# PLAINS GP HOLDINGS LP (PAGP) — capital_return/buyback_authorization [announced]
Source: SEC API (secapi.ai) · situation sit_35644807211b12537a57 · retrieved 2026-08-12T07:24:28.279Z

## Overview
Plains All American Pipeline, L.P. is a publicly traded master limited partnership that owns and operates midstream energy infrastructure and provides logistics services for crude oil and natural gas liquids, handling over 9 million barrels per day on average.

On May 12, 2026, Plains All American Pipeline, L.P. (PAA) completed the sale of substantially all of its Canadian NGL (natural gas liquids) business to Keyera Corp. pursuant to a definitive share purchase agreement originally entered into on June 17, 2025. The transaction generated a net gain of approximately $1.6 billion and produced net cash proceeds of approximately $3.483 billion (net of cash divested), which were used to reduce debt by approximately $2.9 billion and bring the company's leverage ratio to 3.3x, within its target range of 3.25x to 3.75x.

## Terms
- Counterparty: Keyera Corp. · Deal value: $3.48B · Consideration: cash

## Key dates
- Announced 2026-08-07

## Timeline
- 2026-08-07 · 8-K (0001581990-26-000023): 8-K - PLAINS GP HOLDINGS LP — *Plains All American Pipeline, L.P. is a publicly traded master limited partnership that owns and operates midstream energy infrastructure and provides logistics services for crude oil and natural gas liquids, handling over 9 million barrels per day on average.* On May 12, 2026, Plains All American Pipeline, L.P. (PAA) completed the sale of substantially all of its Canadian NGL (natural gas liquids) business to Keyera Corp. pursuant to a definitive share purchase agreement originally entered into on June 17, 2025. The transaction generated a net gain of approximately $1.6 billion and produced net cash proceeds of approximately $3.483 billion (net of cash divested), which were used to reduce debt by approximately $2.9 billion and bring the company's leverage ratio to 3.3x, within its target range of 3.25x to 3.75x.
  https://www.sec.gov/Archives/edgar/data/1581990/0001581990-26-000023.txt

## Citations
- 0001581990-26-000023 — https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&type=&dateb=&owner=include&count=40&search_text=000158199026000023