Plains GP Holdings LP-A 2026年季度报告

FORM10-Q PLAINS GP HOLDINGS, L.P. (Exact name of registrant as specified in its charter) 90-1005472(I.R.S. Employer Identification No.) Indicate by check mark whether the registrant (1)has filed all reports required to be filed by Section13 or 15(d)of the SecuritiesExchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submittedpursuant to Rule405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smallerreporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller Large accelerated filer☑Non-acceleratedfiler☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period forcomplying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule12b-2 of the Exchange Act).☐Yes☑ As of May1, 2026, there were 197,904,124 Class A Shares outstanding. PARTI. FINANCIAL INFORMATION Item1. UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS:Condensed Consolidated Balance Sheets: As of March 31, 2026 and December31, 2025Condensed Consolidated Statements of Operations: For the three months ended March 31, 2026 and2025Condensed Consolidated Statements of Comprehensive Income: For the three months ended March 31, 2026and2025Condensed Consolidated Statements of Changes in Accumulated Other Comprehensive Income/(Loss): For the threemonths ended March 31, 2026 and 2025Condensed Consolidated Statements of Cash Flows: For the three months ended March 31, 2026 and 2025Condensed Consolidated Statements of Changes in Partners’ Capital: For the three months ended March 31,2026and2025 Notes to the Condensed Consolidated Financial Statements: 1. Organization and Basis of Consolidation and Presentation2. Discontinued Operations3. Revenues and Accounts Receivable4. Net Income Per Class A Share5. Inventory, Linefill and Long-term Inventory6. Debt7. Partners’ Capital and Distributions8. Derivatives and Risk Management Activities9. Related Party Transactions10. Commitments and Contingencies11. Segment Information OFOPERATIONS PARTII. OTHER INFORMATION Item1. LEGAL PROCEEDINGSItem1A. RISK FACTORSItem2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDSItem3. DEFAULTS UPON SENIOR SECURITIESItem4. MINE SAFETY DISCLOSURESItem5. OTHER INFORMATIONItem6. EXHIBITS PARTI. FINANCIAL INFORMATION PARTNERS’ CAPITALClass A shareholders (197,904,124 and 197,904,124 shares outstanding, respectively)1,2741,345Noncontrolling interests12,67812,871 Note1—Organization and Basis of Consolidation and Presentation Organization Plains GP Holdings, L.P. (“PAGP”) is a publicly-traded Delaware limited partnership formed in 2013 that has elected to betaxed as a corporation for United States federal income tax purposes. PAGP does not directly own any operating assets; as ofMarch31, 2026, its sole source of cash flow is derived from an indirect investment in Plains All American Pipeline, L.P. (“PAA”), apublicly-traded Delaware limited partnership. As used in this Form10-Q and unless the context indicates otherwise (taking intoaccount the fact that PAGP has no operating activities apart from those conducted by PAA and its subsidiaries), the terms As of March31, 2026, we owned an approximate 85% limited partner interest in Plains AAP, L.P. (“AAP”) through ourownership of approximately 197.9million Class A units of AAP (“AAP Units”). We also own a 100% managing member interest inPlains All American GP LLC (“GP LLC”), a Delaware limited liability company that holds the non-economic general partner interestin AAP. AAP is a Delaware limited partnership that, as of March31, 2026, directly owned a limited partner interest in PAA through itsownership of approximately 233.0million PAA common units (approximately 31% of PAA’s total outstanding common units and PAA’s business model integrates large-scale supply aggregation capabilities with the ownership and operation of criticalmidstream infrastructure systems that connect major producing regions to key demand centers and export terminals. As one of thelargest crude oil midstream service providers in North America, PAA owns an extensive network of pipeline transportation,terminalling, storage and gathering assets in key crude oil producing basins (including the Permian Basin) and transportation corridors PAA GP Holdings LLC, a Delaware limited liability company, is our general partner. Our general partner manages ouroperations and activities and is resp