PAGP is like a specialized investment in major North American oil and gas pipelines and storage, similar to a focused version of Kinder Morgan or Enbridge that prioritizes cash distributions.

PAGP is the 'general partner' and incentive owner for a large oil & gas pipeline company, similar to how Brookfield Asset Management (BAM) manages and earns fees from its infrastructure assets.

Plains GP (PAGP) derives its value from its ownership interest in Plains All American Pipeline, L.P. (PAA), a midstream energy company. Its major services are therefore those provided by PAA, primarily focused on crude oil and natural gas liquids (NGLs):

• Crude Oil Transportation Services: Operates an extensive network of pipelines, trucks, barges, and rail to move crude oil from production areas to refineries and market centers.
• Crude Oil Gathering Services: Collects crude oil from wellhead production sites and moves it to larger transportation systems or storage facilities.
• Crude Oil Storage Services: Provides large-scale storage capacity for crude oil at strategic terminals, facilitating market access and inventory management.
• Crude Oil Marketing and Logistics: Buys and sells crude oil, managing supply chains, logistics, and providing risk management solutions for producers and refiners.
• NGL (Natural Gas Liquids) Services: Offers transportation and storage solutions for various natural gas liquids, supporting their movement from processing plants to end-users.

Plains GP (PAGP), primarily through its operating subsidiary Plains All American Pipeline (PAA), sells its crude oil and natural gas liquids (NGL) transportation, storage, terminaling, and marketing services predominantly to other companies.

According to PAA's most recent annual report (Form 10-K), its customer base is highly diversified. The company explicitly states that no single customer accounted for 10% or more of its consolidated revenues for the fiscal years ended December 31, 2023, 2022, or 2021. Therefore, specific names of major customers that meet a 10% revenue threshold are not disclosed by the company.

However, the company's primary customers typically fall into the following categories:

• Independent and major oil and gas producers
• Refiners
• Petrochemical companies
• Marketers and other crude oil and NGL businesses

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Willie Chiang, Chairman and Chief Executive Officer

Mr. Willie Chiang has been the Chairman and Chief Executive Officer of Plains GP Holdings since January 2020. He was appointed CEO in October 2018. He also assumed the role of President effective June 1, 2025. Prior to joining Plains, he served as Executive Vice President of Operations for Occidental Petroleum Corporation from 2012. From 1996 to 2012, he held various positions at ConocoPhillips and its predecessors, including Senior Vice President of Refining, Marketing, Transportation, and Commercial. Mr. Chiang began his career in refining with Chevron in 1981.

Al Swanson, Chief Financial Officer and Executive Vice President

Mr. Al Swanson has served as the Chief Financial Officer and Executive Vice President of Plains GP Holdings LP since February 2011. Before joining Plains All American in 2000, he was the Treasurer of Santa Fe Snyder Corporation from 1999 to October 2000. His experience also includes various roles at Snyder Oil Corporation, such as Director of Corporate Finance from 1998, Controller for SOCO Offshore, Inc. from 1997, and Accounting Manager from 1992. Mr. Swanson commenced his career with Apache Corporation in 1986.

Chris R. Chandler, Chief Operating Officer and Executive Vice President

Mr. Chris R. Chandler has been the Chief Operating Officer and Executive Vice President of Plains GP Holdings since March 2019. He joined Plains in 2018. Prior to his tenure at Plains, Mr. Chandler held various leadership positions at Phillips 66, including General Manager of Corporate Strategy and General Manager of Midstream Commercial and Business Development.

Jeremy L. Goebel, Chief Commercial Officer and Executive Vice President

Mr. Jeremy L. Goebel has served as the Chief Commercial Officer and Executive Vice President of Plains GP Holdings since March 2021. He brings over 20 years of experience in the energy and investment banking sectors, having been with Plains for more than ten years. His previous roles at Plains include Executive Vice President – Commercial from March 2019 to March 2021 and Senior Group Vice President – Commercial from May 2018 to March 2019.

Harry N. Pefanis, Director and Senior Advisor

Mr. Harry N. Pefanis has served as a Director of Plains GP Holdings, L.P. since February 2017. Effective June 1, 2025, he transitioned to a Senior Advisor role and continues to serve on the Board of Directors. He joined Plains Resources, Inc. in 1983. Mr. Pefanis previously served as President of PAA and its predecessors since 1988. Before joining Plains Resources, he worked as an Auditor for Price Waterhouse & Co..

The key risks to Plains GP (PAGP) are primarily concentrated around market dynamics, contract stability, and regulatory pressures.

1. Commodity Price Volatility: Plains GP's financial performance is closely tied to the volatile crude oil and natural gas liquids (NGL) markets. Fluctuations in these commodity prices can significantly impact the company's revenue and profitability. While Plains GP is strategically shifting to a more crude oil-focused model through the sale of its NGL business, the risk of volatility in crude oil prices remains relevant in the short term.
2. Contract Roll-offs: The company faces challenges in maintaining revenue stability due to upcoming contract roll-offs for significant pipelines, including Cactus II, Cactus I, and Sunrise. These contract expirations are anticipated to affect future revenues, even with efforts to recontract volumes.
3. Regulatory and Environmental Challenges: Plains GP operates within a highly regulated industry subject to stringent environmental and operational safety standards. Changes in laws, regulations, or public sentiment regarding the hydrocarbon energy sector could lead to increased operational costs, additional constraints, or negatively impact the company's traditional business model.

Plains GP Holdings LP (PAGP), through its investment in Plains All American Pipeline, L.P., primarily engages in midstream energy infrastructure and logistics services for crude oil, natural gas liquids (NGLs), and natural gas, with operations predominantly in the United States and Canada. The addressable markets for their main products and services are as follows:

Crude Oil and Natural Gas Pipeline Infrastructure, Transportation, and Maintenance

• Global Market: The global oil and gas pipeline market size was over USD 57.19 billion in 2025 and is projected to reach USD 111.45 billion by 2035.
• North America Market: North America is projected to account for 45.90% of the global oil and gas pipeline market share by 2035.
• U.S. Market: The U.S. oil and gas infrastructure market size was valued at USD 78.9 billion in 2024 and is projected to grow at a CAGR of 6.4% from 2025 to 2034. The segment specifically for oil, gas, and NGL pipelines is anticipated to exceed USD 41 billion by 2034. Additionally, the U.S. oil and gas pipeline construction market was valued at USD 52.5 billion in 2024 and is expected to reach USD 99 billion by 2032. The U.S. oil and gas pipeline Maintenance, Repair, and Overhaul (MRO) market is estimated at approximately USD 38 billion in 2024 and is projected to reach USD 52.01 billion over the forecast period.

Natural Gas Liquids (NGLs) Transportation, Processing, and Storage

• Global Market: The Natural Gas Liquids market size was USD 16.3 billion in 2025 and is estimated to reach USD 29.4 billion by the end of 2035. Another estimate projects the global Natural Gas Liquid (NGL) market to grow from USD 24.72 billion in 2025 to USD 43.04 billion by 2035.
• North America Market: The North America Natural Gas Liquids (NGL) market is estimated to grow from USD 7.08 billion in 2024 to USD 11.53 billion by 2033. North America is expected to lead the NGL market regionally, with the United States being the top performer, holding 92.8% of the North American natural gas liquid market share in 2024.

1. Increased Crude Oil Volumes from Key Basins: Plains GP anticipates continued growth in crude oil volumes, particularly from the Permian Basin, which has historically been a significant driver of performance. CEO Willie Chiang has indicated expectations for similar ranges of growth in Permian volumes going forward. The company's strategy includes utilizing its expanded asset base in regions like the Permian and Eagle Ford to drive higher volumes through its pipelines.
2. Strategic Acquisitions and Integration of the EPIC Crude Oil Pipeline: Plains GP recently completed the acquisition of a 100% equity interest in EPIC Crude Holdings, LP, which operates the EPIC Crude Oil Pipeline (to be renamed Cactus III). This acquisition is expected to accelerate and increase synergy capture, lead to meaningful cost savings, and enhance the flexibility of its crude oil system to meet customer needs. This also positions Plains to drive volumes to EPIC's downstream assets and potentially expand market influence with future pipeline capacity enhancements. The company also noted contributions from other recently completed bolt-on acquisitions and expects to pursue additional smaller bolt-ons that fit its system.
3. Tariff Escalations and Contractual Step-ups: The company has benefited from tariff escalations and contractual step-ups within its crude oil segment, which have contributed to improved performance. These built-in mechanisms within existing contracts provide a recurring source of revenue growth.
4. Optimized Asset Utilization and System Integration: Plains GP aims to drive growth through quality optimization opportunities and by leveraging its broader Permian and Eagle Ford asset base. The integration of acquisitions, such as EPIC, is expected to yield operational synergies, further optimizing the company's asset utilization and improving efficiency.
5. Strategic Focus on Crude Oil Midstream Services: Plains GP is actively streamlining its operations by divesting its Canadian NGL business, a transaction anticipated to close by the first quarter of 2026. This strategic shift allows the company to focus predominantly on its core crude oil midstream services, which is expected to provide tailwinds for the business and drive future growth in this specialized segment.

Share Repurchases

• A $500 million common equity repurchase program was approved in November 2020 for PAA common units and/or PAGP Class A shares.
• As of January 29, 2022, $53.8 million remained under an authorized share repurchase program.
• As of Q2 2025, the company indicated a focus on optimizing its capital structure, including potential repurchases of Series A and B preferred units and opportunistic common unit repurchases.

Outbound Investments

• In July 2023, Plains' Permian joint venture acquired the remaining 43% non-operated interest in the OMOG JV for approximately $145 million net to Plains' interest.
• Since the second half of 2022, Plains completed eight bolt-on acquisitions for an aggregate investment of approximately $535 million net to Plains, aimed at complementing existing assets and fostering growth opportunities.
• In October and November 2025, Plains GP Holdings acquired a 100% equity interest in EPIC Crude Holdings for a total of approximately $2.9 billion (inclusive of debt), with a potential earnout payment of up to $157 million tied to pipeline system expansions by 2028.

Capital Expenditures

• Capital expenditures were $373 million in 2021, $539 million in 2022, $582 million in 2023, and $640 million in 2024.
• For 2023, investment capital was approximately $455 million and maintenance capital was $270 million, with a primary focus on Permian wellhead and connectivity, W2W projects, and NGL optimization.
• For 2025, expected growth capital is approximately $475 million and maintenance capital is approximately $230 million, primarily focused on new Permian and South Texas lease connects and Permian terminal expansions, funded mainly by retained cash flow.