PAGP
Plains GP Holdings, L.P.
Is PAGP Halal?
Midstream crude-oil and NGL pipeline infrastructure — permissible energy-infrastructure business.
What You Should Know
Plains GP Holdings is the general-partner entity linked to Plains All American Pipeline, L.P. (PAA), a midstream crude-oil and natural-gas-liquids pipeline operator. The business gathers, transports, terminals, stores, and markets hydrocarbons through North American infrastructure. Pipeline transportation and storage are generally permissible industrial activities, but PAGP's GP-LP structure requires look-through analysis. Its March 31, 2026 filing reports $11.376 billion of identified interest-bearing debt against $32.760 billion of assets, putting the examined total-assets debt screen above the 33% range.
⚠️ Concerns
- •General-partner structure requires additional GP-LP and look-through analysis
- •Identified debt/assets is 34.72% in the latest filing
- •Crude-oil and NGL infrastructure remains a qualitative environmental consideration
- •Interest income and prohibited-activity revenue are not separately disclosed
Current quantitative Sharia screen
Based on 10-Q figures for the period ended 2026-03-31; calculated 2026-07-13.
11,376 / 32,760
172 / 32,760
4,993 / 32,760
- Financial
- Fails
- Overall
- Fails
Debt/assets is 34.72%, above the examined 33.33% limit; liquidity/assets is 0.53% and receivables plus cash/assets is 15.24%.
- Financial
- Fails
- Overall
- Fails
Debt/assets is 34.72%, above the examined 33.33% total-assets limit; other known ratios pass, but the GP-LP structure remains qualitative context.
- Financial
- Fails
- Overall
- Fails
Debt/assets is above the examined 33% Malaysia SAC limit; this is not an official SAC classification.
- Financial
- Not calculated
- Overall
- Not calculated
No licensed historical market-cap series is stored.
Business-activity disclosure
PAGP is a general-partner holding entity linked to Plains All American Pipeline, whose operations gather, transport, store and market crude oil and natural-gas liquids. Energy infrastructure is generally permissible, but the GP-LP structure and consolidated subsidiary leverage require methodology-specific review.
Limitation: The filing does not allocate revenue into a universal prohibited-activity numerator or separately disclose interest income.
Purification
Interest income is not separately disclosed; ZakatInvest does not assert a fixed purification percentage.
Inputs, assumptions and primary sources
- Amounts are USD millions from Plains GP Holdings' March 31, 2026 Form 10-Q.
- Interest-bearing debt includes $420 million short-term debt, $9,120 million senior notes and $1,836 million other long-term debt; discontinued-operation liabilities are not added because their interest-bearing components are not separately identified.
- Cash is $172 million and trade accounts receivable plus other receivables are $4,821 million.
- First-quarter revenue is $12,470 million; interest income is not separately disclosed from other income and equity earnings.
- PAGP is a GP holding entity whose cash flow is derived from its indirect interest in Plains All American Pipeline; the GP-LP structure requires separate qualitative review.
This is a reproducible financial screen, not a fatwa. A failed total-assets screen can coexist with a pass under a market-cap methodology. ZakatInvest keeps the qualitative assessment separate so numerical thresholds do not erase material context.
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