Company: PAGP
Filing Date: 2025-04-11
Form Type: DEF 14A
Source: 0001104659-25-033938
Chunk: 0

Company: PLAINS GP HOLDINGS LP
Filing Date: 2025-04-11
Form: DEF 14A
Chunk 0
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TABLE OF CONTENTS UNITED STATES
SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 14A Proxy Statement Pursuant to Section 14(a) of
the Securities Exchange Act of 1934 (Amendment No. ) Filed by the Registrant ☒ Filed by a Party other than the Registrant ☐ Check the appropriate box: ☐ Preliminary Proxy Statement ☐ Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2)) ☒ Definitive Proxy Statement ☐ Definitive Additional Materials ☐ Soliciting Material under §240.14a-12 PLAINS GP HOLDINGS, L.P. (Name of Registrant as Specified In Its Charter) (Name of Person(s) Filing Proxy Statement, if other than the Registrant) Payment of Filing Fee (Check the appropriate box): ☒ No fee required. ☐ Fee paid previously with preliminary materials. ☐ Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a6(i)(1) and 0 -11. TABLE OF CONTENTS April 11, 2025 Dear Fellow Plains Investors, We sincerely appreciate your continued support and investment in Plains. Your trust and partnership play a vital role in our success, and we are pleased to invite you to join us for our May 21, 2025 Annual Meeting. 2024 was a year of solid execution for Plains, with tangible progress on the three primary objectives of our financial strategy: generating significant multi-year free cash flow, maintaining capital discipline, and returning capital to investors while preserving financial flexibility . This past year we were able to deliver on nearly all our key initiatives, including: • Delivered strong financial results, with 2024 Adjusted EBITDA attributable to PAA of $2.78 billion (~$105 million / ~4% above guidance) and Implied Distributable Cash Flow per Common Unit and Common Unit Equivalent of $2.49/unit ($0.05/unit / ~2% above guidance); • Generated $1.17 billion in Adjusted Free Cash Flow (excluding changes in Assets and Liabilities), returned approximately $1.15 billion to our common and preferred equity holders via distributions, and invested approximately $571 million of investment and maintenance capital (net to our interest); • Progressed our efficient growth strategy and executed seven accretive bolt-on acquisitions in 2024 and early 2025 for an aggregate of approximately