Company: PAGP
Filing Date: 2025-05-09
Form Type: 10-Q
Source: 0001581990-25-000013
Chunk: 157

Company: PLAINS GP HOLDINGS LP
Filing Date: 2025-05-09
Form: 10-Q
Item: Part I, Item 2
Chunk 157
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 was largely driven by fluctuations of derivative mark-to-market valuations, as well as higher Segment Adjusted EBITDA in the 2025 period due to more favorable results from our Crude Oil and NGL segments. See the “Results of Operations” section below for further discussion.

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Table of Contents

Results of Operations 

Consolidated Results

The following table sets forth an overview of our consolidated financial results calculated in accordance with GAAP (in millions, except per share data): 

Three Months EndedMarch 31,Variance 20252024$%Product sales revenues$11,544 $11,546 $(2)— %Services revenues467 449 18 4 %Purchases and related costs(10,761)(10,917)156 1 %Field operating costs(368)(358)(10)(3)%General and administrative expenses(101)(97)(4)(4)%Depreciation and amortization(262)(254)(8)(3)%Gain on asset sales, net13 — 13 N/AEquity earnings in unconsolidated entities103 95 8 8 %Gain on investments in unconsolidated entities, net31 — 31 N/AInterest expense, net(107)(95)(12)(13)%Other income/(expense), net6 (5)11 **Income tax expense(73)(28)(45)(161)%Net income492 336 156 46 %Net income attributable to noncontrolling interests(408)(294)(114)(39)%Net income attributable to PAGP$84 $42 $42 100 %Basic and diluted net income per Class A share$0.42 $0.21 $0.21 100 %Basic and diluted weighted average Class A shares outstanding198 197 1 1 %

**    Indicates that variance as a percentage is not meaningful.

Revenues and Purchases

Fluctuations in our consolidated revenues and purchases and related costs are primarily associated with our merchant activities and are generally explained by changes in commodity prices and the impact of gains and losses related to derivative instruments used to manage our commodity price exposure. Because both product sales revenues and purchases and related costs are generally based off of the same pricing indices, the market price of the commodities will not necessarily have an impact on the absolute margins related to those sales and purchases.

A majority of our crude oil sales and purchases are indexed to the prompt month