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Net Income Per Class A Share | 6 Months Ended
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Jun. 30, 2026
Earnings Per Share [Abstract] |
Net Income Per Class A Share | Net Income Per Class A Share Basic net income per Class A share is determined by dividing net income attributable to PAGP from continuing operations and net income attributable to PAGP from discontinued operations by the weighted average number of Class A shares outstanding during the period. Our Class B and Class C shares do not share in the earnings of the Partnership; accordingly, basic and diluted net income per Class B and Class C share has not been presented. Diluted net income per Class A share is determined by dividing net income attributable to PAGP from continuing operations and net income attributable to PAGP from discontinued operations by the diluted weighted average number of Class A shares outstanding during the period. For purposes of calculating diluted net income per Class A share, both the net income attributable to PAGP and the diluted weighted average number of Class A shares outstanding consider the impact of possible future exchanges of AAP units and the associated Class B shares into our Class A shares. In addition, the calculation of the diluted weighted average number of Class A shares outstanding considers the effect of potentially dilutive awards under the Plains GP Holdings, L.P. Long-Term Incentive Plan (the “PAGP LTIP”). Exchanges of potentially dilutive AAP units are assumed to have occurred at the beginning of the period and the incremental income attributable to PAGP resulting from the assumed exchanges is representative of the incremental income that would have been attributable to PAGP if the assumed exchanges occurred on that date. See Note 12 to our Consolidated Financial Statements included in Part IV of our 2025 Annual Report on Form 10-K for information regarding exchanges of AAP units. PAGP LTIP awards that are deemed to be dilutive are reduced by a hypothetical share repurchase based on the remaining unamortized fair value, as prescribed by the treasury stock method in guidance issued by the FASB. See Note 18 to our Consolidated Financial Statements included in Part IV of our 2025 Annual Report on Form 10-K for information regarding PAGP LTIP awards. On a weighted-average basis, the possible exchange of 35 million AAP units did not result in dilution for net income/(loss) per Class A share from continuing operations for all periods presented or from discontinued operations for the three and six months ended June 30, 2026 and for the three months ended June 30, 2025. The possible exchange was dilutive for net income per Class A share from discontinued operations for the six months ended June 30, 2025. Accordingly, the effect of the possible exchange of AAP units was included in the computation of diluted net income per Class A share from discontinued operations for the six months ended June 30, 2025 and excluded from the calculation for all other periods. For the three and six months ended June 30, 2026, our PAGP LTIP awards were dilutive for discontinued operations only. For the three and six months ended June 30, 2025, our PAGP LTIP awards were dilutive for both continuing and discontinued operations. Accordingly, the effect of the LTIP awards were only included in the computation of diluted weighted-average Class A shares outstanding for those periods when the awards were dilutive. The following table sets forth the computation of basic and diluted net income per Class A share (in millions, except per share data):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2026 |  | 2025 |  | 2026 |  | 2025
Basic Net Income per Class A Share |  |  |  |  |  |  |
Net income/(loss) attributable to PAGP from continuing operations | $ | (74) |  |  | $ | 10 |  |  | $ | (26) |  |  | $ | 56 |
Net income attributable to PAGP from discontinued operations | $ | 463 |  |  | $ | 20 |  |  | $ | 434 |  |  | $ | 58 |
Basic weighted average Class A shares outstanding | 198 |  |  | 198 |  |  | 198 |  |  | 198 |
Basic Net Income/(Loss) per Class A Share: |  |  |  |  |  |  |
Continuing operations | $ | (0.37) |  |  | $ | 0.05 |  |  | $ | (0.13) |  |  | $ | 0.29 |
Discontinued operations | 2.34 |  |  | 0.10 |  |  | 2.19 |  |  | 0.29 |
Basic net income per Class A share | $ | 1.97 |  |  | $ | 0.15 |  |  | $ | 2.06 |  |  | $ | 0.58 |
Diluted Net Income per Class A Share |  |  |  |  |  |  |
Net income/(loss) attributable to PAGP from continuing operations | $ | (74) |  |  | $ | 10 |  |  | $ | (26) |  |  | $ | 56 |
Net income attributable to PAGP from discontinued operations | $ | 463 |  |  | $ | 20 |  |  | $ | 434 |  |  | $ | 58 |
Incremental net income attributable to PAGP resulting from assumed exchange of AAP Management Units | — |  |  | — |  |  | — |  |  | 8 |
Net income attributable to PAGP from discontinued operations including incremental net income from assumed exchange of AAP Management Units | $ | 463 |  |  | $ | 20 |  |  | $ | 434 |  |  | $ | 66 |
Basic weighted average Class A shares outstanding | 198 |  |  | 198 |  |  | 198 |  |  | 198 |
Dilutive shares resulting from assumed exchange of AAP Management Units | — |  |  | — |  |  | — |  |  | 35 |
Diluted weighted average Class A shares outstanding | 198 |  |  | 198 |  |  | 198 |  |  | 233 |
Diluted Net Income/(Loss) per Class A Share: |  |  |  |  |  |  |
Continuing operations | $ | (0.37) |  |  | $ | 0.05 |  |  | $ | (0.13) |  |  | $ | 0.29 |
Discontinued operations | 2.34 |  |  | 0.10 |  |  | 2.19 |  |  | 0.28 |
Diluted net income per Class A share | $ | 1.97 |  |  | $ | 0.15 |  |  | $ | 2.06 |  |  | $ | 0.57 |

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