Company: PAGP
Filing Date: 2025-08-08
Form Type: 10-Q
Source: 0001581990-25-000021
Chunk: 77

Company: PLAINS GP HOLDINGS LP
Filing Date: 2025-08-08
Form: 10-Q
Item: Part I, Item 1
Chunk 77
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 systems largely driven by increased production in the Permian Basin region, (ii) the benefit of tariff escalations and (iii) contributions from recently completed acquisitions in the Permian Basin and South Texas regions. These favorable impacts were partially offset by (iv) fewer market-based opportunities and (v) lower commodity prices, which resulted in lower revenues from pipeline loss allowance in the 2025 periods.

Field Operating Costs. For the three and six months ended June 30, 2025 compared to the same periods in 2024, we recognized higher expenses as a result of acquisitions and higher volumes. The six-month period was further impacted by higher expenses associated with (i) environmental remediation costs and (ii) property taxes.

Maintenance Capital

The decrease in maintenance capital spending for the six months ended June 30, 2025 compared to the same periods in 2024 was primarily due to lower costs resulting from timing of certain pipeline integrity activities.

NGL Segment

Our NGL segment operations involve NGL storage and terminalling from our four NGL assets located in the United States, namely our Bumstead, Shafter, San Pedro and Tampa facilities. Our NGL segment revenues are primarily derived from (i) providing storage and/or terminalling services at these facilities to third-party customers for a fee and (ii) the transport, storage and sale of specification NGL products. The segment results also include the direct fixed and variable field costs of operating our four NGL facilities, as well as an allocation of indirect operating costs and general and administrative expenses.

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The following table sets forth our operating results from our NGL segment:

Operating Results (1)Three Months EndedJune 30,VarianceSix Months EndedJune 30,Variance(in millions)20252024$%20252024$%Revenues$26 $25 $1 4 %$67 $86 $(19)(22)%Purchases and related costs(22)(21)(1)(5)%(55)(66)11 17 %Field operating costs (2)(7)(8)1 13 %(14)(15)1 7 %Segment general and administrative expenses (2) (3)(7)(7)— — %(13)(14)1 7 %Segment Adjusted EBITDA$(10)$(11)$1 9 %$(15)$(9)$(6)(67)%Maintenance capital expenditures$1 $2 $(1)(50)%$