PLAINS GP HOLDINGS LP

For the period ended Dec 31, 2025. Filed Feb 27, 2026.

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FY2025 · Filed Feb 27, 2026

PAGP$25.41-1.4%Stored close · as of Nov 9, 2026

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Contents

. Discontinued Operations F-

Note 3—Discontinued Operations

The operations of the Canadian NGL Business meet the criteria for classification as held for sale and for discontinued operations reporting. 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):

	December 31,2025	December 31,2024
Assets:
Current assets:
Trade accounts receivable and other receivables, net	$285	$222
Inventory	176	178
Other current assets	18	15
Total current assets of discontinued operations	$479	$415
Long-term assets:
Property and equipment, net (1)	$2,191	$1,978
Linefill	70	64
Long-term operating lease right-of-use assets, net	138	143
Long-term inventory	38	38
Other long-term assets, net	120	126
Total long-term assets of discontinued operations	$2,557	$2,349
Liabilities:
Current liabilities:
Trade accounts payable	$295	$234
Other current liabilities	87	116
Total current liabilities of discontinued operations	$382	$350
Long-term liabilities:
Long-term operating lease liabilities	$96	$121
Other long-term liabilities and deferred credits	510	455
Total long-term liabilities of discontinued operations	$606	$576

(1)Amounts are net of accumulated depreciation of $876 million and $794 million as of December 31, 2025 and 2024, respectively.

The following table provides a reconciliation of the line items comprising income from discontinued operations before tax to income from discontinued operations, net of tax (in millions):

	Year Ended December 31,
	2025	2024	2023
Revenues:
Product sales	$1,186	$1,055	$1,229
Services	131	129	147
Total revenues	1,317	1,184	1,376
Cost and Expenses:
Purchases and related costs	411	398	594
Field operating costs	259	297	340
General and administrative expenses	47	53	51
Depreciation and amortization	57	125	139
Losses on asset sales, net	21	1	—
Total costs and expenses	795	874	1,124
Other income, net	—	1	—
Income from discontinued operations before tax	522	311	252
Current income tax expense	(99)	(113)	(75)
Deferred income tax (expense)/benefit	(40)	33	15
Income from discontinued operations, net of tax	$383	$231	$192

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