Company: PAGP
Filing Date: 2025-08-08
Form Type: 10-Q
Source: 0001581990-25-000021
Chunk: 19

Company: PLAINS GP HOLDINGS LP
Filing Date: 2025-08-08
Form: 10-Q
Item: Part I, Item 1
Chunk 19
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125 14,316 Total liabilities and partners’ capital$28,300 $27,756 

The accompanying notes are an integral part of these condensed consolidated financial statements.

3

Table of Contents

PLAINS GP HOLDINGS, L.P. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in millions, except per share data)

Three Months EndedJune 30,Six Months EndedJune 30, 2025202420252024 (unaudited)(unaudited)REVENUES    Product sales revenues$10,197 $12,351 $21,243 $23,584 Services revenues445 406 876 812 Total revenues10,642 12,757 22,119 24,396 COSTS AND EXPENSES    Purchases and related costs9,758 11,838 20,277 22,543 Field operating costs286 280 585 553 General and administrative expenses84 81 171 163 Depreciation and amortization235 226 466 449 Losses on asset sales, net42 2 29 3 Total costs and expenses10,405 12,427 21,528 23,711 OPERATING INCOME237 330 591 685 OTHER INCOME/(EXPENSE)    Equity earnings in unconsolidated entities94 106 196 201 Gain on investments in unconsolidated entities, net— — 31 — Interest expense (net of capitalized interest of $3, $2, $5 and $4, respectively)(110)(96)(217)(190)Other income, net8 8 14 3 INCOME FROM CONTINUING OPERATIONS BEFORE TAX229 348 615 699 Current income tax expense from continuing operations(1)(52)(6)(68)Deferred income tax expense from continuing operations(15)(12)(40)(20)INCOME FROM CONTINUING OPERATIONS, NET OF TAX213 284 569 611 INCOME FROM DISCONTINUED OPERATIONS, NET OF TAX (NOTE 2)70 32 206 42 NET INCOME283 316 775 653 Net income attributable to noncontrolling interests from continuing operations(203)(254)(513)(542)Net income attributable to noncontrolling interests from discontinued operations(50)(23)(148)(