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Partners' Capital and Distributions | 3 Months Ended
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Mar. 31, 2025
Partners' Capital Notes [Abstract] |
Partners' Capital and Distributions | Partners’ Capital and Distributions Units Outstanding The following tables present the activity for our preferred and common units:
| Limited Partners
| Series A Preferred Units |  | Series B Preferred Units |  | Common Units
Outstanding at December 31, 2024 | 71,090,468 |  |  | 800,000 |  |  | 703,770,300 |
Repurchase of Series A preferred units | (12,678,560) |  |  | — |  |  | — |
Issuances of common units under equity-indexed compensation plans | — |  |  | — |  |  | 5,650 |
Outstanding at March 31, 2025 | 58,411,908 |  |  | 800,000 |  |  | 703,775,950 |
| Limited Partners
| Series A Preferred Units |  | Series B Preferred Units |  | Common Units
Outstanding at December 31, 2023 | 71,090,468 |  |  | 800,000 |  |  | 701,008,749 |
Issuances of common units under equity-indexed compensation plans | — |  |  | — |  |  | 62,282 |
Outstanding at March 31, 2024 | 71,090,468 |  |  | 800,000 |  |  | 701,071,031 |
Repurchase of Series A Preferred Units On January 31, 2025, we repurchased approximately 12.7 million of our outstanding Series A preferred units from EnCap Flatrock Midstream at the issue price of $26.25 per unit for a purchase price of approximately $333 million, plus accrued and unpaid distributions through January 30, 2025 of approximately $10 million. EnCap Flatrock Midstream is affiliated with EnCap Investments, L.P., an entity that is associated with a member of the board of directors of PAGP GP. The repurchase also resulted in a reduction to the related Preferred Distribution Rate Reset Option liability. See Note 12 to our Consolidated Financial Statements included in Part IV of our 2024 Annual Report on Form 10-K for additional information regarding the Preferred Distribution Rate Reset Option. The difference between the cash we paid for the repurchase of such units and their carrying value on our balance sheet was $43 million. Such amount was considered a return to Series A preferred unitholders and thus reduced amounts attributable to our common unitholders in our Condensed Consolidated Statement of Changes in Partners’ Capital and the calculation of net income per common unit. Distributions Series A Preferred Unit Distributions. Distributions on the Series A preferred units accumulate and are payable quarterly within 45 days following the end of each quarter. See Note 11 to our Consolidated Financial Statements included in Part IV of our 2024 Annual Report on Form 10-K for additional information regarding Series A preferred unit distributions. The following table details distributions to our Series A preferred unitholders paid during or pertaining to the first three months of 2025 (in millions, except per unit data):
|  |  |  |  |  | Series A Preferred Unitholders
Distribution Payment Date |  | Record Date (1) |  | Quarter Ended |  | Cash Distribution |  |  | Distribution per Unit
May 15, 2025 (2) |  | May 1, 2025 |  | March 31, 2025 |  | $ | 36 |  |  |  | $ | 0.615 |
February 14, 2025 |  | January 31, 2025 |  | December 31, 2024 |  | $ | 36 |  |  |  | $ | 0.615 |
(1)Payable to unitholders of record at the close of business on the applicable Record Date. (2)At March 31, 2025, such amount was accrued as distributions payable in “Other current liabilities” on our Condensed Consolidated Balance Sheet. Series B Preferred Unit Distributions. Distributions on the Series B preferred units accumulate and are payable quarterly in arrears on the 15th day of February, May, August and November. See Note 11 to our Consolidated Financial Statements included in Part IV of our 2024 Annual Report on Form 10-K for additional information regarding Series B preferred unit distributions. The following table details distributions paid or to be paid to our Series B preferred unitholders (in millions, except per unit data):
|  |  |  |  |  | Series B Preferred Unitholders
Distribution Payment Date |  | Record Date (1) |  | Distribution Period |  | Cash Distribution |  |  | Distribution per Unit
May 15, 2025 (2) |  | May 1, 2025 |  | February 15, 2025 through May 14, 2025 |  | $ | 17 |  |  |  | $ | 21.49 |
February 18, 2025 |  | February 3, 2025 |  | November 15, 2024 through February 14, 2025 |  | $ | 18 |  |  |  | $ | 22.73 |
(1)Payable to unitholders of record at the close of business on the applicable Record Date. (2)At March 31, 2025, approximately $9 million of accrued distributions payable to our Series B preferred unitholders was included in “Other current liabilities” on our Condensed Consolidated Balance Sheet. Common Unit Distributions. The following table details distributions to our common unitholders paid during or pertaining to the first three months of 2025 (in millions, except per unit data):
|  |  |  |  |  | Distributions |  |  | Distribution per Common Unit
Distribution Payment Date |  | Record Date (1) |  | Quarter Ended |  | Common Unitholders |  | Total Cash Distribution |  |
|  |  | Public |  | AAP |  |  |
May 15, 2025 |  | May 1, 2025 |  | March 31, 2025 |  | $ | 179 |  |  | $ | 88 |  |  | $ | 267 |  |  |  | $ | 0.38 |
February 14, 2025 |  | January 31, 2025 |  | December 31, 2024 |  | $ | 179 |  |  | $ | 88 |  |  | $ | 267 |  |  |  | $ | 0.38 |
(1)Payable to unitholders of record at the close of business on the applicable Record Date. Noncontrolling Interests in Subsidiaries As of March 31, 2025, noncontrolling interests in our subsidiaries consisted of (i) a 35% interest in Plains Oryx Permian Basin LLC (the “Permian JV”), (ii) a 30% interest in Cactus II Pipeline LLC (“Cactus II”) and (iii) a 33% interest in Red River Pipeline Company LLC (“Red River”). Distributions to Noncontrolling Interests The following table details distributions paid to noncontrolling interests during the periods presented (in millions):
|  |  | Three Months Ended March 31, |  |
|  |  |  |  | 2025 |  | 2024 |  |
Permian JV |  |  |  |  | $ | 105 |  |  | $ | 74 |  |  |
Cactus II |  |  |  |  | 22 |  |  | 20 |  |  |
Red River |  |  |  |  | 5 |  |  | 6 |  |  |
|  |  |  |  | $ | 132 |  |  | $ | 100 |  |  |

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- Definition The entire disclosure for the formation, structure, control and ownership of the partnership. Disclosures related to accounts comprising partners' capital. Includes balances of general partners' capital account, limited partners' capital account, preferred partners' capital account and total partners' capital account and units outstanding; accumulated other comprehensive income; amount and nature of changes to amount of partner's capital and units outstanding by class, rights and privileges for each class of units; distribution policies and distributions paid by unit class; impact of and correction of an error in previously issued financial statements; limitations of partners' liability; redemption, conversion and distribution policies; and deferred compensation related to the issuance of units. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/505/tableOfContent + Details
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