PLAINS GP HOLDINGS LP
For the period ended Jun 30, 2025. Filed Aug 8, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2025 · Filed Aug 8, 2025
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2. Discontinued Operations
Note 2—Discontinued Operations
The operations of the Canadian NGL Business meet the criteria for classification as held for sale and presentation as discontinued operations. The Canadian NGL Business disposal group is recorded at its historical carrying value, as the fair value of the disposal group, less estimated costs to sell, is greater than the carrying value of the Canadian NGL Business disposal group. Depreciation and amortization on the long-lived assets of the Canadian NGL Business disposal group ceased upon meeting the criteria to be classified as assets held for sale. See Note 1 for information regarding the pending sale of the Canadian NGL Business.
The following table summarizes the carrying amounts of major classes of assets and liabilities of discontinued operations (in millions):
| June 30,2025 | December 31,2024 | |
|---|---|---|
| Assets: | ||
| Current assets: | ||
| Trade accounts receivable and other receivables, net | $193 | $222 |
| Inventory | 168 | 178 |
| Other current assets | 24 | 15 |
| Total current assets of discontinued operations | $385 | $415 |
| Long-term assets: | ||
| Property and equipment, net (1) | $2,118 | $1,978 |
| Linefill | 71 | 64 |
| Long-term operating lease right-of-use assets, net | 137 | 143 |
| Long-term inventory | 41 | 38 |
| Other long-term assets, net | 115 | 126 |
| Total long-term assets of discontinued operations | $2,482 | $2,349 |
| Liabilities: | ||
| Current liabilities: | ||
| Trade accounts payable | $222 | $234 |
| Short-term debt | 1 | 1 |
| Other current liabilities | 90 | 115 |
| Total current liabilities of discontinued operations | $313 | $350 |
| Long-term liabilities: | ||
| Long-term operating lease liabilities | $107 | $121 |
| Other long-term liabilities and deferred credits | 491 | 455 |
| Total long-term liabilities of discontinued operations | $598 | $576 |
(1)Amounts are net of accumulated depreciation of $887 million and $794 million as of June 30, 2025 and December 31, 2024, respectively.
The following table provides a reconciliation of the line items comprising pretax income from discontinued operations to income from discontinued operations, net of tax (in millions):
| Three Months EndedJune 30, | Six Months EndedJune 30, | |||
|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |
| Revenues: | ||||
| Product sales | $181 | $142 | $679 | $455 |
| Services | 30 | 34 | 66 | 77 |
| Total revenues | 211 | 176 | 745 | 532 |
| Cost and Expenses: | ||||
| Purchases and related costs | 10 | 20 | 252 | 232 |
| Field operating costs | 53 | 70 | 122 | 155 |
| General and administrative expenses | 12 | 14 | 26 | 29 |
| Depreciation and amortization | 27 | 31 | 57 | 62 |
| (Gains)/losses on asset sales, net | 13 | (1) | 13 | (2) |
| Total costs and expenses | 115 | 134 | 470 | 476 |
| Income from discontinued operations before tax | 96 | 42 | 275 | 56 |
| Current income tax expense | (14) | (17) | (54) | (55) |
| Deferred income tax (expense)/benefit | (12) | 7 | (15) | 41 |
| Income from discontinued operations, net of tax | $70 | $32 | $206 | $42 |
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