Company: PAGP
Filing Date: 2025-11-07
Form Type: 10-Q
Source: 0001581990-25-000028
Chunk: 133

Company: PLAINS GP HOLDINGS LP
Filing Date: 2025-11-07
Form: 10-Q
Item: Part I, Item 8
Chunk 133
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 the timing, average term and method of general partnership borrowing activities.Letters of Credit In connection with our merchant activities, we provide certain suppliers with irrevocable standby letters of credit to secure our obligation for the purchase and transportation of crude oil and NGL. Additionally, we issue letters of credit to support insurance programs, derivative transactions, including hedging-related margin obligations, and construction activities. At September 30, 2025 and December 31, 2024, we had outstanding letters of credit of $70 million and $90 million, respectively.

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

Note 7—Partners’ Capital and Distributions

Shares Outstanding The following tables present the activity for our Class A shares, Class B shares and Class C shares: Class A SharesClass B SharesClass C SharesOutstanding at December 31, 2024197,465,699 35,390,231 542,004,838 Exchange Right exercises (1)277,925 (277,925)— Repurchase of Series A preferred units by a subsidiary— — (12,678,560)Other— — 5,650 Outstanding at March 31, 2025197,743,624 35,112,306 529,331,928 Repurchase and cancellation of common units by a subsidiary under the Common Equity Repurchase Program— — (476,695)Other— — 5,197 Outstanding at June 30, 2025197,743,624 35,112,306 528,860,430 Other144,500 — 2,048,818 Outstanding at September 30, 2025197,888,124 35,112,306 530,909,248   Class A SharesClass B SharesClass C SharesOutstanding at December 31, 2023196,416,760 36,237,168 539,445,289 Exchange Right exercises (1)835,499 (835,499)— Other— — 62,282 Outstanding at March 31, 2024197,252,259 35,401,669 539,507,571 Exchange Right