Company: PAGP
Filing Date: 2025-08-08
Form Type: 10-Q
Source: 0001581990-25-000021
Chunk: 130

Company: PLAINS GP HOLDINGS LP
Filing Date: 2025-08-08
Form: 10-Q
Item: Part I, Item 8
Chunk 130
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 fair value hierarchy our financial assets and liabilities that were accounted for at fair value on a recurring basis (in millions): Fair Value as of June 30, 2025Fair Value as of December 31, 2024Recurring Fair Value Measures (1)Level 1Level 2TotalLevel 1Level 2TotalCommodity derivatives$12 $(3)$9 $11 $(14)$(3)Interest rate derivatives— 33 33 — 27 27 Foreign currency derivatives— (49)(49)— — — Total net derivative asset/(liability)$12 $(19)$(7)$11 $13 $24 (1)Derivative assets and liabilities are presented above on a net basis but do not include related cash margin deposits.Level 1 Level 1 of the fair value hierarchy includes exchange-traded commodity derivatives and over-the-counter commodity contracts such as futures and swaps. The fair value of exchange-traded commodity derivatives and over-the-counter commodity contracts is based on unadjusted quoted prices in active markets. Level 2 Level 2 of the fair value hierarchy includes exchange-cleared commodity derivatives, over-the-counter commodity, foreign exchange and interest rate derivatives that are traded in observable markets with less volume and transaction frequency than active markets. In addition, it includes certain physical commodity contracts. The fair values of these derivatives are corroborated with market observable inputs.

Note 9—Related Party Transactions

 See Note 16 to our Consolidated Financial Statements included in Part IV of our 2024 Annual Report on Form 10-K for a complete discussion of related parties, including the determination of our related parties and nature of involvement with such related parties. During the three and six months ended June 30, 2025 and 2024, we recognized sales and transportation revenues, purchased petroleum products and utilized transportation and storage services from related parties. These transactions were conducted at posted tariff rates or prices that we believe approximate market.The impact to our Condensed Consolidated Statements of Operations from these transactions is included below (in millions):  Three Months EndedJune 30,Six Months EndedJune 30, 2025202420252024Revenues from related parties$12 $11 $23 $22 Purchases and related costs from related parties$98 $96 $196 $193 

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Table of ContentsPLAINS GP HOLDINGS, L.P. AND SUBSIDIARIES