Company: PAGP
Filing Date: 2025-08-08
Form Type: 10-Q
Source: 0001581990-25-000021
Chunk: 62

Company: PLAINS GP HOLDINGS LP
Filing Date: 2025-08-08
Form: 10-Q
Item: Part I, Item 1
Chunk 62
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 transactions.(10)Reflects amounts attributable to noncontrolling interests in the Permian JV, Cactus II and Red River.(11)Investment capital and acquisition capital expenditures, including investments in unconsolidated entities.(12)These amounts combined represent total capital expenditures.

37

Table of ContentsPLAINS GP HOLDINGS, L.P. AND SUBSIDIARIESNOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Segment Adjusted EBITDA ReconciliationThe following table reconciles Segment Adjusted EBITDA to Income from continuing operations, net of tax (in millions): Three Months EndedJune 30,Six Months EndedJune 30, 2025202420252024Segment Adjusted EBITDA$570 $565 $1,125 $1,121 Total other segment items (1)40 101 160 220 Unallocated general and administrative expenses (2)(2)(2)(3)(3)Depreciation and amortization(235)(226)(466)(449)Losses on asset sales, net(42)(2)(29)(3)Gain on investments in unconsolidated entities, net— — 31 — Interest expense, net(110)(96)(217)(190)Other income, net8 8 14 3 Income from continuing operations before tax229 348 615 699 Income tax expense from continuing operations(16)(64)(46)(88)Income from continuing operations, net of tax$213 $284 $569 $611 (1)See footnotes to the segment financial data tables above for a more detailed discussion of Other segment items.(2)Represents general and administrative expenses incremental to those of PAA, which are not allocated to our reporting segments in determining Segment Adjusted EBITDA.

Note 12— Acquisitions

Ironwood MidstreamIronwood Midstream. On January 31, 2025, we acquired Ironwood Midstream Energy Partners II, LLC (“Ironwood Midstream”), which owns a gathering system in the Eagle Ford Basin, for approximately $481 million in cash from EnCap Flatrock Midstream. The Ironwood Midstream acquisition is accounted for in our Crude Oil segment. In January 2025, in a separate transaction, we also repurchased from EnCap Flatrock Midstream, a portion of our outstanding Series A preferred units. EnCap Flatrock Midstream is affiliated with EnCap Investments