Company: PAGP
Filing Date: 2025-11-06
Form Type: 8-K
Source: 0001104659-25-107698
Chunk: 2

Company: PLAINS GP HOLDINGS LP
Filing Date: 2025-11-06
Form: 8-K
Item: Item 2.01
Chunk 2
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 “ EPIC 45% Transaction”, and, together with the EPIC 55% Transaction,
the “ Transactions”). The purchase price is subject to certain post-closing adjustments, and Buyer has agreed to a
potential earnout payment of up to approximately $157 million depending on the timing and amount of incremental expansion capacity
up to 300,000 barrels per day in excess of 650,000 barrels per day that is sanctioned before the end of 2028. PAA has agreed to
guaranty certain of the Buyer’s obligations under the EPA. The EPA contains customary representations, warranties and
covenants, as well as mutual indemnification provisions for breaches of certain of the representations, warranties and covenants in
the EPA, subject to certain limitations.

As a result of the Transactions, PAA now
indirectly owns 100% of the equity interests in EPIC Crude Holdings and 100% of the membership interests in EPIC GP and will serve
as operator of record of the EPIC Pipeline.

The EPIC Pipeline provides long-haul crude oil
takeaway from the Permian and Eagle Ford basins to the Gulf Coast market at Corpus Christi. EPIC Crude Holdings’ assets include
approximately 800 miles of long-haul pipelines (including the EPIC Pipeline), capacity of over 600,000 barrels per day with low-cost expansion
capabilities, approximately 7 million barrels of operational storage, and over 200,000 barrels per day of export capacity.

The foregoing descriptions
of the PSA and EPA do not purport to be complete and are qualified in their entirety by reference to the full text of the PSA and the
EPA, respectively. Copies of the PSA and the EPA are filed as Exhibits 2.1 and 2.2, respectively, to this Current Report on Form 8-K
and are incorporated herein by reference.