Company: PAGP
Filing Date: 2025-04-11
Form Type: DEF 14A
Source: 0001104659-25-033938
Chunk: 36

Company: PLAINS GP HOLDINGS LP
Filing Date: 2025-04-11
Form: DEF 14A
Chunk 36
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 Adjusted EBITDA attributable to PAA and Implied DCF are non-GAAP financial measures. Information regarding these non-GAAP financial measures, including a reconciliation to the most directly comparable GAAP measures, is included under the caption “Non-GAAP Financial Measures” beginning on page 74 of PAA’s Annual Report on Form 10-K for the year ended December 31, 2024 as filed with the SEC. 
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TABLE OF CONTENTS

Set forth below is a brief recap of our 2024 performance relative to our goals and objectives for the year: • With respect to Adjusted EBITDA attributable to PAA, we exceeded our goal by 4% driven primarily by volume growth, higher pipeline loss allowance (“PLA”) and acquisitions in our Crude Oil Segment and higher NGL production and spreads in our NGL Segment. • In addition to the results set forth in the table above, we also reported Adjusted Free Cash Flow before Distributions (excluding changes in Assets and Liabilities) of approximately $1.2 billion (vs. our goal for the year of $1.6 billion). • We exited the year with a leverage ratio of 3.0x (below our leverage ratio target range) and received a ratings upgrade from Moody’s. • Despite achieving our total preventable recordable injury rate (“TRIR”) target of 0.25, we experienced two motor vehicle fatalities during the year. • We experienced 19 federally reportable releases (“FRR”) versus our target of 15. However, release volumes were 54% lower than the prior five-year average while pipeline mileage was 4% higher than the prior five-year average. In developing his annual bonus recommendations, our CEO primarily considered the quantitative factors and context described above. Other factors noted by our CEO as being relevant to his assessment of our 2024 performance included the following: • We progressed our efficient growth strategy through the completion of seven accretive bolt-on acquisitions in 2024 and early 2025 while maintaining capital discipline. • We extended key long-haul contracts in the Permian Basin and significantly expanded our dedicated acreage. • We continued to advance several debottlenecking and connectivity projects at our NGL facilities designed to improve efficiencies. • We strengthened our financial flexibility through the issuance and refinancing of senior notes and the extension of the