Company: PAGP
Filing Date: 2025-11-07
Form Type: 10-Q
Source: 0001581990-25-000028
Chunk: 129

Company: PLAINS GP HOLDINGS LP
Filing Date: 2025-11-07
Form: 10-Q
Item: Part I, Item 8
Chunk 129
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 incremental income that would have been attributable to PAGP if the assumed exchanges 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, the possible exchange of 35 million AAP units was dilutive to net income per Class A share from discontinued operations for the three and nine months ended September 30, 2025. The possible exchange did not result in dilution for net income per Class A share from discontinued operations for the three and nine months ended September 30, 2024. The possible exchange did not result in dilution for net income per Class A share from continuing operations for any of the periods presented. Accordingly, the effect of the possible exchange of AAP units is included in the computation of diluted net income per share for discontinued operations for these periods and excluded from the calculation for all others.  For each of the three and nine months ended September 30, 2025 and 2024, our PAGP LTIP awards were also dilutive and are included in the calculation of diluted weighted average Class A shares outstanding, as applicable.

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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 EndedSeptember 30,Nine Months EndedSeptember 30, 2025202420252024Basic Net Income per Class A Share  Net income attributable to PAGP from continuing operations$62 $1 $119 $70 Net income attributable to PAGP from discontinued operations$21 $32 $79 $44 Basic weighted average Class A shares outstanding198 197 198 197 Basic Net Income per Class A Share: Continuing operations$0.31 $0.01 $0