Company: PAGP
Filing Date: 2025-05-09
Form Type: 10-Q
Source: 0001581990-25-000013
Chunk: 130

Company: PLAINS GP HOLDINGS LP
Filing Date: 2025-05-09
Form: 10-Q
Item: Part I, Item 8
Chunk 130
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 rates, mechanical interruptions, acquisitions, divestitures, investment capital projects and numerous other factors as discussed, as applicable, in “—Analysis of Operating Segments.”

35

The following table sets forth the reconciliation of the non-GAAP financial performance measures Adjusted EBITDA and Adjusted EBITDA attributable to PAA to Net Income (in millions):

Three Months EndedMarch 31,Variance 20252024$%Net income$492 $336 $156 46 %Interest expense, net107 95 12 13 %Income tax expense73 28 45 161 %Depreciation and amortization262 254 8 3 %Gain on asset sales, net(13)— (13)N/AGain on investments in unconsolidated entities(31)— (31)N/ADepreciation and amortization of unconsolidated entities (1)20 19 1 5 %Unallocated general and administrative expenses (2)1 1 — — %Selected Items Impacting Comparability:  Derivative activities and inventory valuation adjustments (34)159 (193)**Long-term inventory costing adjustments(3)(33)30 **Deficiencies under minimum volume commitments, net(7)(12)5 **Equity-indexed compensation expense9 9 — **Foreign currency revaluation— (21)21 **Transaction-related expenses5 — 5 **Selected Items Impacting Comparability - Segment Adjusted EBITDA (3)(30)102 (132)**Foreign currency revaluation (4)— 12 (12)**Selected Items Impacting Comparability - Adjusted EBITDA (5)(30)114 (144)**Adjusted EBITDA (5)$881 $847 $34 4 %Adjusted EBITDA attributable to noncontrolling interests in consolidated joint ventures (6)(127)(129)2 2 %Adjusted EBITDA attributable to PAA$754 $718 $36 5 %

**    Indicates that variance as a percentage is not meaningful.

(1)We exclude our proportionate share of the depreciation and amortization expense (including write-downs related to cancelled projects and impairments) of unconsolidated entities when reviewing Adjusted EBITDA, similar to our consolidated assets.

(2)Represents general and administrative expenses incremental to those of PAA, which are not allocated to our