$re = '/((--\S+=\S+|--\S+)(?=\s+|\S+|$))/m';
$str = '--flag --k1=v1 --k2=v2 -k3=v3 --k4=v4';
preg_match_all($re, $str, $matches, PREG_SET_ORDER, 0);
// Print the entire match result
var_dump($matches);
Please keep in mind that these code samples are automatically generated and are not guaranteed to work. If you find any syntax errors, feel free to submit a bug report. For a full regex reference for PHP, please visit: http://php.net/manual/en/ref.pcre.php