Company: PAGP
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0001581990-25-000006
Chunk: 424

Company: PLAINS GP HOLDINGS LP
Filing Date: 2025-02-28
Form: 10-K
Item: Item 1A
Chunk 424
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 on behalf of PAA for which PAA GP will seek reimbursement from PAA. Under Delaware partnership law, PAA GP has unlimited liability for the obligations of PAA, such as its debts and environmental liabilities, except for those contractual obligations of PAA that are expressly made without recourse to the general partner. To the extent PAA GP incurs obligations on behalf of PAA, it is entitled to be reimbursed or indemnified by PAA. If PAA is unable or unwilling to reimburse or indemnify PAA GP, PAA GP may be required to satisfy those liabilities or obligations, which would reduce AAP’s cash flows to us.

The price of our Class A shares may be volatile, and holders of our Class A shares could lose a significant portion of their investments.

The market price of our Class A shares could be volatile, and our shareholders may not be able to resell their Class A shares at or above the price at which they purchased such Class A shares due to fluctuations in the market price of the Class A shares, including changes in price caused by factors unrelated to our operating performance or prospects or the operating performance or prospects of PAA. The following factors, among others, could affect our Class A share price:

•PAA’s operating and financial performance and prospects and the trading price of its common units;

•the level of PAA’s quarterly distributions and our quarterly distributions;

•quarterly variations in the rate of growth of our financial indicators, such as distributable cash flow per Class A share, net income and revenues;

•changes in revenue or earnings and distribution estimates or publication of research reports by analysts;

•speculation by the press or investment community;

•sales of our Class A shares by our shareholders;

•the exercise by the Legacy Owners of their exchange rights with respect to any retained AAP units;

•announcements by PAA or its competitors of significant contracts, acquisitions, strategic partnerships, joint ventures, securities offerings or capital commitments;

•general market conditions, including conditions in financial markets;

•changes in accounting standards, policies, guidance, interpretations or principles;

•adverse changes in tax laws or regulations;

•domestic and international economic, legal and regulatory factors related to PAA’s performance; and

•other factors described in these “Risk Factors.”

An increase in interest rates may cause the market price of our shares to decline.

Like all equity investments, an investment in our Class A shares is subject to certain risks. In exchange for