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Related Party Transactions | 6 Months Ended
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Jun. 30, 2017
Related Party Transactions [Abstract] |
Related Party Transactions | Related Party Transactions See Note 15 to our Consolidated Financial Statements included in Part IV of our 2016 Annual Report on Form 10-K for a complete discussion of our related party transactions. Omnibus Agreement Pursuant to the Omnibus Agreement entered into by the Plains Entities in connection with the Simplification Transactions, we issued approximately 1.8 million units to AAP in connection with PAGP’s issuance of Class A shares under its Continuous Offering Program and 48.3 million units to AAP in connection with PAGP’s March 2017 underwritten offering. See Note 9 for additional information. Transactions with Oxy As of June 30, 2017, Oxy had a representative on the board of directors of PAGP GP and owned approximately 10% of the limited partner interests in AAP. During the three and six months ended June 30, 2017 and 2016, we recognized sales and transportation revenues and purchased petroleum products from Oxy. These transactions were conducted at posted tariff rates or prices that we believe approximate market. Included in these transactions was a crude oil buy/sell agreement that includes a multi-year minimum volume commitment. The impact to our Condensed Consolidated Statements of Operations from those transactions is included below (in millions):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2017 |  | 2016 |  | 2017 |  | 2016
Revenues | $ | 220 |  |  | $ | 142 |  |  | $ | 453 |  |  | $ | 254 |
Purchases and related costs (1) | $ | (61 | ) |  | $ | (4 | ) |  | $ | (101 | ) |  | $ | (50 | )
(1) | Purchases and related costs include crude oil buy/sell transactions that are accounted for as inventory exchanges and are presented net in our Condensed Consolidated Statements of Operations.
We currently have a netting arrangement with Oxy. Our gross receivable and payable amounts with Oxy were as follows (in millions):
| June 30, 2017 |  | December 31, 2016
Trade accounts receivable and other receivables | $ | 804 |  |  | $ | 789 |
Accounts payable | $ | 748 |  |  | $ | 836 |

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- Definition The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 850 -URI http://asc.fasb.org/topic&trid=2122745 + Details
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