PLAINS GP HOLDINGS LP
For the period ended Jun 30, 2024. Filed Aug 9, 2024.
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Jun 30, 2024 · Filed Aug 9, 2024
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8. Related Party Transactions
Note 8—Related Party Transactions
See Note 16 to our Consolidated Financial Statements included in Part IV of our 2023 Annual Report on Form 10-K for a complete discussion of related parties, including the determination of our related parties and nature of involvement with such related parties.
During the three and six months ended June 30, 2024 and 2023, we recognized sales and transportation revenues, purchased petroleum products and utilized transportation and storage services from related parties. These transactions were conducted at posted tariff rates or prices that we believe approximate market.
The impact to our Condensed Consolidated Statements of Operations from these transactions is included below (in millions):
| Three Months EndedJune 30, | Six Months EndedJune 30, | |||
|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |
| Revenues from related parties | $11 | $12 | $22 | $23 |
| Purchases and related costs from related parties | $96 | $101 | $193 | $200 |
Our receivable and payable amounts with these related parties as reflected on our Condensed Consolidated Balance Sheets were as follows (in millions):
| June 30,2024 | December 31,2023 | |
|---|---|---|
| Trade accounts receivable and other receivables, net from related parties (1) | $43 | $63 |
| Trade accounts payable to related parties (1) (2) | $66 | $72 |
(1)Includes amounts related to transportation and storage services and amounts owed to us or advanced to us related to investment capital projects of equity method investees where we serve as construction manager.
(2)We have agreements to store crude oil at facilities and transport crude oil or utilize capacity on pipelines that are owned by equity method investees. A portion of our commitment to transport is supported by crude oil buy/sell or other agreements with third parties with commensurate quantities.
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