Company: PAGP
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0001581990-25-000006
Chunk: 127

Company: PLAINS GP HOLDINGS LP
Filing Date: 2025-02-28
Form: 10-K
Item: Item 16
Chunk 127
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 to disclose, among other things, information about material climate-related risks and their impact on a registrant’s strategy, business model and outlook; information about material direct and indirect greenhouse gas emissions (Scope 1 and Scope 2), which are subject to assurance requirements; and the financial statement effects of severe weather events and other natural conditions. In April 2024, the SEC stayed the climate disclosure rules pending resolution of legal challenges. We are monitoring the status of the stay and the outcome of the legal challenge for the applicability of the climate disclosure rules.International Tax ReformRecently, several countries, including Canada, have enacted legislation to implement key aspects of the global minimum top-up tax in accordance with the Pillar Two model rules of the OECD tax framework. We continue to evaluate the new legislation, but do not currently expect a material impact on our financial position, results of operations or cash flows.

Note 3—Revenues and Accounts Receivable

Revenue RecognitionWe disaggregate our revenues by segment and type of activity. These categories depict how the nature, amount, timing and uncertainty of revenues and cash flows are affected by economic factors. Revenues from Contracts with Customers. The following tables present our revenues from contracts with customers disaggregated by segment and type of activity (in millions):Year Ended December 31,202420232022Crude Oil segment revenues from contracts with customersSales$47,036 $45,621 $53,822 Transportation1,231 1,144 745 Terminalling, Storage and Other384 381 362 Total Crude Oil segment revenues from contracts with customers$48,651 $47,146 $54,929 Year Ended December 31,202420232022NGL segment revenues from contracts with customersSales$1,761 $1,729 $2,414 Transportation36 30 30 Terminalling, Storage and Other75 94 100 Total NGL segment revenues from contracts with customers$1,872 $1,853 $2,544 Sales Revenues. Revenues from sales of crude oil and NGL are recognized at the time title to the product sold transfers to the purchaser, which occurs upon delivery of the product to the purchaser or its designee. The consideration received under these contracts is variable based on commodity prices. Inventory exchanges under buy/sell transactions are excluded from sales revenues in our Consolidated Statements of Operations.Transportation Revenues. Transportation revenues include revenues from transporting crude oil and NGL