PLAINS GP HOLDINGS LP

Note 11—Segment Information

During the third quarter of 2026, we effected changes in the primary financial information provided to and reviewed by our CODM (our Chief Executive Officer) for assessing performance and allocating resources. As a result, we now presentone single, consolidated operating and reportable segment. Prior to the third quarter of 2026, we had defined our operating and reportable segments as Crude Oil and NGL. The change in our operating and reportable segment reflects changes in our business structure and the manner in which our CODM views and evaluates the business. These changes were driven by several factors, including (i) the completion of initiatives to (a) divest NGL assets (including the sale of the Canadian NGL Business in May of 2026), (b) enhance the connectivity of our core asset base, and (c) streamline operations and management with a focused emphasis on our consolidated crude oil business, and (ii) management of commercial opportunities and operations across North America with a focus on optimization of profit, without regard to market or geographic location. Our business is generally impacted by similar market fundamentals and requires the use of similar business strategies and assets, which includes crude oil pipelines, crude oil storage and marine terminals and related crude oil merchant activities. See Note 3 for a summary of the types of products and services from which we derive our revenues. All segment data and related disclosures for earlier periods presented herein have been recast to reflect the new reporting structure.

The measure of segment profit or loss used by our CODM that is most consistent with GAAP is Net income. Our CODM also uses Adjusted EBITDA attributable to PAA as an additional performance measure. Our CODM uses such measures to evaluate consolidated performance, including analyzing actual results compared to budget and guidance, to assess investment opportunities and to optimize and align assets to maximize returns to stakeholders.

Significant expenses regularly provided to the CODM, and which are included in Net income, are Purchases and related costs, Field operating costs, and General and administrative expenses, which are the same as the amounts presented on our Condensed Consolidated Statements of Operations. The measure of segment assets is total assets as reported on our Condensed Consolidated Balance Sheet. Additional consolidated segment information is presented in the table below (in millions):

(1)Included in “Other income, net” on our Condensed Consolidated Statements of Operations.

(2)Investment capital and acquisition capital expenditures, including investments in unconsolidated entities.

(3)These amounts combined represent total capital expenditures.