Company: PAGP
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0001581990-25-000006
Chunk: 499

Company: PLAINS GP HOLDINGS LP
Filing Date: 2025-02-28
Form: 10-K
Item: Item 7
Chunk 499
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 control.

Letters of Credit. In connection with our merchant activities, we provide certain suppliers with irrevocable standby letters of credit to secure our obligation for the purchase and transportation of crude oil, NGL and natural gas. Our liabilities with respect to these purchase obligations are recorded in accounts payable on our balance sheet in the month the product is purchased. Generally, these letters of credit are issued for periods of up to seventy days and are terminated upon completion of each transaction. Additionally, we issue letters of credit to support insurance programs, derivative transactions, including hedging-related margin obligations, and construction activities. At December 31, 2024 and 2023, we had outstanding letters of credit of approximately $90 million and $205 million, respectively.

Off-Balance Sheet Arrangements

We have no off-balance sheet arrangements as defined by Item 303 of Regulation S-K.

Investments in Unconsolidated Entities 

We have invested in entities that are not consolidated in our financial statements. None of these entities had debt outstanding as of  December 31, 2024. We may elect at any time to make additional capital contributions to any of these entities. The following table sets forth selected information regarding these entities as of December 31, 2024 (unaudited, dollars in millions): 

EntityType of OperationOurOwnershipInterestTotal EntityAssetsTotal CashandRestrictedCashBridgeTex Pipeline Company, LLCCrude Oil Pipeline20%$755 $27 Capline Pipeline Company LLCCrude Oil Pipeline54%$1,216 $43 Diamond Pipeline LLCCrude Oil Pipeline (1)50%$858 $13 Eagle Ford Pipeline LLCCrude Oil Pipeline (1)50%$765 $33 Eagle Ford Terminals Corpus Christi LLCCrude Oil Terminal and Dock (1)50%$205 $5 Saddlehorn Pipeline Company, LLCCrude Oil Pipeline40%$576 $18 White Cliffs Pipeline, L.L.C.Crude Oil Pipeline36%$341 $1 Wink to Webster Pipeline LLCCrude Oil Pipeline17%$2,288 $68 Other investments$467 $25 

(1)We serve as operator of the asset.

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Table of ContentsIndex to Financial Statements

Critical Accounting Policies and Estimates

The preparation of financial statements in conformity with GAAP and rules and regulations of the SEC requires us to make estimates