Equity Profile

PAGP

Plains GP Holdings, L.P.

EnergyOil & Gas Storage & Transportation$4.8B

Aug7Fri

Pre-Earnings Brief

UpcomingQ2-2026Pre-Market9:00 AM EDT

Company Snapshot

Plains GP Holdings, L.P. (PAGP) operates in the energy sector, focusing on oil and gas storage and transportation....

Key Metrics to Watch

Earnings Per Share (EPS)

EPS is a critical measure of profitability and will indicate how well the company is managing its costs and revenues.

N/A

Revenue Growth

Revenue growth will provide insights into the company's market demand and operational efficiency.

N/A

1 more metrics, Wall Street expectations, options signals, track record, and call prep available with Pro.

PAGP Q2-2026 Earnings Preview

Context

Company Snapshot

Plains GP Holdings, L.P. (PAGP) operates in the energy sector, focusing on oil and gas storage and transportation. As a key player in the energy supply chain, its performance can be influenced by fluctuations in oil prices and demand for energy infrastructure.

Earnings Scorecard·Last 8Q

EPS Beat Streak

EPS Beat Rate

25%

Avg EPS Surprise

-38.13%

Avg Stock Reaction

-1.98%

Last Quarter Recap

In Q1-2026, Plains GP Holdings reported an EPS of $0.10, significantly missing analyst expectations of $0.61. The stock reacted negatively, declining by 1.86% the following day.

Management Promises & Guidance

Management previously committed to improving operational efficiencies.
They indicated plans to enhance their transportation capacity.
Management expressed confidence in navigating market volatility.

Expectations

Wall Street Expectations

Overall, expectations for Plains GP Holdings are cautious, given the recent earnings misses and market conditions. Investors will be looking for signs of recovery in profitability and revenue.

Bull Case

If the company can demonstrate improved operational efficiencies and better-than-expected revenue growth, it could signal a turnaround and boost investor confidence.

Bear Case

Conversely, continued earnings misses or weak revenue growth could lead to further declines in stock price, reflecting ongoing challenges in the energy market.

Expectations

Two Questions That Matter

The print will turn on these two things.

What will the EPS be for Q2-2026?

Given the significant misses in the last two quarters, the EPS figure will be crucial in assessing whether the company is on a path to recovery.

How does management plan to address operational efficiencies?

Investors will want to hear concrete strategies from management to improve margins and overall profitability in a challenging market.

Edge

What the Street Is Missing

Why consensus could be wrong

The Street may be underestimating the potential for operational improvements and cost management strategies that could lead to a better-than-expected EPS this quarter.

Supporting Evidence

The company has a history of surprising investors with operational efficiencies when least expected.

Options pricing indicates a higher expected move, suggesting that traders are anticipating significant news.

Recent commentary from industry peers suggests a rebound in demand for transportation services.

Key Risk

If the EPS comes in above $0.20, it could challenge the current bearish sentiment.

Edge

Thesis-Break Levels

Pre-commit to what would confirm each case.

The core debate this quarter centers on whether Plains GP can turn around its profitability and operational efficiency after recent disappointing results.

Bull Confirmed If

A positive EPS surprise of at least $0.20 would confirm the bull case.

Bear Confirmed If

An EPS below $0.05 would solidify the bear case.

Pre-Earnings Positioning

Options Market

Implied Move

±3.62%

Historical Avg

±2.0%

Pricing rich

The options market is pricing in a move of about 3.62%, suggesting that traders expect significant volatility around the earnings report.

Options are pricing ±3.6% while PAGP has averaged ±2.0% over the last 8 prints — setup is pricing rich.

Detail

ATM IV

0.2%

30d HV

24.6%

Calls (71K)P/C Ratio: 11.82Puts (237K)

Preparation

Post-Print Playbook

Likely market behavior by outcome — not investment advice.

Beat & Raise

If Plains GP beats expectations, history suggests the stock could react positively, potentially rising by around 1.98% on the first day.

In-Line / Cautious

If results are in line with expectations, the stock may experience muted movement as investors await further commentary from management.

Miss

A miss could lead to a decline in stock price, with historical patterns indicating a potential drop of about 1.95% on the first day.

Earnings Track Record

Preparation

What to Listen For

Call Prep

1Any updates on cost-cutting measures and operational efficiency improvements.
2Details on transportation capacity enhancements and their expected impact on revenue.
3Management's outlook on market conditions and demand for oil and gas services.
4Specific guidance on expected EPS and revenue growth for the coming quarters.
5Responses to questions about recent earnings misses and plans to address them.

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More Earnings This Week

5 Reports

BP p.l.c.

Company Snapshot

Plains GP Holdings, L.P. (PAGP) operates in the energy sector, focusing on oil and gas storage and transportation....

Key Metrics to Watch

Earnings Per Share (EPS)

EPS is a critical measure of profitability and will indicate how well the company is managing its costs and revenues.

N/A

Revenue Growth

Revenue growth will provide insights into the company's market demand and operational efficiency.

N/A

1 more metrics, Wall Street expectations, options signals, track record, and call prep available with Pro.

PAGP Q2-2026 Earnings Preview

Context

Company Snapshot

Earnings Scorecard·Last 8Q

EPS Beat Streak

EPS Beat Rate

25%

Avg EPS Surprise

-38.13%

Avg Stock Reaction

-1.98%

Last Quarter Recap

In Q1-2026, Plains GP Holdings reported an EPS of $0.10, significantly missing analyst expectations of $0.61. The stock reacted negatively, declining by 1.86% the following day.

Management Promises & Guidance

Management previously committed to improving operational efficiencies.
They indicated plans to enhance their transportation capacity.
Management expressed confidence in navigating market volatility.

Expectations

Wall Street Expectations

Overall, expectations for Plains GP Holdings are cautious, given the recent earnings misses and market conditions. Investors will be looking for signs of recovery in profitability and revenue.

Bull Case

If the company can demonstrate improved operational efficiencies and better-than-expected revenue growth, it could signal a turnaround and boost investor confidence.

Bear Case

Conversely, continued earnings misses or weak revenue growth could lead to further declines in stock price, reflecting ongoing challenges in the energy market.

Expectations

Two Questions That Matter

The print will turn on these two things.

What will the EPS be for Q2-2026?

Given the significant misses in the last two quarters, the EPS figure will be crucial in assessing whether the company is on a path to recovery.

How does management plan to address operational efficiencies?

Investors will want to hear concrete strategies from management to improve margins and overall profitability in a challenging market.

Edge

What the Street Is Missing

Why consensus could be wrong

The Street may be underestimating the potential for operational improvements and cost management strategies that could lead to a better-than-expected EPS this quarter.

Supporting Evidence

The company has a history of surprising investors with operational efficiencies when least expected.

Options pricing indicates a higher expected move, suggesting that traders are anticipating significant news.

Recent commentary from industry peers suggests a rebound in demand for transportation services.

Key Risk

If the EPS comes in above $0.20, it could challenge the current bearish sentiment.

Edge

Thesis-Break Levels

Pre-commit to what would confirm each case.

The core debate this quarter centers on whether Plains GP can turn around its profitability and operational efficiency after recent disappointing results.

Bull Confirmed If

A positive EPS surprise of at least $0.20 would confirm the bull case.

Bear Confirmed If

An EPS below $0.05 would solidify the bear case.

Pre-Earnings Positioning

Options Market

Implied Move

±3.62%

Historical Avg

±2.0%

Pricing rich

The options market is pricing in a move of about 3.62%, suggesting that traders expect significant volatility around the earnings report.

Options are pricing ±3.6% while PAGP has averaged ±2.0% over the last 8 prints — setup is pricing rich.

Detail

ATM IV

0.2%

30d HV

24.6%

Calls (71K)P/C Ratio: 11.82Puts (237K)

Preparation

Post-Print Playbook

Likely market behavior by outcome — not investment advice.

Beat & Raise

If Plains GP beats expectations, history suggests the stock could react positively, potentially rising by around 1.98% on the first day.

In-Line / Cautious

If results are in line with expectations, the stock may experience muted movement as investors await further commentary from management.

Miss

A miss could lead to a decline in stock price, with historical patterns indicating a potential drop of about 1.95% on the first day.

Earnings Track Record

Preparation

What to Listen For

Call Prep

1Any updates on cost-cutting measures and operational efficiency improvements.
2Details on transportation capacity enhancements and their expected impact on revenue.
3Management's outlook on market conditions and demand for oil and gas services.
4Specific guidance on expected EPS and revenue growth for the coming quarters.
5Responses to questions about recent earnings misses and plans to address them.