Company: PAGP
Filing Date: 2025-11-07
Form Type: 10-Q
Source: 0001581990-25-000028
Chunk: 16

Company: PLAINS GP HOLDINGS LP
Filing Date: 2025-11-07
Form: 10-Q
Item: Part I, Item 1
Chunk 16
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’ capital14,146 14,316 Total liabilities and partners’ capital$29,252 $27,756 

The accompanying notes are an integral part of these condensed consolidated financial statements.

3

Table of Contents

PLAINS GP HOLDINGS, L.P. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in millions, except per share data)

Three Months EndedSeptember 30,Nine Months EndedSeptember 30, 2025202420252024 (unaudited)(unaudited)REVENUES    Product sales revenues$11,150 $12,021 $32,389 $35,606 Services revenues428 435 1,309 1,248 Total revenues11,578 12,456 33,698 36,854 COSTS AND EXPENSES    Purchases and related costs10,585 11,540 30,862 34,086 Field operating costs288 408 873 962 General and administrative expenses84 87 255 251 Depreciation and amortization230 226 696 675 (Gains)/losses on asset sales, net(92)— (64)2 Total costs and expenses11,095 12,261 32,622 35,976 OPERATING INCOME483 195 1,076 878 OTHER INCOME/(EXPENSE)    Equity earnings in unconsolidated entities96 97 292 298 Gain on investments in unconsolidated entities, net— — 31 — Interest expense (net of capitalized interest of $4, $2, $9 and $7, respectively)(112)(97)(330)(287)Other income, net(9)10 5 14 INCOME FROM CONTINUING OPERATIONS BEFORE TAX458 205 1,074 903 Current income tax expense from continuing operations(5)(4)(11)(72)Deferred income tax expense from continuing operations(25)(14)(65)(34)INCOME FROM CONTINUING OPERATIONS, NET OF TAX428 187 998 797 INCOME FROM DISCONTINUED OPERATIONS, NET OF TAX (NOTE 2)76 114 281 156 NET INCOME504 301 1,279 953 Net income attributable to noncontrolling interests from continuing operations(366)(186)(879)(727