Plains GP Holdings, L.P.

General Plains GP Holdings, L.P. is a publicly traded Delaware limited partnership that has elected to be taxed as a corporation for United States federal income tax purposes. As of December 31, 2025, PAGP does not directly own any operating assets; its sole source of cash flow is from an indirect investment in Plains All American Pipeline, L.P. (PAA) through its limited partner interest in Plains AAP, L.P. (AAP). PAGP also owns a 100% managing member interest in Plains All American GP LLC (GP LLC), which holds the non-economic general partner interest in AAP. PAA's business model integrates large-scale supply aggregation with the ownership and operation of critical midstream infrastructure systems. These systems connect major producing regions to key demand centers and export terminals. PAA is one of the largest crude oil midstream service providers in North America. It owns an extensive network of pipeline transportation, terminalling, storage, and gathering assets. These assets are located in key crude oil and NGL producing basins, including the Permian Basin, and transportation corridors, as well as at major market hubs in the United States and Canada. PAA's assets are owned, and its operations are conducted, directly and indirectly through its primary operating subsidiaries. In June 2025, a subsidiary of PAA entered into a definitive Share Purchase Agreement with Keyera Corp.