Company: PAGP
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0001581990-25-000006
Chunk: 314

Company: PLAINS GP HOLDINGS LP
Filing Date: 2025-02-28
Form: 10-K
Item: Item 8
Chunk 314
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ated Statement of Operations.During the year ended December 31, 2022, we sold certain non-core assets for total proceeds of $60 million. The assets sold primarily consisted of land and related assets in Long Beach, California, as well as Line 901 and the Sisquoc to Pentland portion of Line 903. These assets were previously reported in our Crude Oil segment. We recognized gains of $61 million related to these asset sales, a portion of which relates to the transfer of an asset retirement obligation to the purchaser. Such amounts are included in “(Gains)/losses on asset sales, asset impairments and other, net” on our Consolidated Statement of Operations.

Note 8—Investments in Unconsolidated Entities

Investments in entities over which we have significant influence but not control are accounted for under the equity method. We do not consolidate any part of the assets or liabilities of our equity investees. Our share of net income or loss is reflected as one line item on our Consolidated Statements of Operations entitled “Equity earnings in unconsolidated entities” and will increase or decrease, as applicable, the carrying value of our investments in unconsolidated entities on our Consolidated Balance Sheets. We evaluate our equity investments for impairment in accordance with FASB guidance with respect to the equity method of accounting for investments in common stock. An impairment of an equity investment results when factors indicate that the investment’s fair value is less than its carrying value and the reduction in value is other than temporary in nature.Our investments in unconsolidated entities consisted of the following (in millions, except percentage data):OwnershipInterest at December 31,2024Investment BalanceDecember 31,Entity (1)Type of Operation20242023BridgeTex Pipeline Company, LLC (“BridgeTex”)Crude Oil Pipeline20%$403 $363 Capline Pipeline Company LLC (“Capline”) (2)Crude Oil Pipeline54%501 535 Diamond Pipeline LLCCrude Oil Pipeline50%440 450 Eagle Ford Pipeline LLCCrude Oil Pipeline50%364 370 Eagle Ford Terminals Corpus Christi LLCCrude Oil Terminal and Dock50%113 116 Saddlehorn Pipeline Company, LLC (“Saddlehorn”)Crude Oil Pipeline40%275 192 White Cliffs Pipeline, L.L.C.Crude Oil Pipeline36%123 138 Wink to Webster Pipeline LLC (“W2W Pipeline