Company: PAGP
Filing Date: 2025-05-09
Form Type: 10-Q
Source: 0001581990-25-000013
Chunk: 53

Company: PLAINS GP HOLDINGS LP
Filing Date: 2025-05-09
Form: 10-Q
Item: Part I, Item 1
Chunk 53
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 (1)1377 Unallocated general and administrative expenses (2)(1)(1)Depreciation and amortization(262)(254)Gain on asset sales, net13 — Gain on investments in unconsolidated entities, net31 — Interest expense, net(107)(95)Other income/(expense), net6 (5)Income before tax565 364 Income tax expense(73)(28)Net income492 336 Net income attributable to noncontrolling interests(408)(294)Net income attributable to PAGP$84 $42 (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 11— 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, L.P., an entity that is associated with a member of our board of directors. See Note 6 for additional information.The Ironwood Midstream acquisition was accounted for as a business combination using the acquisition method of accounting. In accordance with applicable accounting guidance, the fair value of the assets acquired and liabilities assumed following the acquisition was utilized as the consideration transferred for the purchase price allocation. The determination of the fair value of the assets and liabilities assumed was estimated in accordance with applicable accounting guidance. The analysis was performed based on estimates that are reflective of market participant assumptions. The following table reflects our preliminary determination of the fair value of the Ironwood Midstream acquisition assets and liabilities (in millions):Identifiable Assets Acquired and Liabilities Assumed:Estimated Useful Lives (in years)Recognized AmountProperty and equipment3-30$442 Intangible assets1627 Working capital and other assets and liabilitiesN/A12 $481 

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Table of ContentsPLAINS GP HOLDINGS, L.P. AND SUB