Company: PAGP
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0001581990-25-000006
Chunk: 476

Company: PLAINS GP HOLDINGS LP
Filing Date: 2025-02-28
Form: 10-K
Item: Item 7
Chunk 476
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olidated entities, net15 28 (13)(46)%Interest expense, net(382)(386)4 1 %Other income, net17 102 (85)(83)%Income tax expense(204)(189)(15)(8)%Net income1,070 1,425 (355)(25)%Net income attributable to noncontrolling interests(967)(1,227)260 21 %Net income attributable to PAGP$103 $198 $(95)(48)%Basic and diluted net income per Class A share$0.52 $1.01 $(0.49)**Basic and diluted weighted average Class A shares outstanding 197 195 2 **

**       Indicates that variance as a percentage is not meaningful.

Revenues and Purchases 

Fluctuations in our consolidated revenues and purchases and related costs are primarily associated with our merchant activities and are generally explained by changes in commodity prices and the impact of gains and losses related to derivative instruments used to manage our commodity price exposure. Because both product sales revenues and purchases and related costs are generally based off of the same pricing indices, the market price of the commodities will not necessarily have an impact on the absolute margins related to those sales and purchases.

73

Table of ContentsIndex to Financial Statements

A majority of our crude oil sales and purchases are indexed to the prompt month price of the NYMEX Light, Sweet crude oil futures contract (“NYMEX Price”) and our NGL sales are indexed to Mont Belvieu prices. The following table presents the range of the NYMEX Price over the last two years (in dollars per barrel):

NYMEX PriceDuring the Year Ended December 31, LowHighAverage2024$66 $87 $76 2023$67 $94 $78 

Product sales revenues and purchases increased for the year ended December 31, 2024 compared to the year ended December 31, 2023 primarily due to higher crude oil sales volumes.

Revenues from services increased for the year ended December 31, 2024 compared to the year ended December 31, 2023 primarily due to higher pipeline volumes and tariff escalations, as well as the impact of acquisitions.

See further discussion of net revenues (revenues less purchases and related costs) in the “—Analysis of Operating Segments” section below.

Field Operating Costs

See discussion of field operating costs in the “—