storage facilities. Despite market volatility, PAGP's fee-based midstream operations ensure stable cash flows, with strong FCF and a growing dividend yield of 7.04%. The company’s valuation metrics are attractive, with a P/CF of 1.51 and a P/E of 12.18, highlighting its massive FCF generation. Risks include dependency on WTI prices, tariffs, and potential operational disruptions, but PAGP's steady operations and high cash flows make it a buy. Read the full article on Seeking AlphaSeeking Alpha • Feb 10
Plains GP Holdings: Income Stock With Significant Price Appreciation Potential
Summary Plains GP Holdings has diversified midstream operations, primarily in crude oil, with 90% of revenue from investment-grade companies and 75% from fees. The company maintains financial stability with low leverage, strategic acquisitions, and a disciplined capital allocation policy focused on increasing dividends and growth capex. Risks include potential oil spills and financial pressure from extensive acquisitions, but management's prudent approach mitigates these concerns. Read the full article on Seeking Alpha
New Narrative • Sep 02
Bolstering Earnings Through Critical Acquisitions And Operational Efficiency In Oil And Gas Industry
Strategic acquisitions and operational momentum signal positive future earnings growth, suggesting the stock is undervalued.Seeking Alpha • Apr 30
Plains GP Holdings' Reinvigorated 1099 Distribution Is Backed By Ample Cash Flow
Summary Returning capital to unitholders is Plains GP Holdings' priority. Recent distribution increases and buybacks validate this prerogative. Hovering around 6%, PAGP's distribution is backed by ample cash flow. PAGP's 1099 distribution has consistently been in the form of ROC, enabling tax deferral if held in a taxable account. The Permian Basin's resources should reward PAGP's past investment to solidify and expand its pipeline and terminal system. Read the full article on Seeking AlphaCEO Compensation Analysis
| Date | Total Compensation | Salary | Company Earnings |
|---|---|---|---|
| Mar 31 2026 | n/a | n/a | US$52m |
| Dec 31 2025 | US$12m | US$888k | -US$123m |
| Sep 30 2025 | n/a | n/a | US$62m |
| Jun 30 2025 | n/a | n/a | -US$28m |
| Mar 31 2025 | n/a | n/a | US$19m |
| Dec 31 2024 | US$9m | US$838k | -US$128m |
| Sep 30 2024 | n/a | n/a | US$10m |
| Jun 30 2024 | n/a | n/a | US$120m |
| Mar 31 2024 | n/a | n/a | US$161m |
| Dec 31 2023 | US$7m | US$800k | US$6m |
| Sep 30 2023 | n/a | n/a | US$190m |
| Jun 30 2023 | n/a | n/a | US$232m |
| Mar 31 2023 | n/a | n/a | US$215m |
| Dec 31 2022 | US$8m | US$750k | US$168m |
| Sep 30 2022 | n/a | n/a | US$208m |
| Jun 30 2022 | n/a | n/a | US$112m |
| Mar 31 2022 | n/a | n/a | US$12m |
| Dec 31 2021 | US$4m | US$600k | US$60m |
| Sep 30 2021 | n/a | n/a | -US$44m |
| Jun 30 2021 | n/a | n/a | -US$2m |
| Mar 31 2021 | n/a | n/a | US$83m |
| Dec 31 2020 | US$4m | US$600k | -US$568m |
| Sep 30 2020 | n/a | n/a | -US$500m |
| Jun 30 2020 | n/a | n/a | -US$447m |
| Mar 31 2020 | n/a | n/a | -US$397m |
| Dec 31 2019 | US$4m | US$600k | US$331m |
Compensation vs Market: Willie's total compensation ($USD12.30M) is above average for companies of similar size in the US market ($USD8.43M).
Compensation vs Earnings: Willie's compensation has increased by more than 20% in the past year.
CEO
Willie Chiang (64 yo)
7.6yrs
Tenure
US$12,295,167
Compensation
Mr. Wilfred C.W. Chiang, also known as Willie, is Director of Houston Branch of Federal Reserve Bank of Dallas. He is President of Plains All American Pipeline, L.P. from June 1, 2025.He serves as Chief E...
Leadership Team
| Name | Position | Tenure | Compensation | Ownership |
|---|---|---|---|---|
| Chairman | 7.6yrs | US$12.30m | 0.19% $ 11.4m | |
| Executive VP & CFO of PAA GP Holdings LLC | 15.3yrs | US$3.16m | 0.68% $ 40.6m | |
| Executive VP & COO of PAA GP Holdings LLC | 7.2yrs | US$9.06m | no data | |
| Executive VP | 13.3yrs | US$3.26m | no data | |
| Director & Senior Advisor to the CEO of PAA GP Holdings LLC | 6.3yrs | US$345.34k | 0.89% $ 53.0m | |
| Senior Advisor to CEO & Director of PAA GP Holdings LLC | less than a year | US$461.42k | 0.56% $ 33.3m | |
| Executive VP & Chief Commercial Officer of PAA GP Holdings LLC | 7.2yrs | US$11.62m | 0.00066% $ 39.2k | |
| Senior VP of Finance & Chief Accounting Officer of PAA GP Holdings LLC | 12.8yrs | no data | no data | |
| Vice President of Investor Relations of PAA GP Holdings LLC | no data | no data | no data | |
| Vice President of Human Resources of PAA GP Holdings LLC | no data | no data | no data | |
| Senior Vice President of Operations of PAA GP Holdings LLC | 3.3yrs | no data | no data | |
| Senior Vice President of Special Projects of PAA GP Holdings LLC | 1.8yrs | no data | no data |
7.2yrs
Average Tenure
61yo
Average Age
Experienced Management: PAGP's management team is seasoned and experienced (7.2 years average tenure).
Board Members
| Name | Position | Tenure | Compensation | Ownership |
|---|---|---|---|---|
| Chairman | 9.3yrs | US$12.30m | 0.19% $ 11.4m | |
| Director & Senior Advisor to the CEO of PAA GP Holdings LLC | 13.3yrs | US$345.34k | 0.89% $ 53.0m | |
| Senior Advisor to CEO & Director of PAA GP Holdings LLC | 9.3yrs | US$461.42k | 0.56% $ 33.3m | |
| Independent Director of PAA GP Holdings LLC | 12.3yrs | US$290.55k | 0.037% $ 2.2m | |
| Independent Director of PAA GP Holdings LLC | 3.8yrs | US$270.97k | 0.019% $ 1.1m | |
| Independent Director of PAA GP Holdings LLC | 9.5yrs | US$255.97k | 0.034% $ 2.0m | |
| Lead Independent Director of PAA GP Holdings LLC | 12.6yrs | US$296.39k | 0.16% $ 9.5m | |
| Independent Director of PAA GP Holdings LLC | 5.6yrs | US$255.97k | 0.075% $ 4.5m | |
| Independent Director of PAA GP Holdings LLC | 7.4yrs | US$270.97k | 0.041% $ 2.4m | |
| Independent Director of PAA GP Holdings LLC | 12.3yrs | US$285.97k | 0.022% $ 1.3m | |
| Independent Director of PAA GP Holdings LLC | 6.3yrs | US$290.97k | 0.044% $ 2.6m |
9.3yrs
Average Tenure
68yo
Average Age
Experienced Board: PAGP's board of directors are considered experienced (9.3 years average tenure).
Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2026/05/22 06:49 |
| End of Day Share Price | 2026/05/22 00:00 |
| Earnings | 2026/03/31 |
| Annual Earnings | 2025/12/31 |
Data Sources
The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.
| Package | Data | Timeframe | Example US Source * |
|---|---|---|---|
| Company Financials | 10 years |
| |
| Analyst Consensus Estimates | +3 years |
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| Market Prices | 30 years |
| |
| Ownership | 10 years |
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| Management | 10 years |
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| Key Developments | 10 years |
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* Example for US securities, for non-US equivalent regulatory forms and sources are used.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.
Analysis Model and Snowflake
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Industry and Sector Metrics
Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.
Analyst Sources
Plains GP Holdings, L.P. is covered by 32 analysts. 6 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.
| Analyst | Institution |
|---|---|
| Ethan Bellamy | Baird |
| Richard Gross | Barclays |
| Theresa Chen | Barclays |