Company: PAGP
Filing Date: 2025-11-06
Form Type: 8-K
Source: 0001104659-25-107698
Chunk: 1

Company: PLAINS GP HOLDINGS LP
Filing Date: 2025-11-06
Form: 8-K
Item: Item 2.01
Chunk 1
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Item 2.01      Completion of Acquisition or Disposition of Assets.  

On October 31,
2025, pursuant to that certain definitive Purchase and Sale Agreement (the “ PSA”) entered into on August 30, 2025
by and among a wholly-owned subsidiary (the “ Buyer”) of Plains All American Pipeline, L. P. (“ PAA”), a
subsidiary of Plains GP Holdings L. P. (the “ Registrant”), and subsidiaries of Diamondback Energy, Inc. and Kinetik
Holdings Inc. (collectively, the “ Sellers”), Buyer completed the purchase from Sellers of an aggregate 55% non-operated
equity interest in EPIC Crude Holdings, LP (“ EPIC Crude Holdings”), the entity that owns and operates the EPIC Crude Oil
Pipeline (the “ EPIC Pipeline”), and an aggregate 55% of the membership interests in EPIC Crude Holdings GP, LLC
(“ EPIC GP”), the general partner of EPIC Crude Holdings, for a purchase price of approximately $1.57 billion, inclusive
of approximately $600 million of debt under the EPIC Term Loan (as defined below) (the “ EPIC 55% Transaction”). The
purchase price is subject to certain post-closing adjustments, and Buyer has also agreed to a potential earnout payment of
approximately $193 million should an expansion of the EPIC Pipeline to a capacity of at least 900,000 barrels per day be formally
sanctioned before the end of 2027. PAA has agreed to guaranty certain of the Buyer’s obligations under the PSA. The PSA
contains customary representations, warranties, covenants and termination provisions, as well as mutual indemnification provisions
for breaches of certain of the representations, warranties and covenants in the PSA, subject to certain limitations.

Effective November
1, 2025, in a separate transaction from the EPIC 55% Transaction, Buyer also completed the purchase of the remaining 45% equity
interest in EPIC Crude Holdings and the remaining 45% of the membership interests in EPIC GP from a subsidiary of Ares Management
LLC (the “ Ares Seller”) pursuant to that certain definitive Equity Purchase Agreement (the “ EPA”) among
Buyer and the Ares Seller, for a purchase price of approximately $1.33 billion, inclusive of approximately $500 million of debt
under the EPIC Term Loan (as defined below) (the