PAGP delivered a solid start to 2025 with revenue of $12.01 billion and EBITDA of $934 million, supported by a diversified midstream asset base across Crude Oil and NGLs. Incremental bolt-on activity (Cheyenne pipeline buyout and Black Knight Midstream) and a ramp in NGL logistics projects (Fort Sask 30,000 bpd fractionation) underpin a disciplined growth trajectory. However, the company remains highly leveraged (total debt near $8.91B; net debt of about $8.48B) with a 91% payout leaning toward distributions, and exposure to volatile macroeconomic drivers (WTI, tariffs, OPEC dynamics). Management signaled a bias toward distribution growth complemented by opportunistic share repurchases and continued bolt-on M&A, while maintaining a flexible balance sheet to fund growth during price cycles. Free cash flow for the year is guided toward roughly $1.1B before acquisitions, with expectations of a lower EBITDA regime if WTI remains in the $60–$65 range. The quarter reflects modest YoY revenue declines (YoY revenue -1.3%) but a meaningful improvement in profitability metrics (gross profit up ~51% YoY; net income up 100% YoY), driven by product mix, hedging, and ongoing efficiency programs. Investors should monitor Permian volume trends (guidance of 200–300 kbpd YoY), capital allocation clarity, and the pace of bolt-on activity as key drivers of PAGP’s risk-adjusted return in 2025 and into 2026.