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Partners' Capital and Distributions

9 Months Ended

Sep. 30, 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
Repurchase and cancellation of common units under the Common Equity Repurchase Program			—						—						(476,695)
Issuances of common units under equity-indexed compensation plans			—						—						5,197
Outstanding at June 30, 2025			58,411,908						800,000						703,304,452
Issuances of common units under equity-indexed compensation plans			—						—						2,193,318
Outstanding at September 30, 2025			58,411,908						800,000						705,497,770

 

			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
Issuances of common units under equity-indexed compensation plans			—						—						10,268
Outstanding at June 30, 2024			71,090,468						800,000						701,081,299
Issuances of common units under equity-indexed compensation plans			—						—						2,587,760
Outstanding at September 30, 2024			71,090,468						800,000						703,669,059

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 nine months of 2025 (in millions, except per unit data):

																		Series A Preferred Unitholders
Distribution Payment Date						Record Date (1)						Distribution Period						Cash Distribution									Distribution per Unit
November 14, 2025 (2)						October 31, 2025						July 1, 2025 through September 30, 2025						$	36								$	0.615
August 14, 2025						July 31, 2025						April 1, 2025 through June 30, 2025						$	36								$	0.615
May 15, 2025						May 1, 2025						January 1, 2025 through March 31, 2025						$	36								$	0.615
February 14, 2025						January 31, 2025						October 1, 2024 through December 31, 2024						$	36								$	0.615

(1)Payable to unitholders of record at the close of business on the applicable Record Date.

(2)At September 30, 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
November 17, 2025 (2)						November 3, 2025						August 15, 2025 through November 14, 2025						$	18								$	21.93
August 15, 2025						August 1, 2025						May 15, 2025 through August 14, 2025						$	18								$	22.23
May 15, 2025						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 September 30, 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 nine months of 2025 (in millions, except per unit data):

																		Distributions																					Distribution per Common Unit
Distribution Payment Date						Record Date (1)						Distribution Period						Common Unitholders												Total Cash Distribution
																		Public						AAP
November 14, 2025						October 31, 2025						July 1, 2025 through September 30, 2025						$	180					$	88					$	268								$	0.38
August 14, 2025						July 31, 2025						April 1, 2025 through June 30, 2025						$	179					$	88					$	267								$	0.38
May 15, 2025						May 1, 2025						January 1, 2025 through March 31, 2025						$	179					$	88					$	267								$	0.38
February 14, 2025						January 31, 2025						October 1, 2024 through 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 September 30, 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 September 30,												Nine Months Ended September 30,
			2025						2024						2025						2024
Permian JV			$	85					$	87					$	268					$	235
Cactus II			21						20						59						56
Red River			4						6						12						19
			$	110					$	113					$	339					$	310

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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.

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