Company: PAGP
Filing Date: 2025-08-08
Form Type: 10-Q
Source: 0001581990-25-000021
Chunk: 196

Company: PLAINS GP HOLDINGS LP
Filing Date: 2025-08-08
Form: 10-Q
Item: Part I, Item 2
Chunk 196
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 capacity and cost of borrowing. Our borrowing capacity and borrowing costs are also impacted by PAA’s credit rating. See Item 1A. “Risk Factors” included in our 2024 Annual Report on Form 10-K for further discussion regarding risks that may impact our liquidity and capital resources.

Cash Flow from Operating Activities 

For a comprehensive discussion of the primary drivers of cash flow from operating activities, including the impact of varying market conditions and the timing of settlement of our derivatives, see Item 7. “Liquidity and Capital Resources—Cash Flow from Operating Activities” included in our 2024 Annual Report on Form 10-K.

Net cash provided by operating activities from continuing operations for the first six months of 2025 and 2024 was $1.029 billion and $990 million, respectively, and primarily resulted from earnings from our operations.

50

Investing Activities

Capital Expenditures

In addition to our operating needs, we also use cash for our investment capital projects, maintenance capital activities and acquisition activities. We fund these expenditures with cash generated by operating activities, financing activities and/or proceeds from asset sales. The following table summarizes our investment, maintenance and acquisition capital expenditures related to continuing operations and discontinued operations (in millions): 

Six Months EndedJune 30,Capital Expenditures (1)20252024Investment capital (2) (3) (4)$348 $185 Maintenance capital (2) (4)105 118 Acquisition capital (3) (5)722 113 $1,175 $416 

(1)Capital expenditures related to discontinued operations are included in the amounts in the table above and were $68 million and $28 million for investment and maintenance capital for the six months ended June 30, 2025, respectively. Capital expenditures for investment and maintenance capital related to discontinued operations were $37 million and $28 million for the six months ended June 30, 2024, respectively. There was no acquisition capital related to discontinued operations for any period presented.

(2)Capital expenditures made to expand the existing operating and/or earnings capacity of our assets are classified as “Investment capital.” Capital expenditures made to replace and/or refurbish partially or fully depreciated assets in order to maintain the operating and/or earnings capacity of our existing assets are classified as “Maintenance capital.”

(3)Contributions to unconsolidated entities, accounted for under the equity method of accounting, that are related to investment