Company: PAGP
Filing Date: 2025-05-09
Form Type: 10-Q
Source: 0001581990-25-000013
Chunk: 126

Company: PLAINS GP HOLDINGS LP
Filing Date: 2025-05-09
Form: 10-Q
Item: Part I, Item 8
Chunk 126
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stream infrastructure systems that connect major producing regions to key demand centers and export terminals. As one of the largest crude oil midstream service providers in North America, PAA owns an extensive network of pipeline transportation, terminalling, storage and gathering assets in key crude oil and NGL producing basins (including the Permian Basin) and transportation corridors and at major market hubs in the United States and Canada. PAA’s assets and the services it provides are primarily focused on crude oil and NGL.

Overview of Operating Results 

We recognized net income of $492 million for the three months ended March 31, 2025 compared to net income of $336 million for the first three months of 2024. The increase in net income attributable to PAA was largely driven by fluctuations of derivative mark-to-market valuations, as well as higher Segment Adjusted EBITDA in the 2025 period due to more favorable results from our Crude Oil and NGL segments. See the “Results of Operations” section below for further discussion.

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Table of Contents

Results of Operations 

Consolidated Results

The following table sets forth an overview of our consolidated financial results calculated in accordance with GAAP (in millions, except per share data): 

Three Months EndedMarch 31,Variance 20252024$%Product sales revenues$11,544 $11,546 $(2)— %Services revenues467 449 18 4 %Purchases and related costs(10,761)(10,917)156 1 %Field operating costs(368)(358)(10)(3)%General and administrative expenses(101)(97)(4)(4)%Depreciation and amortization(262)(254)(8)(3)%Gain on asset sales, net13 — 13 N/AEquity earnings in unconsolidated entities103 95 8 8 %Gain on investments in unconsolidated entities, net31 — 31 N/AInterest expense, net(107)(95)(12)(13)%Other income/(expense), net6 (5)11 **Income tax expense(73)(28)(45)(161)%Net income492 336 156 46 %Net income attributable to noncontrolling interests(408)(294)(114)(39)%Net income attributable to PAGP$84 $42 $42 100 %Basic and diluted net income per Class A share$0.42 $0.21 $