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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
REVENUES        
Total revenues $ 11,578 $ 12,456 $ 33,698 $ 36,854
COSTS AND EXPENSES        
Purchases and related costs 10,585 11,540 30,862 34,086
Field operating costs 288 408 873 962
General and administrative expenses 84 87 255 251
Depreciation and amortization 230 226 696 675
(Gains)/losses on asset sales, net (92)   (64) 2
Total costs and expenses 11,095 12,261 32,622 35,976
OPERATING INCOME 483 195 1,076 878
OTHER INCOME/(EXPENSE)        
Equity earnings in unconsolidated entities 96 97 292 298
Gain on investments in unconsolidated entities, net     31 0
Interest expense (net of capitalized interest of $4, $2, $9 and $7, respectively) (112) (97) (330) (287)
Other income, net (9) 10 5 14
INCOME FROM CONTINUING OPERATIONS BEFORE TAX 458 205 1,074 903
Current income tax expense from continuing operations (5) (4) (11) (72)
Deferred income tax expense from continuing operations (25) (14) (65) (34)
INCOME FROM CONTINUING OPERATIONS, NET OF TAX 428 187 998 797
INCOME FROM DISCONTINUED OPERATIONS, NET OF TAX (NOTE 2) 76 114 281 156
NET INCOME 504 301 1,279 953
Net income attributable to noncontrolling interests from continuing operations (366) (186) (879) (727)
Net income attributable to noncontrolling interests from discontinued operations (55) (82) (202) (112)
Net income attributable to noncontrolling interests (421) (268) (1,081) (839)
Net income attributable to PAGP from continuing operations 62 1 119 70
Net income attributable to PAGP from discontinued operations 21 32 79 44
NET INCOME ATTRIBUTABLE TO PAGP $ 83 $ 33 $ 198 $ 114
Class A Shares        
OTHER INCOME/(EXPENSE)        
Basic weighted average Class A shares outstanding (in shares) 198,000 197,000 198,000 197,000
Basic Net Income per Class A Share:        
Continuing operations (in usd per share) $ 0.31 $ 0.01 $ 0.60 $ 0.36
Discontinued operations (in usd per share) 0.11 0.16 0.40 0.22
Basic net income per Class A share (in usd per share) $ 0.42 $ 0.17 $ 1.00 $ 0.58
Diluted weighted average Class A shares outstanding (in shares) 233,000 197,000 233,000 197,000
Diluted Net Income per Class A Share:        
Continuing operations (in usd per share) $ 0.31 $ 0.01 $ 0.60 $ 0.36
Discontinued operations (in usd per share) 0.10 0.16 0.39 0.22
Diluted net income per Class A share (in usd per share) $ 0.41 $ 0.17 $ 0.99 $ 0.58
Product sales revenues        
REVENUES        
Total revenues $ 11,150 $ 12,021 $ 32,389 $ 35,606
Services revenues        
REVENUES        
Total revenues $ 428 $ 435 $ 1,309 $ 1,248