Company: PAGP
Filing Date: 2025-04-11
Form Type: DEF 14A
Source: 0001104659-25-033938
Chunk: 1

Company: PLAINS GP HOLDINGS LP
Filing Date: 2025-04-11
Form: DEF 14A
Chunk 1
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 $800 million (net to our interest), while maintaining capital discipline and generating strong returns; • Extended contract terms and increased contracted volumes in Plains’ Permian long-haul portfolio, providing greater cash flow stability while maintaining the flexibility to capture higher margins over time; • Exited 2024 with a leverage ratio of ~3.0x (below our leverage ratio target range) and received a credit rating upgrade from Moody’s to Baa2 with a stable outlook, achieving our long-term target of mid-BBB or equivalent investment grade ratings from all three credit rating agencies; and • Increased our annual distribution by $0.20/unit (19%) in 2024, and by another $0.25/unit (20%) in February 2025, and delivered strong total unitholder and shareholder returns in 2024 of 21% and 24% for PAA and PAGP, respectively. Overall, Plains’ 2024 performance was strong, enabling us to enter 2025 with momentum. We are well-positioned to play offense and enhance equity holder value amidst what we expect to be a generally constructive, yet volatile, environment. While overall U.S. crude production growth is projected to continue at a modest pace, the majority of the growth is expected to come from the Permian, where we have a sizable footprint. We are optimistic about the future of the U.S. energy industry as it remains essential to global energy reliability, affordability and security, and in the near-term we anticipate benefits from improvements to energy policy and regulatory frameworks. With our network of strategically located North American midstream assets and our focus on the long-term optimization of our business, we believe we are very well positioned to play a critical role in the delivery of energy across North America and globally. As we do so, we will remain focused on our key objectives of being a safe, reliable and responsible operator, generating strong cash flow, exercising capital discipline, increasing returns of capital to our investors, and maintaining financial flexibility. We believe the execution of our plan will deliver strong performance and enhanced value for our investors over the long term. We appreciate your continued investment and support and we look forward to your participation in our 2025 annual meeting in May. Sincerely, Willie Chiang
Chairman of the Board & CEO TABLE OF CONTENTS Plains GP Holdings, L.P. 333 Clay Street, Suite 1600
Houston, Texas 77002 NOTICE OF ANNUAL MEETING OF SHAREHOLDERS
To Be Held On May 21