Company: PAGP
Filing Date: 2025-11-07
Form Type: 10-Q
Source: 0001581990-25-000028
Chunk: 67

Company: PLAINS GP HOLDINGS LP
Filing Date: 2025-11-07
Form: 10-Q
Item: Part I, Item 1
Chunk 67
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31 $0.01 $0.30 **$0.60 $0.36 $0.24 67 %Discontinued operations0.10 0.16 (0.06)(38)%0.39 0.22 0.17 77 %Diluted net income per Class A share$0.41 $0.17 $0.24 141 %$0.99 $0.58 $0.41 71 %Diluted weighted average Class A shares outstanding233 197 36 18 %233 197 36 18 %

42

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

(1)     See Note 2 to our Condensed Consolidated Financial Statements for a reconciliation of the line items comprising income from discontinued operations, net of tax.

Continuing Operations

The following discussion of our results of operations focuses on PAA’s continuing operations.

Revenues and Purchases

Fluctuations in our 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 price of the NYMEX Light, Sweet crude oil futures contract (“NYMEX Price”). The following table presents the range of the NYMEX Price over the last two years (in dollars per barrel):

NYMEX Price LowHighAverageThree Months Ended September 30, 2025$62 $70 $65 Three Months Ended September 30, 2024$66 $84 $75 Nine Months Ended September 30, 2025$57 $80 $67 Nine Months Ended September 30, 2024$66 $87 $78 

Product sales revenues (including the impact of derivative mark-to-market valuations) and purchases decreased for the three and nine months ended September 30, 2025 compared to the same periods in 2024 primarily due to lower commodity prices in the 2025 periods, partially offset by higher crude oil sales volumes in the 2025