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

Company: PLAINS GP HOLDINGS LP
Filing Date: 2025-02-28
Form: 10-K
Item: Item 8
Chunk 28
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 or enters a pipeline it forces product out at another location and (ii) barrels that represent the minimum working requirements in tanks and caverns that we own. Linefill carrying amounts are reviewed for impairment in accordance with FASB guidance with respect to accounting for the impairment or disposal of long-lived assets. Carrying amounts that are not expected to be recoverable through future cash flows are written down to estimated fair value. See Note 6 for further discussion regarding impairment of long-lived assets. During 2024, 2023 and 2022, we did not recognize any material impairments of linefill.Minimum working inventory requirements in third-party assets and other working inventory in our assets that are needed for our commercial operations are included within specific inventory pools in inventory (a current asset) in determining the average cost of operating inventory. At the end of each period, we reclassify the inventory not expected to be liquidated within the succeeding twelve months out of “Inventory,” at the average cost of the applicable inventory pools, and into “Long-term inventory,” which is reflected as a separate line item under “Other assets” on our Consolidated Balance Sheets.Inventory, linefill and long-term inventory consisted of the following (barrels in thousands and carrying value in millions):December 31, 2024December 31, 2023VolumesUnit ofMeasureCarryingValuePrice/Unit (1)VolumesUnit ofMeasureCarryingValuePrice/Unit (1)InventoryCrude oil3,911 barrels$259 $66.22 5,877 barrels$383 $65.17 NGL6,985 barrels166 $23.77 5,957 barrels154 $25.85 OtherN/A14 N/AN/A11 N/AInventory subtotal439 548 LinefillCrude oil15,521 barrels906 $58.37 15,409 barrels909 $58.99 NGL2,259 barrels62 $27.45 2,168 barrels67 $30.90 Linefill subtotal968 976 Long-term inventoryCrude oil3,424 barrels239 $69.80 3,256 barrels232 $71.25 NGL1,355 barrels41 $30.26 1,326 barrels33 $24.89 Long-term inventory subtotal280 265 Total