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0us-gaap:CorporateNonSegmentMember2025-01-012025-03-31\n\n[Table of Contents](#i0394208fea504a4daa583c6e01601de3_7)\n\nUNITED STATES\n\nSECURITIES AND EXCHANGE COMMISSION\n\nWashington, D.C. 20549\n\n________________________________________________________________\n\nFORM 10-Q\n\n________________________________________________________________________________________________________________________________\n\n \n\n☑      QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\n \n\nFor the quarterly period ended March 31, 2026\n\n \n\nor\n\n \n\n☐      TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\n \n\nCommission File Number: 1-36132\n\n________________________________________________________________\n\nPLAINS GP HOLDINGS, L.P.\n\n(Exact name of registrant as specified in its charter)\n\nDelaware 90-1005472\n\n(State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.)\n\n333 Clay Street, Suite 1600\n\nHouston, Texas 77002\n\n(Address of principal executive offices) (Zip code)\n\n(713) 646-4100\n\n(Registrant’s telephone number, including area code)\n\n________________________________________________________________\n\nSecurities registered pursuant to Section 12(b) of the Act:\n\nTitle of each classTrading Symbol(s)Name of each exchange on which registered\n\nClass A SharesPAGP\nThe Nasdaq Global Select Market\n\n \n\nIndicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  ☑ Yes  ☐ No\n\n Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  ☑ Yes  ☐ No\n\nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.\n\nLarge accelerated filer☑ Accelerated filer☐\n\nNon-accelerated filer☐ Smaller reporting company☐\n\n Emerging growth company☐\n\n If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ \n\nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  ☐ Yes  ☑ No\n\nAs of May 1, 2026, there were 197,904,124 Class A Shares outstanding.\n\n[Table of Contents](#i0394208fea504a4daa583c6e01601de3_7)\n\nPLAINS GP HOLDINGS, L.P. AND SUBSIDIARIES\n\nTABLE OF CONTENTS\n\n Page\n\n[PART I. FINANCIAL INFORMATION](#i0394208fea504a4daa583c6e01601de3_10)\n \n\n[Item 1. UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS:](#i0394208fea504a4daa583c6e01601de3_13)\n \n\n[Condensed Consolidated Balance Sheets: As of March 31, 2026 and December 31, 2025](#i0394208fea504a4daa583c6e01601de3_16)\n\n[3](#i0394208fea504a4daa583c6e01601de3_16)\n\n[Condensed Consolidated Statements of Operations: For the three months ended March 31, 2026 and 2025](#i0394208fea504a4daa583c6e01601de3_22)\n\n[4](#i0394208fea504a4daa583c6e01601de3_22)\n\n[Condensed Consolidated Statements of Comprehensive Income: For the three months ended March 31, 2026 and 2025](#i0394208fea504a4daa583c6e01601de3_25)\n\n[5](#i0394208fea504a4daa583c6e01601de3_25)\n\n[Condensed Consolidated Statements of Changes in Accumulated Other Comprehensive Income/(Loss): For the three months ended March 31, 2026 and 2025](#i0394208fea504a4daa583c6e01601de3_28)\n\n[5](#i0394208fea504a4daa583c6e01601de3_28)\n\n[Condensed Consolidated Statements of Cash Flows: For the three months ended March 31, 2026 and 2025](#i0394208fea504a4daa583c6e01601de3_34)\n\n[6](#i0394208fea504a4daa583c6e01601de3_34)\n\n[Condensed Consolidated Statements of Changes in Partners’ Capital: For the three months ended March 31, 2026 and 2025](#i0394208fea504a4daa583c6e01601de3_37)\n\n[7](#i0394208fea504a4daa583c6e01601de3_37)\n\n[Notes to the Condensed Consolidated Financial Statements:](#i0394208fea504a4daa583c6e01601de3_40)\n \n\n[1. Organization and Basis of Consolidation and Presentation](#i0394208fea504a4daa583c6e01601de3_43)\n\n[8](#i0394208fea504a4daa583c6e01601de3_43)\n\n[2. Discontinued Operations](#i0394208fea504a4daa583c6e01601de3_49)\n\n[12](#i0394208fea504a4daa583c6e01601de3_49)\n\n[3. Revenues and Accounts Receivable](#i0394208fea504a4daa583c6e01601de3_52)\n\n[13](#i0394208fea504a4daa583c6e01601de3_52)\n\n[4. Net Income Per Class A Share](#i0394208fea504a4daa583c6e01601de3_55)\n\n[16](#i0394208fea504a4daa583c6e01601de3_55)\n\n[5. Inventory, Linefill and Long-term Inventory](#i0394208fea504a4daa583c6e01601de3_58)\n\n[18](#i0394208fea504a4daa583c6e01601de3_58)\n\n[6. Debt](#i0394208fea504a4daa583c6e01601de3_61)\n\n[19](#i0394208fea504a4daa583c6e01601de3_61)\n\n[7. Partners’ Capital and Distributions](#i0394208fea504a4daa583c6e01601de3_64)\n\n[20](#i0394208fea504a4daa583c6e01601de3_64)\n\n[8. Derivatives and Risk Management Activities](#i0394208fea504a4daa583c6e01601de3_67)\n\n[22](#i0394208fea504a4daa583c6e01601de3_67)\n\n[9. Related Party Transactions](#i0394208fea504a4daa583c6e01601de3_70)\n\n[25](#i0394208fea504a4daa583c6e01601de3_70)\n\n[10. Commitments and Contingencies](#i0394208fea504a4daa583c6e01601de3_73)\n\n[26](#i0394208fea504a4daa583c6e01601de3_73)\n\n[11. Segment Information](#i0394208fea504a4daa583c6e01601de3_76)\n\n[29](#i0394208fea504a4daa583c6e01601de3_76)\n\n  \n\n[Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS](#i0394208fea504a4daa583c6e01601de3_85)\n\n[34](#i0394208fea504a4daa583c6e01601de3_85)\n\n[Item 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK](#i0394208fea504a4daa583c6e01601de3_118)\n\n[52](#i0394208fea504a4daa583c6e01601de3_118)\n\n[Item 4. CONTROLS AND PROCEDURES](#i0394208fea504a4daa583c6e01601de3_121)\n\n[53](#i0394208fea504a4daa583c6e01601de3_121)\n\n  \n\n[PART II. OTHER INFORMATION](#i0394208fea504a4daa583c6e01601de3_124)\n \n\n[Item 1. LEGAL PROCEEDINGS](#i0394208fea504a4daa583c6e01601de3_127)\n\n[54](#i0394208fea504a4daa583c6e01601de3_127)\n\n[Item 1A. RISK FACTORS](#i0394208fea504a4daa583c6e01601de3_130)\n\n[54](#i0394208fea504a4daa583c6e01601de3_130)\n\n[Item 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS](#i0394208fea504a4daa583c6e01601de3_133)\n\n[54](#i0394208fea504a4daa583c6e01601de3_133)\n\n[Item 3. DEFAULTS UPON SENIOR SECURITIES](#i0394208fea504a4daa583c6e01601de3_136)\n\n[54](#i0394208fea504a4daa583c6e01601de3_136)\n\n[Item 4. MINE SAFETY DISCLOSURES](#i0394208fea504a4daa583c6e01601de3_139)\n\n[54](#i0394208fea504a4daa583c6e01601de3_139)\n\n[Item 5. OTHER INFORMATION](#i0394208fea504a4daa583c6e01601de3_142)\n\n[54](#i0394208fea504a4daa583c6e01601de3_142)\n\n[Item 6. EXHIBITS](#i0394208fea504a4daa583c6e01601de3_145)\n\n[55](#i0394208fea504a4daa583c6e01601de3_145)\n\n[SIGNATURES](#i0394208fea504a4daa583c6e01601de3_151)\n\n[58](#i0394208fea504a4daa583c6e01601de3_151)\n\n2\n\n[Table of Contents](#i0394208fea504a4daa583c6e01601de3_7)\n\nPART I. FINANCIAL INFORMATION"}