Company: PAGP
Filing Date: 2025-05-09
Form Type: 10-Q
Source: 0001581990-25-000013
Chunk: 99

Company: PLAINS GP HOLDINGS LP
Filing Date: 2025-05-09
Form: 10-Q
Item: Part I, Item 8
Chunk 99
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 occurred on that date. See Note 11 to our Consolidated Financial Statements included in Part IV of our 2024 Annual Report on Form 10-K for information regarding exchanges of AAP units. PAGP LTIP awards that are deemed to be dilutive are reduced by a hypothetical share repurchase based on the remaining unamortized fair value, as prescribed by the treasury stock method in guidance issued by the FASB. See Note 17 to our Consolidated Financial Statements included in Part IV of our 2024 Annual Report on Form 10-K for information regarding PAGP LTIP awards.On a weighted-average basis, for the three months ended March 31, 2025 and 2024, the possible exchange of 35 million and 36 million AAP units, respectively, would not have had a dilutive effect on basic net income per Class A share. For each of the three months ended March 31, 2025 and 2024, our PAGP LTIP awards were dilutive; however, this did not change the presentation of diluted weighted average Class A shares outstanding or diluted net income per Class A share.

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

The following table sets forth the computation of basic and diluted net income per Class A share (in millions, except per share data): Three Months EndedMarch 31, 20252024Basic and Diluted Net Income per Class A ShareNet income attributable to PAGP$84 $42 Basic and diluted weighted average Class A shares outstanding198 197 Basic and diluted net income per Class A share$0.42 $0.21 

Note 4—Inventory, Linefill and Long-term Inventory

 Inventory, linefill and long-term inventory consisted of the following (barrels in thousands and carrying value in millions): March 31, 2025December 31, 2024 VolumesUnit ofMeasureCarryingValuePrice/Unit (1)VolumesUnit ofMeasureCarryingValuePrice/Unit (1)Inventory        Crude oil3,399 barrels$221 $65.02 3,911 barrels$259 $66.22 NGL3,410 barrels102 $29.91 6,985 bar