PLAINS GP HOLDINGS LP

For the period ended Mar 31, 2026. Filed May 8, 2026.

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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.

Mar 31, 2026 · Filed May 8, 2026

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

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Contents

2. Discontinued Operations

Note 2—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):

	March 31,2026	December 31, 2025
Assets:
Current assets:
Trade accounts receivable and other receivables, net	$435	$285
Inventory	102	176
Other current assets	65	18
Total current assets of discontinued operations	$602	$479
Long-term assets:
Property and equipment, net (1)	$2,167	$2,191
Linefill	76	70
Long-term operating lease right-of-use assets, net	136	138
Long-term inventory	39	38
Other long-term assets, net	119	120
Total long-term assets of discontinued operations	$2,537	$2,557
Liabilities:
Current liabilities:
Trade accounts payable	$450	$295
Other current liabilities	111	87
Total current liabilities of discontinued operations	$561	$382
Long-term liabilities:
Long-term operating lease liabilities	$90	$96
Other long-term liabilities and deferred credits	575	510
Total long-term liabilities of discontinued operations	$665	$606

(1)Amounts are net of accumulated depreciation of $862 million and $876 million as of March 31, 2026 and December 31, 2025, respectively.

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

	Three Months EndedMarch 31,
	2026	2025
Revenues:
Product sales	$256	$498
Services	38	36
Total revenues	294	534
Cost and Expenses:
Purchases and related costs	205	244
Field operating costs	71	68
General and administrative expenses	14	15
Depreciation and amortization	—	30
Losses on asset sales and other, net	32	—
Total costs and expenses	322	357
Income/(loss) from discontinued operations before tax	(28)	177
Current income tax expense	(44)	(39)
Deferred income tax expense	(31)	(2)
Income/(loss) from discontinued operations, net of tax	$(103)	$136

In connection with the planning and restructuring activities, we recorded deferred tax expense and a related liability of $77 million associated with the pending Canadian NGL Business divestiture, which is reflected within discontinued operations.

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.