Plains GP Holdings LP reported solid first-quarter 2024 results with adjusted EBITDA attributable to PAA of $718 million and net income of $42 million on revenue of $12.168 billion. The quarter benefited from ongoing execution in the Permian long-haul portfolio, a refreshed contract framework through renegotiations, and bolt-on acquisitions that expand the asset footprint. Management reaffirmed full-year 2024 adjusted EBITDA guidance of $2.625–$2.725 billion and projected $1.55 billion of adjusted free cash flow, with approximately $1.15 billion expected to be returned to shareholders via distributions. The company also signaled a broadly flat EBITDA trajectory for 2026 versus 2024 for the crude segment, underscoring visibility on contracted volumes and the potential to offset lower contracted rates with efficient growth and higher-margin uncontracted volumes. The Saddlehorn Pipeline bolt-on ($110 million) and Fort Saskatchewan-related capacity additions reinforce the growth and diversification of cash-flow sources, while maintaining capital discipline and financial flexibility.