Company: PAGP
Filing Date: 2025-08-08
Form Type: 10-Q
Source: 0001581990-25-000021
Chunk: 182

Company: PLAINS GP HOLDINGS LP
Filing Date: 2025-08-08
Form: 10-Q
Item: Part I, Item 2
Chunk 182
---
, our wholly-owned subsidiary that owns substantially all of the Canadian NGL Business. This transaction supports our strategic objective to focus on our core midstream crude oil operations and to reduce exposure to commodity price fluctuations and seasonality. While we will divest the Canadian NGL Business as part of the sale, we will retain substantially all NGL assets in the United States and will also retain all crude oil assets in Canada. This transaction is expected to close in the first quarter of 2026, subject to the satisfaction or waiver of customary closing conditions, including receipt of regulatory approvals. We determined that in conjunction with entering into the SPA, the operations of the Canadian NGL Business meet the criteria for classification as held for sale and presentation as discontinued operations, as the sale will represent a strategic shift that will have a major effect on our operations and financial results. We have applied these changes retrospectively to all periods presented. See Note 1 and Note 2 to our Condensed Consolidated Financial Statements for additional information.

Unless otherwise indicated, the discussion below relates to our continuing operations and excludes amounts related to discontinued operations.

40

Table of Contents

Overview of Operating Results 

We recognized net income of $775 million for the six months ended June 30, 2025 compared to net income of $653 million for the first six months of 2024. See the “Results of Operations” section below for discussion of significant drivers of our results from continuing operations.

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 EndedJune 30,VarianceSix Months EndedJune 30,Variance 20252024$%20252024$%Product sales revenues$10,197 $12,351 $(2,154)(17)%$21,243 $23,584 $(2,341)(10)%Services revenues445 406 39 10 %876 812 64 8 %Purchases and related costs(9,758)(11,838)2,080 18 %(20,277)(22,543)2,266 10 %Field operating costs(286)(280)(6)(2)%(585)(553)(32)(6)%General and administrative expenses(84)(81)(3)(4)%(171)(163)(8)(5)%Depreciation and amortization(235)(226)(9)(4)%(466)(449