Acquisitions, Divestitures and Other Transactions (Tables)

12 Months Ended

Dec. 31, 2022

Business Combination and Asset Acquisition [Abstract]

Schedule of assets acquired and liabilities assumed

The following table reflects our determination of the fair value of those assets and liabilities (in millions):

Identifiable Assets Acquired and Liabilities Assumed:	Estimated Useful Lives (in years)	Recognized Amount
Property and equipment	3-50	$	1,174
Intangible assets	20	428
Working capital and other assets and liabilities	N/A	(46)
		$	1,556

The following table reflects our determination of the fair value of those assets and liabilities (in millions):

Identifiable Assets Acquired and Liabilities Assumed	Estimated Useful Lives (in years)	Recognized Amount
Property and equipment	3-30	$	1,886
Intangible assets	20	1,247
Investment in unconsolidated entities	N/A	103
Working capital and other assets and liabilities	N/A	(6)
		$	3,230

Schedule of amortization expense

Amortization expense was approximately $13 million during the year ended December 31, 2022, and the future amortization expense through 2027 is estimated as follows (in millions):

2023	$	61
2024	$	51
2025	$	47
2026	$	32
2027	$	32

Amortization expense was approximately $142 million and $28 million during the years ended December 31, 2022 and 2021, respectively, and the future amortization expense through 2026 is estimated as follows (in millions):

2023	$	138
2024	$	127
2025	$	117
2026	$	106

Schedule of partners' capital

The following table presents the amounts recognized in partners’ capital associated with this transaction (in millions):

	Recognized Amount
Oryx Midstream’s 35% interest in the Permian JV	$	2,635
Increase to partners’ capital attributable to noncontrolling interests in PAA and AAP	432
Noncontrolling interests	$	3,067
Class A shareholders	163
Total partners’ capital	$	3,230

Schedule of modified revenue sharing arrangement

Under the MSA, distributions will be allocated as follows (in millions):

	Available Cash	Distributions Percentages
Tier	Annualized	PAA	Oryx
1	Up to $300	50%	50%
2	$300 - $428	100%	—%
3	$428 - $815	65%	35%
4	$815 and above	70%	30%

Summary of pro forma information

These results are not necessarily indicative of the results that might have actually occurred had the merger taken place on January 1, 2020; furthermore, this financial information is not intended to be a projection of future results (in millions, except per unit amounts):

	Year ended December 31,
	2021		2020
Total revenues	$	42,359	$	23,536
Net income/(loss) attributable to PAGP	$	37	$	(629)
Basic net income/(loss) per Class A Share	$	0.19	$	(3.38)
Diluted net income/(loss) per Class A Share	$	0.19	$	(3.41)