Company: PAGP
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0001581990-25-000006
Chunk: 7

Company: PLAINS GP HOLDINGS LP
Filing Date: 2025-02-28
Form: 10-K
Item: Item 8
Chunk 7
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 The consideration received under these contracts is variable based on commodity prices. The Partnership recognized crude oil sales of $47,036 million for the year ended December 31, 2024.

The principal consideration for our determination that performing procedures relating to revenue recognition for crude oil sales is a critical audit matter is a high degree of auditor effort in performing procedures related to the Partnership’s revenue recognition.

Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements. These procedures included testing the effectiveness of controls relating to the revenue recognition process for crude oil sales. These procedures also included, among others (i) testing revenue recognized for a sample of crude oil sales revenue transactions by obtaining and inspecting source documents, such as contracts, settlement statements, invoices, and payment receipts and (ii) confirming a sample of outstanding customer invoice balances as of December 31, 2024, and for confirmations not returned, obtaining and inspecting source documents, such as contracts, settlement statements, invoices, and subsequent payment receipts.

/s/ PricewaterhouseCoopers LLPHouston, TexasFebruary 27, 2025We have served as the Partnership’s auditor since 2013. 

F-4

Table of ContentsIndex to Financial Statements

PLAINS GP HOLDINGS, L.P. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(in millions, except share data)

December 31, 2024December 31, 2023ASSETSCURRENT ASSETSCash and cash equivalents$349 $453 Trade accounts receivable and other receivables, net3,901 3,760 Inventory439 548 Other current assets87 155 Total current assets4,776 4,916 PROPERTY AND EQUIPMENT21,300 21,143 Accumulated depreciation(5,876)(5,361)Property and equipment, net15,424 15,782 OTHER ASSETSInvestments in unconsolidated entities2,811 2,820 Intangible assets, net1,677 1,875 Deferred tax asset1,220 1,239 Linefill968 976 Long-term operating lease right-of-use assets, net332 313 Long-term inventory280 265 Other long-term assets, net268 411 Total assets$27,756 $28,597 LIABILITIES AND PARTNERS’ CAPITALCURRENT LIABILITIESTrade accounts payable