Company: PAGP
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0001581990-25-000006
Chunk: 483

Company: PLAINS GP HOLDINGS LP
Filing Date: 2025-02-28
Form: 10-K
Item: Item 7
Chunk 483
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 bulk-purchased crude oil. Tariffs and other fees on our pipeline systems are typically based on volumes transported and vary by receipt point and delivery point. Fees for our terminalling and storage services are based on capacity leases and throughput volumes. Generally, results from our merchant activities are impacted by (i) increases or decreases in our lease gathering crude oil purchases volumes and (ii) volatility in commodity price differentials, particularly grade and location differentials, as well as time spreads. The segment results also include the direct fixed and variable field costs of operating the crude oil assets, as well as an allocation of indirect operating costs.

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Table of ContentsIndex to Financial Statements

The following tables set forth our operating results from our Crude Oil segment:

Operating Results (1)(in millions)Year Ended December 31,Variance20242023$%Revenues$48,720 $47,174 $1,546 3 %Purchases and related costs (2)(45,033)(43,805)(1,228)(3)%Field operating costs (2)(1,440)(1,053)(387)(37)%Segment general and administrative expenses (2) (3)(298)(271)(27)(10)%Equity earnings in unconsolidated entities452 369 83 22 %Other segment items (4):Depreciation and amortization of unconsolidated entities84 87 (3)(3)%Derivative activities and inventory valuation adjustments5 17 (12)**Long-term inventory costing adjustments1 22 (21)**Deficiencies under minimum volume commitments, net(31)12 (43)**Equity-indexed compensation expense36 35 1 **Foreign currency revaluation(22)19 (41)**Line 901 incident345 10 335 **Transaction-related expenses— 1 (1)**Segment amounts attributable to noncontrolling interests in consolidated joint ventures(543)(454)(89)**Segment Adjusted EBITDA$2,276 $2,163 $113 5 %Maintenance capital expenditures$183 $145 $38 26 %

Average VolumesYear Ended December 31,Variance20242023Volumes%Crude oil pipeline tariff (by region) (5)Permian Basin (6)6,731 6,356 375 6 %Rocky Mountain (6)474 372 102 27 %Other (6)1