Company: PAGP
Filing Date: 2025-05-09
Form Type: 10-Q
Source: 0001581990-25-000013
Chunk: 110

Company: PLAINS GP HOLDINGS LP
Filing Date: 2025-05-09
Form: 10-Q
Item: Part I, Item 8
Chunk 110
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 Consolidated Balance Sheet, totaled $1 million and $24 million, respectively. At December 31, 2024, the net fair value of our interest rate hedges, which was included in “Other long-term assets, net” on our Condensed Consolidated Balance Sheet, totaled $27 million.Recurring Fair Value Measurements Derivative Financial Assets and Liabilities The following table sets forth by level within the fair value hierarchy our financial assets and liabilities that were accounted for at fair value on a recurring basis (in millions): Fair Value as of March 31, 2025Fair Value as of December 31, 2024Recurring Fair Value Measures (1)Level 1Level 2TotalLevel 1Level 2TotalCommodity derivatives$21 $(64)$(43)$14 $(90)$(76)Interest rate derivatives— 25 25 — 27 27 Total net derivative asset/(liability)$21 $(39)$(18)$14 $(63)$(49)(1)Derivative assets and liabilities are presented above on a net basis but do not include related cash margin deposits.Level 1 Level 1 of the fair value hierarchy includes exchange-traded commodity derivatives and over-the-counter commodity contracts such as futures and swaps. The fair value of exchange-traded commodity derivatives and over-the-counter commodity contracts is based on unadjusted quoted prices in active markets. Level 2 Level 2 of the fair value hierarchy includes exchange-cleared commodity derivatives and over-the-counter commodity and interest rate derivatives that are traded in observable markets with less volume and transaction frequency than active markets. In addition, it includes certain physical commodity contracts. The fair values of these derivatives are corroborated with market observable inputs.

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Table of ContentsPLAINS GP HOLDINGS, L.P. AND SUBSIDIARIESNOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Note 8—Related Party Transactions

 See Note 16 to our Consolidated Financial Statements included in Part IV of our 2024 Annual Report on Form 10-K for a complete discussion of related parties, including the determination of our related parties and nature of involvement with such related parties. During the three months ended March 31, 2025 and 2024, we recognized sales and transportation revenues, purchased petroleum products and utilized transportation and storage services from related parties. These transactions were conducted at posted tariff rates or prices