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10-Q Filing

PLAINS GP HOLDINGS LP CIK: 1581990 Q1 2022
Filing Information
Form Type 10-Q
Accession Number 0001581990-22-000011
Period End Date 20220331
Filing Date 20220510
Fiscal Year 2022
Fiscal Period Q1
XBRL Instance pagp-20220331_htm.xml
Balance Sheet 60 line items
Line Item Tag Value Unit Period
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $452.00M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $117.00M USD Point-in-time
Trade accounts receivable and other receivables, net ReceivablesNetCurrent $4.71B USD Point-in-time
Trade accounts receivable and other receivables, net ReceivablesNetCurrent $7.14B USD Point-in-time
Inventory InventoryNet $783.00M USD Point-in-time
Inventory InventoryNet $527.00M USD Point-in-time
Other current assets OtherAssetsCurrent $320.00M USD Point-in-time
Other current assets OtherAssetsCurrent $200.00M USD Point-in-time
Total current assets AssetsCurrent $8.10B USD Point-in-time
Total current assets AssetsCurrent $6.14B USD Point-in-time
PROPERTY AND EQUIPMENT PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetBeforeAccumulatedDepreciationAndAmortization $19.29B USD Point-in-time
PROPERTY AND EQUIPMENT PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetBeforeAccumulatedDepreciationAndAmortization $19.43B USD Point-in-time
Accumulated depreciation PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAccumulatedDepreciationAndAmortization $4.57B USD Point-in-time
Accumulated depreciation PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAccumulatedDepreciationAndAmortization $4.38B USD Point-in-time
Property and equipment, net PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization $14.87B USD Point-in-time
Property and equipment, net PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization $14.91B USD Point-in-time
Investments in unconsolidated entities EquityMethodInvestments $3.81B USD Point-in-time
Investments in unconsolidated entities EquityMethodInvestments $3.81B USD Point-in-time
Intangible assets, net FiniteLivedIntangibleAssetsNet $1.96B USD Point-in-time
Intangible assets, net FiniteLivedIntangibleAssetsNet $1.90B USD Point-in-time
Deferred tax asset DeferredIncomeTaxAssetsNet $1.36B USD Point-in-time
Deferred tax asset DeferredIncomeTaxAssetsNet $1.34B USD Point-in-time
Linefill Linefill $907.00M USD Point-in-time
Linefill Linefill $919.00M USD Point-in-time
Long-term operating lease right-of-use assets, net OperatingLeaseRightOfUseAsset $393.00M USD Point-in-time
Long-term operating lease right-of-use assets, net OperatingLeaseRightOfUseAsset $387.00M USD Point-in-time
Long-term inventory InventoryNoncurrent $374.00M USD Point-in-time
Long-term inventory InventoryNoncurrent $253.00M USD Point-in-time
Other long-term assets, net OtherAssetsNoncurrent $249.00M USD Point-in-time
Other long-term assets, net OtherAssetsNoncurrent $293.00M USD Point-in-time
Total assets Assets $31.99B USD Point-in-time
Total assets Assets $29.98B USD Point-in-time
Trade accounts payable AccountsPayableTradeCurrent $4.81B USD Point-in-time
Trade accounts payable AccountsPayableTradeCurrent $6.87B USD Point-in-time
Short-term debt DebtCurrent $822.00M USD Point-in-time
Short-term debt DebtCurrent $900.00M USD Point-in-time
Other current liabilities OtherLiabilitiesCurrent $601.00M USD Point-in-time
Other current liabilities OtherLiabilitiesCurrent $801.00M USD Point-in-time
Total current liabilities LiabilitiesCurrent $8.57B USD Point-in-time
Total current liabilities LiabilitiesCurrent $6.23B USD Point-in-time
Senior notes, net SeniorLongTermNotes $8.33B USD Point-in-time
Senior notes, net SeniorLongTermNotes $7.93B USD Point-in-time
Other long-term debt, net OtherLongTermDebtNoncurrent $55.00M USD Point-in-time
Other long-term debt, net OtherLongTermDebtNoncurrent $69.00M USD Point-in-time
Long-term operating lease liabilities OperatingLeaseLiabilityNoncurrent $331.00M USD Point-in-time
Long-term operating lease liabilities OperatingLeaseLiabilityNoncurrent $339.00M USD Point-in-time
Other long-term liabilities and deferred credits OtherLiabilitiesNoncurrent $830.00M USD Point-in-time
Other long-term liabilities and deferred credits OtherLiabilitiesNoncurrent $901.00M USD Point-in-time
Total long-term liabilities LiabilitiesNoncurrent $9.57B USD Point-in-time
Total long-term liabilities LiabilitiesNoncurrent $9.22B USD Point-in-time
Commitments and Contingencies CommitmentsAndContingencies - USD Point-in-time
Commitments and Contingencies CommitmentsAndContingencies - USD Point-in-time
Noncontrolling interests PartnersCapitalAttributableToNoncontrollingInterest $12.66B USD Point-in-time
Noncontrolling interests PartnersCapitalAttributableToNoncontrollingInterest $12.64B USD Point-in-time
Total partners capital PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest $11.19B USD Point-in-time
Total partners capital PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest $14.20B USD Point-in-time
Total partners capital PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest $14.18B USD Point-in-time
Total partners capital PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest $11.50B USD Point-in-time
Total liabilities and partners capital LiabilitiesAndStockholdersEquity $31.99B USD Point-in-time
Total liabilities and partners capital LiabilitiesAndStockholdersEquity $29.98B USD Point-in-time
Income Statement 36 line items
Line Item Tag Value Unit Period
Interest expense, capitalized interest InterestCostsCapitalized $5.00M USD 1 Quarter
Interest expense, capitalized interest InterestCostsCapitalized $1.00M USD 1 Quarter
Total revenues Revenues $8.38B USD 1 Quarter
Total revenues Revenues $13.69B USD 1 Quarter
Purchases and related costs CostOfGoodsAndServicesSold $12.79B USD 1 Quarter
Purchases and related costs CostOfGoodsAndServicesSold $7.39B USD 1 Quarter
Field operating costs OperatingCostsAndExpenses $219.00M USD 1 Quarter
Field operating costs OperatingCostsAndExpenses $346.00M USD 1 Quarter
General and administrative expenses GeneralAndAdministrativeExpense $83.00M USD 1 Quarter
General and administrative expenses GeneralAndAdministrativeExpense $68.00M USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $231.00M USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $178.00M USD 1 Quarter
(Gains)/losses on asset sales and asset impairments, net GainLossOnSalesOfAssetsAndAssetImpairmentCharges $42.00M USD 1 Quarter
(Gains)/losses on asset sales and asset impairments, net GainLossOnSalesOfAssetsAndAssetImpairmentCharges $-2.00M USD 1 Quarter
Total costs and expenses CostsAndExpenses $13.40B USD 1 Quarter
Total costs and expenses CostsAndExpenses $7.86B USD 1 Quarter
OPERATING INCOME OperatingIncomeLoss $291.00M USD 1 Quarter
OPERATING INCOME OperatingIncomeLoss $524.00M USD 1 Quarter
Equity earnings in unconsolidated entities IncomeLossFromEquityMethodInvestments $88.00M USD 1 Quarter
Equity earnings in unconsolidated entities IncomeLossFromEquityMethodInvestments $97.00M USD 1 Quarter
Interest expense (net of capitalized interest of $1 and $5, respectively) InterestExpense $107.00M USD 1 Quarter
Interest expense (net of capitalized interest of $1 and $5, respectively) InterestExpense $107.00M USD 1 Quarter
Other expense, net OtherNonoperatingIncomeExpense $-60.00M USD 1 Quarter
Other expense, net OtherNonoperatingIncomeExpense $-37.00M USD 1 Quarter
INCOME BEFORE TAX IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $445.00M USD 1 Quarter
INCOME BEFORE TAX IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $244.00M USD 1 Quarter
Current income tax expense CurrentIncomeTaxExpenseBenefit $19.00M USD 1 Quarter
Current income tax expense CurrentIncomeTaxExpenseBenefit $1.00M USD 1 Quarter
Deferred income tax expense DeferredIncomeTaxExpenseBenefit $52.00M USD 1 Quarter
Deferred income tax expense DeferredIncomeTaxExpenseBenefit $16.00M USD 1 Quarter
NET INCOME ProfitLoss $392.00M USD 1 Quarter
NET INCOME ProfitLoss $209.00M USD 1 Quarter
Net income attributable to noncontrolling interests NetIncomeLossAttributableToNoncontrollingInterest $187.00M USD 1 Quarter
Net income attributable to noncontrolling interests NetIncomeLossAttributableToNoncontrollingInterest $322.00M USD 1 Quarter
NET INCOME ATTRIBUTABLE TO PAGP NetIncomeLoss $22.00M USD 1 Quarter
NET INCOME ATTRIBUTABLE TO PAGP NetIncomeLoss $70.00M USD 1 Quarter
Cash Flow Statement 64 line items
Line Item Tag Value Unit Period
Net income ProfitLoss $392.00M USD 1 Quarter
Net income ProfitLoss $209.00M USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $231.00M USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $178.00M USD 1 Quarter
(Gains)/losses on asset sales and asset impairments, net GainLossOnSalesOfAssetsAndAssetImpairmentCharges $42.00M USD 1 Quarter
(Gains)/losses on asset sales and asset impairments, net GainLossOnSalesOfAssetsAndAssetImpairmentCharges $-2.00M USD 1 Quarter
Deferred income tax expense DeferredIncomeTaxExpenseBenefit $52.00M USD 1 Quarter
Deferred income tax expense DeferredIncomeTaxExpenseBenefit $16.00M USD 1 Quarter
Change in fair value of Preferred Distribution Rate Reset Option (Note 8) EmbeddedDerivativeGainLossOnEmbeddedDerivativeNet $-67.00M USD 1 Quarter
Change in fair value of Preferred Distribution Rate Reset Option (Note 8) EmbeddedDerivativeGainLossOnEmbeddedDerivativeNet $-44.00M USD 1 Quarter
Equity earnings in unconsolidated entities IncomeLossFromEquityMethodInvestments $88.00M USD 1 Quarter
Equity earnings in unconsolidated entities IncomeLossFromEquityMethodInvestments $97.00M USD 1 Quarter
Distributions on earnings from unconsolidated entities EquityMethodInvestmentDividendsOrDistributions $96.00M USD 1 Quarter
Distributions on earnings from unconsolidated entities EquityMethodInvestmentDividendsOrDistributions $110.00M USD 1 Quarter
Other OtherNoncashIncomeExpense $-4.00M USD 1 Quarter
Other OtherNoncashIncomeExpense $-6.00M USD 1 Quarter
Changes in assets and liabilities, net of acquisitions IncreaseDecreaseInOperatingCapital $122.00M USD 1 Quarter
Changes in assets and liabilities, net of acquisitions IncreaseDecreaseInOperatingCapital $-70.00M USD 1 Quarter
Net cash provided by operating activities NetCashProvidedByUsedInOperatingActivities $339.00M USD 1 Quarter
Net cash provided by operating activities NetCashProvidedByUsedInOperatingActivities $789.00M USD 1 Quarter
Investments in unconsolidated entities CapitalContributionsToEquityMethodInvestees $35.00M USD 1 Quarter
Investments in unconsolidated entities CapitalContributionsToEquityMethodInvestees $3.00M USD 1 Quarter
Additions to property, equipment and other PaymentsToAcquirePropertyPlantAndEquipment $97.00M USD 1 Quarter
Additions to property, equipment and other PaymentsToAcquirePropertyPlantAndEquipment $101.00M USD 1 Quarter
Proceeds from sales of assets ProceedsFromSaleOfProductiveAssets $21.00M USD 1 Quarter
Proceeds from sales of assets ProceedsFromSaleOfProductiveAssets $53.00M USD 1 Quarter
Cash paid for purchases of linefill CashPaidRelatedToPurchasesOfLinefill - USD 1 Quarter
Cash paid for purchases of linefill CashPaidRelatedToPurchasesOfLinefill $39.00M USD 1 Quarter
Other investing activities PaymentsForProceedsFromOtherInvestingActivities $-3.00M USD 1 Quarter
Other investing activities PaymentsForProceedsFromOtherInvestingActivities $-9.00M USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivities $-108.00M USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivities $-81.00M USD 1 Quarter
Net borrowings/(repayments) under PAA commercial paper program (Note 6) ProceedsFromRepaymentsOfCommercialPaper $-410.00M USD 1 Quarter
Net borrowings/(repayments) under PAA commercial paper program (Note 6) ProceedsFromRepaymentsOfCommercialPaper $382.00M USD 1 Quarter
Net repayments under PAA senior secured hedged inventory facility (Note 6) NetProceedsFromRepaymentsOfHedgedInventoryFacility $-166.00M USD 1 Quarter
Net repayments under PAA senior secured hedged inventory facility (Note 6) NetProceedsFromRepaymentsOfHedgedInventoryFacility - USD 1 Quarter
Repayments of PAA senior notes RepaymentsOfSeniorDebt - USD 1 Quarter
Repayments of PAA senior notes RepaymentsOfSeniorDebt $750.00M USD 1 Quarter
Repurchase of common units by a subsidiary (Note 7) PaymentsToMinorityShareholders $3.00M USD 1 Quarter
Repurchase of common units by a subsidiary (Note 7) PaymentsToMinorityShareholders $25.00M USD 1 Quarter
Distributions paid to Class A shareholders (Note 7) DistributionMadeToLimitedPartnerCashDistributionsPaid $35.00M USD 1 Quarter
Distributions paid to Class A shareholders (Note 7) DistributionMadeToLimitedPartnerCashDistributionsPaid $35.00M USD 1 Quarter
Distributions paid to noncontrolling interests (Note 7) PaymentsOfDividendsMinorityInterest $138.00M USD 1 Quarter
Distributions paid to noncontrolling interests (Note 7) PaymentsOfDividendsMinorityInterest $188.00M USD 1 Quarter
Other financing activities ProceedsFromPaymentsForOtherFinancingActivities $20.00M USD 1 Quarter
Other financing activities ProceedsFromPaymentsForOtherFinancingActivities $66.00M USD 1 Quarter
Net cash used in financing activities NetCashProvidedByUsedInFinancingActivities $-596.00M USD 1 Quarter
Net cash used in financing activities NetCashProvidedByUsedInFinancingActivities $-686.00M USD 1 Quarter
Effect of translation adjustment EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents - USD 1 Quarter
Effect of translation adjustment EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $3.00M USD 1 Quarter
Net decrease in cash and cash equivalents and restricted cash CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $-335.00M USD 1 Quarter
Net decrease in cash and cash equivalents and restricted cash CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $-5.00M USD 1 Quarter
Cash and cash equivalents and restricted cash, beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $63.00M USD Point-in-time
Cash and cash equivalents and restricted cash, beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $58.00M USD Point-in-time
Cash and cash equivalents and restricted cash, beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $121.00M USD Point-in-time
Cash and cash equivalents and restricted cash, beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $456.00M USD Point-in-time
Cash and cash equivalents and restricted cash, end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $63.00M USD Point-in-time
Cash and cash equivalents and restricted cash, end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $58.00M USD Point-in-time
Cash and cash equivalents and restricted cash, end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $121.00M USD Point-in-time
Cash and cash equivalents and restricted cash, end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $456.00M USD Point-in-time
Interest, net of amounts capitalized InterestPaidNet $74.00M USD 1 Quarter
Interest, net of amounts capitalized InterestPaidNet $65.00M USD 1 Quarter
Income taxes, net of amounts refunded IncomeTaxesPaidNet $23.00M USD 1 Quarter
Income taxes, net of amounts refunded IncomeTaxesPaidNet $24.00M USD 1 Quarter
Stockholders Equity 21 line items
Line Item Tag Value Unit Period
Beginning balance PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest $11.19B USD Point-in-time
Beginning balance PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest $14.20B USD Point-in-time
Beginning balance PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest $14.18B USD Point-in-time
Beginning balance PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest $11.50B USD Point-in-time
Net income ProfitLoss $392.00M USD 1 Quarter
Net income ProfitLoss $209.00M USD 1 Quarter
Distributions (Note 7) PartnersCapitalAccountDistributions $185.00M USD 1 Quarter
Distributions (Note 7) PartnersCapitalAccountDistributions $235.00M USD 1 Quarter
Deferred tax asset PartnersCapitalDeferredTaxAsset $-5.00M USD 1 Quarter
Deferred tax asset PartnersCapitalDeferredTaxAsset $-7.00M USD 1 Quarter
Other comprehensive income OtherComprehensiveIncomeLossNetOfTax $108.00M USD 1 Quarter
Other comprehensive income OtherComprehensiveIncomeLossNetOfTax $74.00M USD 1 Quarter
Repurchase of common units by a subsidiary (Note 7) ConsolidationLessThanWhollyOwnedSubsidiaryParentOwnershipInterestChangesRepurchaseOfSharesBySubsidiary $25.00M USD 1 Quarter
Repurchase of common units by a subsidiary (Note 7) ConsolidationLessThanWhollyOwnedSubsidiaryParentOwnershipInterestChangesRepurchaseOfSharesBySubsidiary $3.00M USD 1 Quarter
Contributions from noncontrolling interests PartnersCapitalAccountContributions $1.00M USD 1 Quarter
Other PartnersCapitalOther $3.00M USD 1 Quarter
Other PartnersCapitalOther $6.00M USD 1 Quarter
Ending balance PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest $11.19B USD Point-in-time
Ending balance PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest $14.20B USD Point-in-time
Ending balance PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest $14.18B USD Point-in-time
Ending balance PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest $11.50B USD Point-in-time
Comprehensive Income 10 line items
Line Item Tag Value Unit Period
Net income ProfitLoss $392.00M USD 1 Quarter
Net income ProfitLoss $209.00M USD 1 Quarter
Other comprehensive income OtherComprehensiveIncomeLossNetOfTax $108.00M USD 1 Quarter
Other comprehensive income OtherComprehensiveIncomeLossNetOfTax $74.00M USD 1 Quarter
Comprehensive income ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest $500.00M USD 1 Quarter
Comprehensive income ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest $283.00M USD 1 Quarter
Comprehensive income attributable to noncontrolling interests ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest $401.00M USD 1 Quarter
Comprehensive income attributable to noncontrolling interests ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest $240.00M USD 1 Quarter
Comprehensive income attributable to PAGP ComprehensiveIncomeNetOfTax $99.00M USD 1 Quarter
Comprehensive income attributable to PAGP ComprehensiveIncomeNetOfTax $43.00M USD 1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.

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