Plains GP Holdings LP Sells Canadian NGL Business

By Ahmed Jamerson • Wednesday, May 13 09:14 • Permanent Link

Plains All American Pipeline and Plains GP Holdings completed the sale of Plains Midstream Canada ULC, the subsidiary that owned substantially all of Plains’ natural gas liquids business, to Keyera on May 12, 2026.

The deal delivered approximately $3.3 billion in net cash proceeds after purchase price adjustments, taxes and other related costs. Plains said the cash will be used to repay debt and for general partnership purposes.

Following the closing, Plains said it expects its leverage ratio to move toward the middle of its target range of 3.25x to 3.75x. The company also said it does not expect to pay a special distribution tied to the sale, saying the unitholder tax liability should be offset by bonus depreciation from the Cactus III acquisition.

The transaction marks the end of Plains’ Canadian NGL business and leaves the company focused on crude oil midstream operations. The market has reacted to these announcements by moving the company's shares -0.15% to a price of $23.475. If you want to know more, read the company's complete 8-K report here.

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