Company: PAGP
Filing Date: 2025-11-07
Form Type: 10-Q
Source: 0001581990-25-000028
Chunk: 143

Company: PLAINS GP HOLDINGS LP
Filing Date: 2025-11-07
Form: 10-Q
Item: Part I, Item 8
Chunk 143
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 Value Measures (1)Level 2TotalLevel 1Level 2TotalCommodity derivatives$(4)$(4)$11 $(14)$(3)Interest rate derivatives29 29 — 27 27 Foreign currency derivatives41 41 — — — Total net derivative asset/(liability)$66 $66 $11 $13 $24 (1)Derivative assets and liabilities are presented above on a net basis but do not include related cash margin deposits.Level 1 Level 1 of the fair value hierarchy includes exchange-traded commodity derivatives and over-the-counter commodity contracts such as futures and swaps. The fair value of exchange-traded commodity derivatives and over-the-counter commodity contracts is based on unadjusted quoted prices in active markets. 

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Table of ContentsPLAINS GP HOLDINGS, L.P. AND SUBSIDIARIESNOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Level 2 Level 2 of the fair value hierarchy includes exchange-cleared commodity derivatives, over-the-counter commodity, foreign exchange and interest rate derivatives that are traded in observable markets with less volume and transaction frequency than active markets. In addition, it includes certain physical commodity contracts. The fair values of these derivatives are corroborated with market observable inputs.

Note 9—Related Party Transactions

 See Note 16 to our Consolidated Financial Statements included in Part IV of our 2024 Annual Report on Form 10-K for a complete discussion of related parties, including the determination of our related parties and nature of involvement with such related parties. During the three and nine months ended September 30, 2025 and 2024, we recognized sales and transportation revenues, purchased petroleum products and utilized transportation and storage services from related parties. These transactions were conducted at posted tariff rates or prices that we believe approximate market.The impact to our Condensed Consolidated Statements of Operations from these transactions is included below (in millions): Three Months EndedSeptember 30,Nine Months EndedSeptember 30, 2025202420252024Revenues from related parties$12 $12 $35 $34 Purchases and related costs from related parties$89 $103 $285 $296 Our receivable and payable amounts with these related parties as reflected on our Condensed Consolidated Balance Sheets were as follows (in millions): September 30,2025December 31,2024Trade accounts receivable