Company: PAGP
Filing Date: 2025-08-08
Form Type: 10-Q
Source: 0001581990-25-000021
Chunk: 188

Company: PLAINS GP HOLDINGS LP
Filing Date: 2025-08-08
Form: 10-Q
Item: Part I, Item 2
Chunk 188
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 discontinued operations) provides more relevant and useful information regarding our performance and results of operations than presenting such metrics only on a continuing operations or discontinued operations basis. In addition, as the potential sale of the Canadian NGL Business is not anticipated to close until the first quarter of 2026, management continues to view the Canadian NGL Business as a component of our overall company performance and ability to fund distributions to our unitholders in the near term.

44

The following table sets forth the reconciliation of the non-GAAP financial performance measures Adjusted EBITDA and Adjusted EBITDA attributable to PAA to Net Income (in millions):

Three Months EndedJune 30,VarianceSix Months EndedJune 30,Variance 20252024$%20252024$%Net income (1)$283 $316 $(33)(10)%$775 $653 $122 19 %Interest expense, net110 96 14 15 %217 190 27 14 %Income tax expense from continuing operations16 64 (48)(75)%46 88 (42)(48)%Income tax expense from discontinued operations (2)26 10 16 160 %69 14 55 **Depreciation and amortization from continuing operations235 226 9 4 %466 449 17 4 %Depreciation and amortization from discontinued operations (2)27 31 (4)(13)%57 62 (5)(8)%Losses on asset sales, net from continuing operations42 2 40 **29 3 26 **(Gains)/losses on asset sales, net from discontinued operations (2)13 (1)14 **13 (2)15 **Gain on investments in unconsolidated entities, net— — — N/A(31)— (31)N/ADepreciation and amortization of unconsolidated entities (3)20 17 3 18 %40 37 3 8 %Unallocated general and administrative expenses (4)2 2 — — %3 3 — — %Selected Items Impacting Comparability (1):    Derivative activities and inventory valuation adjustments 8 24 (16)**(27)184 (211)**Long-term inventory costing adjustments19 10 9 **17 (24)41 **Deficiencies under