PAGP · 10-K filed 27 Feb 2026 · year to 31 Dec 2025

Plains GP Holdings

40 named things its latest annual report says its results depend on, each in the company's own words. 35 of them are also named by other companies we've read.

Read the filing on SEC.gov ↗

Customers

ExxonMobil Corporation

earns from · approximately 31%, 31% and 27% of our revenuesnamed as a risk

ExxonMobil Corporation and its subsidiaries accounted for approximately 31%, 31% and 27% of our revenues for the years ended December 31, 2025, 2024 and 2023, respectively.Business (Item 1)

Also named by BSM, NUE, PAA

BP p.l.c.

earns from · approximately 10% of our revenuesnamed as a risk

BP p.l.c. and its subsidiaries accounted for approximately 10% of our revenues for the year ended December 31, 2023.Business (Item 1)

Also named by PAA

Partners and platforms

Enterprise Products Partners, L.P.

50% interest

We own a 50% interest in the entity that owns the Eagle Ford Pipeline through a joint venture with a subsidiary of Enterprise Products Partners, L.P. (“Enterprise Products”).Business (Item 1)

Also named by CLMT, CRGY, PAA

ONEOK, Inc.

40% interest

We own a 40% interest in the entity that owns the BridgeTex Pipeline.Business (Item 1)

Also named by DINO, PAA

Marathon Petroleum Corporation

approximate 54% interest

The Capline Pipeline is supported by long-term shipper commitments, and a subsidiary of Marathon Petroleum Corporation serves as the operator.Business (Item 1)

Also named by MPLX, PAA

Plains Oryx Permian Basin LLC (Permian JV)

operates in · 65% interest

All of our gathering pipelines in the Permian Basin are owned by the Permian JV, a consolidated entity in which we own a 65% interest.Business (Item 1)

Also named by PAA

Enbridge Inc.

depends on · 70% interest

We operate the Cactus II Pipeline and own a 70% interest in Cactus II, the entity that owns the Cactus II Pipeline, through a joint venture with Enbridge Inc.Business (Item 1)

Also named by PAA

Valero Energy Corporation

earns from · 50% interest

We operate the Diamond Pipeline, which extends from our Cushing Terminal to Valero’s refinery in Memphis, Tennessee.Business (Item 1)

Also named by PAA

Energy Transfer LP

approximate 36% interest

A subsidiary of Energy Transfer LP serves as the operator of the pipelines.Business (Item 1)

Also named by USAC

Delek Logistics Partners, LP

67%

We own 67% of the entity that owns the Red River Pipeline through a joint venture with Delek Logistics Partners, LP.Business (Item 1)

Enbridge Mainline

depends on

The Sarnia fractionator, which we operate and have a partial ownership interest in, receives NGL feedstock primarily from the Enbridge pipeline system and, to a lesser extent, from our rail unloading facility.Business (Item 1)

Also named by PAA

Other companies

Keyera Corp.

approximately $5.15 billion CAD (approximately $3.75 billion USD)named as a risk

In June 2025, a subsidiary of PAA entered into a definitive Share Purchase Agreement (“SPA”) with Keyera Corp. (“Keyera”), an Alberta corporation, pursuant to which Keyera agreed to acquire all of the issued and outstanding shares of Plains Midstream Canada ULC, PAA’s wholly-owned subsidiary that owns substantially all of our NGL business in Canada (the “Canadian NGL Business”), for cash consideration of approximately $5.15 billion CAD (approximately $3.75 billion USD), subject to certain post-closing adjustments, as defined in the SPA.Business (Item 1)

Also named by PAA

Plains All American Pipeline, L.P. (PAA)

depends onnamed as a risk

PAGP does not directly own any operating assets; as of December 31, 2025, its sole source of cash flow is derived from an indirect investment in Plains All American Pipeline, L.P. (“PAA”), a publicly traded Delaware limited partnership, through its limited partner interest in Plains AAP, L.P. (“AAP”).Business (Item 1)

Also named by CLMT

Permian Basin natural gas infrastructure

depends onnamed as a risk

Slowdowns in the development of such natural gas infrastructure, whether due to the regulatory environment, permitting process delays or lower financial investment by producers, could have an adverse impact on expected crude oil production growth.Risk factors (Item 1A)

Also named by PAA

EPIC Crude Holdings, LP

We own and operate the Cactus III Pipeline (formerly the EPIC Crude Oil Pipeline), which we acquired from EPIC Crude Holdings, LP (“EPIC”) in the fourth quarter of 2025.Business (Item 1)

Also named by FANG, PAA

Places

Permian Basin

concentrated in · 9,490named as a risk

The majority of PAA’s transportation assets are in crude oil service, are located in well-established crude oil producing regions (with PAA’s largest asset presence in the Permian Basin) and other transportation corridors and are connected, directly or indirectly, with PAA’s terminals and facilities assets.Business (Item 1)

Also named by AESI, APA, ARLP, AROC, ATO, CRGY, CVX, DINO and 20 more

Delaware Basin

concentrated in · Approximately 75% of the capacity

Approximately 75% of the capacity of our gathering systems is in the Delaware Basin.Business (Item 1)

Also named by COP, DVN, EOG, FANG, LB, PAA, VNOM, WES

Cushing, Oklahoma

operates in · 27 million barrels of commercial storage capacity

Our Cushing terminal, which had 27 million barrels of commercial storage capacity at December 31, 2025, is connected to our long-haul pipelines from the Permian Basin and Rocky Mountain regions, as well as to our Mid-Continent region gathering pipelines.Business (Item 1)

Also named by DINO, PAA

Texas

subject tonamed as a risk

For example, PAA is subject to entity-level tax on the portion of its income apportioned to Texas.Risk factors (Item 1A)

Also named by ABR, AFRM, ALLY, AN, ASO, ASTS, ATO, AXP and 70 more

Hazards

U.S. Gulf Coast hurricanes

operates innamed as a risk

The location of some of PAA’s assets and its customers’ assets in the U.S. Gulf Coast region makes them particularly vulnerable to hurricane or tropical storm risk.Risk factors (Item 1A)

Also named by ALB, ECL, EPD, PSX, TRGP

Line 901 incident

named as a risk

See Note 19 to our Consolidated Financial Statements for a discussion regarding the Line 901 incident and our related insurance claims.Business (Item 1)

Commodities and inputs

Canadian dollar

exposed to its price · $329 millionnamed as a risk

A 10% increase in the exchange rate (USD-to-CAD) would have resulted in an increase of $329 million to the fair value of our foreign currency derivatives.Market risk (Item 7A)

Also named by ABBV, ADBE, AMG, AYI, BBY, BWXT, CBRE, CDRE and 67 more

SOFR

exposed to its price · approximately $8 millionnamed as a risk

Based upon the Series B preferred units outstanding at December 31, 2025 and the liquidation preference of $1,000 per unit, a change of 100 basis points in interest rates would increase or decrease the annual distributions on PAA’s Series B preferred units by approximately $8 million.Market risk (Item 7A)

Also named by AAP, AIOT, APG, APH, ARES, AXON, BGC, BR and 82 more

WTI crude oil

exposed to its price · low of approximately $55 per barrel to a high of approximately $80 per barrelnamed as a risk

For example, in 2025, the prompt month NYMEX light, sweet futures contract (commonly referred to as “WTI”) price ranged from a low of approximately $55 per barrel to a high of approximately $80 per barrel.Business (Item 1)

Also named by AR, CHRD, CRGY, EPD, EQT, FANG, KRP, OXY and 4 more

Steel

depends onnamed as a risk

PAA’s business requires access to steel and other materials to construct and maintain new and existing pipelines and facilities.Risk factors (Item 1A)

Also named by AAON, AGX, ALSN, AM, AME, AMRC, AOS, APD and 104 more

Electricity

exposed to its pricenamed as a risk

PAA’s business also depends on having access to significant amounts of electricity and other commodities.Risk factors (Item 1A)

Also named by AA, AESI, APD, APLD, ATI, ATO, BA, BMNR and 22 more

Mont Belvieu NGL (propane and butane)

exposed to its pricenamed as a risk

Similarly, there has also been volatility within the propane and butane markets as seen through the North American benchmark price located at Mont Belvieu, Texas, as well as with the basis differentials between Mont Belvieu prices and prices realized at various market hubs in North America.Business (Item 1)

Regulators

Pipeline and Hazardous Materials Safety Administration (PHMSA)

subject to · approximately $40 million in 2025named as a risk

In the United States, our costs associated with the inspection, testing and correction of identified anomalies were approximately $40 million in 2025.Business (Item 1)

Also named by AM, ATO, BKH, CHRD, CNX, CP, CRC, CRGY and 29 more

Canada Energy Regulator (CER)

subject to · approximately $90 million in 2025named as a risk

Costs incurred for such integrity management activities were approximately $90 million in 2025, including amounts related to the Canadian NGL Business.Business (Item 1)

Also named by ENB, PAA

Federal Energy Regulatory Commission (FERC)

subject tonamed as a risk

In addition, challenges to our regulated rates could be filed with FERC and future decisions by FERC regarding our regulated rates could adversely affect our cash flows.Business (Item 1)

Also named by AA, AEE, AEP, AM, AMRC, AR, ARES, ATO and 62 more

Transportation Security Administration

subject tonamed as a risk

Compliance with these security directives may have a significant impact on our operations and results of operations.Business (Item 1)

Also named by ALK, BKH, CHRW, CP, CSX, DAL, EXC, EXPD and 13 more

California Public Utilities Commission (CPUC)

subject to

The CPUC prohibits certain of our subsidiaries from acting as guarantors of our senior notes and credit facilities.Business (Item 1)

Also named by EIX, ENPH, KMI, SRE, VZ, ZM

Laws and programs

Section 7704 qualifying income (partnership tax status)

subject to · 90% or more of PAA’s gross incomenamed as a risk

Accordingly, the value of our indirect investment in PAA, as well as the anticipated after-tax economic benefit of an investment in our Class A shares, depends largely on PAA being treated as a partnership for U.S. federal income tax purposes, which requires that 90% or more of PAA’s gross income for every taxable year consist of qualifying income, as defined in Section 7704 of the Code.Risk factors (Item 1A)

API 653

subject to · approximately $30 million in 2025

In the United States, our costs associated with this program were approximately $30 million in 2025.Business (Item 1)

Also named by PAA

Nationwide Permit 12 (NWP 12)

subject tonamed as a risk

The current proposal could be subject to future legal challenges and any future suspension, narrowing, or disruption in our ability to obtain coverage under NWP 12 or other general permits could result in increased costs and project delays.Business (Item 1)

Also named by DTM, EQT, HESM, MPLX, PAA, PR, TRGP

LEPA v. FERC

subject tonamed as a risk

The final resolution of these petitions could have an adverse effect on our cash flows.Business (Item 1)

Also named by PAA

U.S. import tariffs on Canadian crude oil and NGL

subject tonamed as a risk

To the extent these products become subject to import tariffs in the U.S., it could expose PAA to costs that it cannot recover from its customers.Risk factors (Item 1A)

Also named by PAA

Presidential Permits (U.S. Department of State)

subject tonamed as a risk

Furthermore, Presidential Permits that allow cross-border movements of crude oil may be revoked or terminated at any time.Risk factors (Item 1A)

Also named by PAA

California hydraulic fracturing ban

subject tonamed as a risk

There have been a variety of legislative and regulatory proposals to prohibit, restrict, or more closely regulate various forms of hydraulic fracturing; for example, California’s Department of Conservation’s Geologic Energy Management Division issued a final regulatory statewide ban on hydraulic fracturing in October 2024.Risk factors (Item 1A)

Also named by PAA

Tenth Circuit tribal land condemnation ruling

subject tonamed as a risk

Following a decision issued in May 2017 by the Tenth Circuit Court of Appeals, tribal ownership of even a very small fractional interest in tribal land owned or at one time owned by an individual Native American landowner bars condemnation of any interest in the allotment.Risk factors (Item 1A)