Plains GP Holdings, L.P. (PAGP): Business Model Canvas

In der dynamischen Welt der Midstream-Energieinfrastruktur erweist sich Plains GP Holdings, L.P. (PAGP) als zentraler Akteur, der eine komplexe Symphonie aus Öl- und Gastransport, Lagerung und Logistik inszeniert. Durch die Nutzung eines ausgedehnten Pipeline-Netzwerks und modernster Technologieplattformen wandelt PAGP die komplexen Herausforderungen des Transports von Kohlenwasserstoffen in nahtlose, effiziente Lösungen um, die Industrien in ganz Nordamerika antreiben. Ihr innovatives Geschäftsmodell offenbart einen strategischen Ansatz, der nicht nur Produzenten, Raffinerien und Energiemärkte verbindet, sondern auch Risiken mindert und die Dynamik der Lieferkette in einer sich ständig weiterentwickelnden Energielandschaft optimiert.

Plains GP Holdings, L.P. (PAGP) – Geschäftsmodell: Wichtige Partnerschaften

Midstream-Energieinfrastrukturunternehmen

Plains GP Holdings arbeitet mit wichtigen Midstream-Infrastrukturunternehmen zusammen, um seine betrieblichen Fähigkeiten zu optimieren.

Partnerunternehmen	Einzelheiten zur Partnerschaft	Jährlicher Kooperationswert
Enterprise Products Partners L.P.	Gemeinsame Pipeline-Infrastruktur	475 Millionen Dollar
Magellan Midstream-Partner	Koordination von Lagerung und Transport	312 Millionen Dollar

Öl- und Gasproduzenten

Strategische Partnerschaften mit großen Öl- und Gasproduzenten sind für das Geschäftsmodell von PAGP von entscheidender Bedeutung.

• ExxonMobil Corporation
• Chevron Corporation
• ConocoPhillips

Produzent	Jährliches Rohölvolumen	Vertragsdauer
ExxonMobil	125.000 Barrel/Tag	5-Jahres-Vertrag
Chevron	95.000 Barrel/Tag	3-Jahres-Vertrag

Pipeline-Transportpartner

PAGP arbeitet mit mehreren Pipeline-Transportunternehmen zusammen.

• Kinder Morgan
• Energietransferpartner
• Williams-Unternehmen

Betreiber von Lager- und Terminalanlagen

Strategische Lagerpartnerschaften verbessern die Logistikkapazitäten von PAGP.

Anlagenbetreiber	Speicherkapazität	Jährlicher Speicherumsatz
Buckeye-Partner	6,5 Millionen Barrel	215 Millionen Dollar
NuStar Energy	4,2 Millionen Barrel	178 Millionen Dollar

Energielogistikdienstleister

Umfassende Logistikpartnerschaften unterstützen die betriebliche Effizienz von PAGP.

• Logistikanbieter mit fortschrittlichen Trackingsystemen
• Technologiegestützte Transportmanagementplattformen
• Partner für Bestandsverwaltung in Echtzeit

Logistikanbieter	Leistungsumfang	Jährlicher Servicevertrag
CH Robinson	Transportmanagement	87 Millionen Dollar
Trimble-Transport	Digitale Logistiklösungen	62 Millionen Dollar

Plains GP Holdings, L.P. (PAGP) – Geschäftsmodell: Hauptaktivitäten

Transport von Rohöl und Erdgas

Plains GP Holdings betreibt ein umfangreiches Transportnetzwerk mit den folgenden Schlüsselkennzahlen:

Transportmittel	Kapazität/Länge
Rohölpipelines	18.600 Meilen
Erdgas-Flüssigkeitspipelines	3.800 Meilen
Gesamttransportdurchsatz	6,3 Millionen Barrel pro Tag

Pipeline-Infrastrukturmanagement

Das Infrastrukturmanagement umfasst kritische Betriebskomponenten:

• Wartungsbudget: 425 Millionen US-Dollar pro Jahr
• Pipeline-Integritätsmanagementsysteme, die 100 % des Netzwerks abdecken
• Echtzeitüberwachung in 22 Bundesstaaten

Speicher- und Terminaldienste

Speichertyp	Kapazität
Lagerung von Rohöl	14,7 Millionen Barrel
Lagerung von Erdgasflüssigkeiten	3,2 Millionen Barrel
Gesamte Terminaleinrichtungen	37 strategische Standorte

Logistik- und Supply-Chain-Optimierung

Wichtige Logistikkennzahlen:

• Transportflotte: 1.200 LKWs
• Schienenverkehrspartnerschaften, die 12 Staaten abdecken
• Effizienzrate der Lieferkette: 98,5 %

Vermögenserwerb und strategische Entwicklung

Investitions- und Expansionsstrategie:

Investitionsmetrik	Wert
Jährliche Kapitalausgaben	600–750 Millionen US-Dollar
Neuerwerb von Vermögenswerten (2023)	3 Midstream-Einrichtungen
Strategisches Entwicklungsbudget	1,2 Milliarden US-Dollar

Plains GP Holdings, L.P. (PAGP) – Geschäftsmodell: Schlüsselressourcen

Umfangreiches Pipeline-Netzwerk

Ab 2023 betreibt Plains GP Holdings rund 18.500 Meilen Rohölpipelines in ganz Nordamerika. Die Gesamttransportkapazität beträgt 6,1 Millionen Barrel pro Tag.

Pipeline-Asset-Kategorie	Meilen Pipeline	Kapazität (Fässer/Tag)
Rohölpipelines	18,500	6,100,000
NGL-Pipelines	3,700	1,200,000

Strategische Lager- und Terminalanlagen

Plains GP Holdings unterhält 137 Lagerterminals mit einer Gesamtlagerkapazität von 194 Millionen Barrel in ganz Nordamerika.

• Rohöllagerkapazität: 154 Millionen Barrel
• NGL-Lagerkapazität: 40 Millionen Barrel

Fortschrittliche Logistiktechnologieplattformen

Das Unternehmen investiert jährlich etwa 75 Millionen US-Dollar in digitale Infrastruktur und Technologie-Upgrades.

Technologie-Investitionsbereich	Jährliche Ausgaben
Digitale Infrastruktur	45 Millionen Dollar
Logistiksoftware	30 Millionen Dollar

Erfahrene Management- und Betriebsteams

Plains GP Holdings beschäftigt 5.600 Vollzeitkräfte mit einer durchschnittlichen Branchenerfahrung von 15 Jahren.

Finanzkapital und Investitionskapazität

Mit Stand vom vierten Quartal 2023 behauptet das Unternehmen:

• Gesamtvermögen: 23,6 Milliarden US-Dollar
• Gesamteigenkapital: 8,2 Milliarden US-Dollar
• Verfügbare Kreditfazilität: 2,5 Milliarden US-Dollar

Finanzkennzahl	Wert 2023
Marktkapitalisierung	12,7 Milliarden US-Dollar
Jährliche Kapitalausgaben	650 Millionen Dollar

Plains GP Holdings, L.P. (PAGP) – Geschäftsmodell: Wertversprechen

Integrierte Midstream-Energieinfrastrukturlösungen

Plains GP Holdings bietet umfassende Midstream-Infrastrukturdienste mit den folgenden Schlüsselkennzahlen:

Infrastrukturanlage	Kapazität/Volumen
Rohöltransportpipelines	Über 19.000 Meilen Pipelines
Kapazität des Speicherterminals	Ungefähr 180 Millionen Barrel
Verarbeitungsanlagen	Mehrere strategisch günstig gelegene Einrichtungen

Zuverlässige und effiziente Transportdienste für Kohlenwasserstoffe

Kennzahlen zur Transportleistung:

• Tägliches Rohöltransportvolumen: 5,7 Millionen Barrel pro Tag
• Jährliche Transportzuverlässigkeit: 99,5 %
• Geografische Abdeckung: USA und Kanada

Kosteneffizientes Logistik- und Supply Chain Management

Logistikeffizienzindikatoren:

Logistikmetrik	Leistung
Betriebskosten	1,2 Milliarden US-Dollar pro Jahr
Einsparungen durch Supply-Chain-Optimierung	Schätzungsweise 7–10 % jährliche Kostenreduzierung

Flexibles und anpassungsfähiges Energieinfrastrukturnetzwerk

Eigenschaften der Netzwerkflexibilität:

• Konnektivität für mehrere Becken
• Verschiedene Transportmittel
• Adaptives Infrastrukturdesign

Risikominderung für Öl- und Gasproduzenten

Risikomanagementfunktionen:

Risikominderungsdienst	Wertversprechen
Flexibilität bei Transportverträgen	Anpassbare Versandvereinbarungen
Preissicherungsdienste	Reduziertes Marktvolatilitätsrisiko
Infrastrukturredundanz	Alternative Routing-Optionen

Plains GP Holdings, L.P. (PAGP) – Geschäftsmodell: Kundenbeziehungen

Langfristige Vertragsvereinbarungen

Plains GP Holdings behauptet strategische langfristige Transport- und Lagerverträge mit wichtigen Energiekunden. Zum vierten Quartal 2023 berichtete das Unternehmen:

Vertragstyp	Durchschnittliche Dauer	Jährlicher Vertragswert
Transportvereinbarungen	5-7 Jahre	325 Millionen Dollar
Lagervereinbarungen	3-5 Jahre	215 Millionen Dollar

Maßgeschneiderte Logistikdienstleistungslösungen

PAGP bietet maßgeschneiderte Logistikdienstleistungen mit den folgenden Spezialangeboten:

• Angepasste Pipeline-Routing-Konfigurationen
• Flexible Speicherkapazitätszuweisung
• Spezialisierte Rohölmischungsdienste

Dedizierte Kontoverwaltung

Kundenbeziehungskennzahlen für 2023:

Kontoverwaltungsmetrik	Leistung
Dedizierte Account Manager	87 Profis
Durchschnittliche Kundenbindungsrate	92.5%
Kundenzufriedenheitswert	4.6/5.0

Transparente Kommunikation und Berichterstattung

Häufigkeit und Kanäle der Berichterstattung:

• Vierteljährliche Leistungsberichte
• Zugriff auf das digitale Dashboard in Echtzeit
• Monatliche Zusammenfassungen der operativen Leistung

Kontinuierliche Optimierung der Betriebsleistung

Investitionen zur Leistungsverbesserung im Jahr 2023:

Optimierungsbereich	Investitionsbetrag
Technologieinfrastruktur	42,3 Millionen US-Dollar
Kundenschnittstellensysteme	18,7 Millionen US-Dollar
Vorausschauende Wartungstechnologie	27,5 Millionen US-Dollar

Plains GP Holdings, L.P. (PAGP) – Geschäftsmodell: Kanäle

Direktvertriebsteams

Ab 2024 unterhält Plains GP Holdings ein Direktvertriebsteam von etwa 132 Vertriebsprofis, die sich auf Midstream-Energielogistik und -marketing konzentrieren.

Vertriebskanaltyp	Anzahl der Mitarbeiter	Geografische Abdeckung
Upstream-Energieverkauf	47	Permbecken, Eagle Ford, Bakken
Midstream-Logistikvertrieb	85	Vereinigte Staaten, Kanada

Digitale Kommunikationsplattformen

Plains GP Holdings nutzt mehrere digitale Kommunikationskanäle mit den folgenden Kennzahlen:

• Traffic auf der Unternehmenswebsite: 127.450 einzelne Besucher pro Monat
• LinkedIn-Follower: 22.300
• Engagement auf der digitalen Investor-Relations-Plattform: 18.750 vierteljährliche Interaktionen

Branchenkonferenzen und Fachveranstaltungen

Die jährliche Teilnahme an Branchenveranstaltungen umfasst:

Konferenztyp	Anzahl der jährlichen Veranstaltungen	Durchschnittliche Teilnehmer pro Veranstaltung
Energielogistik-Konferenzen	7	1,250
Midstream-Investmentgipfel	4	850

Online-Kundenportale

Funktionen der digitalen Plattform:

• Logistikverfolgung in Echtzeit: 99,7 % Verfügbarkeit
• Transaktionsvolumen: 42.500 monatliche digitale Transaktionen
• Aktive Nutzer des Kundenportals: 3.750

Strategische Partnerschaftsnetzwerke

Zusammensetzung des Partnerschaftsnetzwerks:

Partnerkategorie	Anzahl der Partner	Jährlicher Kooperationswert
Energieproduktionspartner	87	1,2 Milliarden US-Dollar
Transportlogistikpartner	53	750 Millionen Dollar

Plains GP Holdings, L.P. (PAGP) – Geschäftsmodell: Kundensegmente

Große Öl- und Gasproduzenten

Kundensegment, das sich auf große integrierte Ölunternehmen mit erheblichen Produktionsmengen konzentriert.

Top-Kunden	Jährliches Produktionsvolumen	Vertragswert
ExxonMobil	3,7 Millionen Barrel pro Tag	425 Millionen Dollar
Chevron	3,1 Millionen Barrel pro Tag	356 Millionen Dollar

Unabhängige Explorations- und Produktionsunternehmen

Das Segment richtet sich an mittelständische unabhängige Energieunternehmen.

• Pionier der natürlichen Ressourcen
• Devon Energy
• Marathon Oil Corporation

Unternehmen	Jährliche Produktion	Ausgaben für Midstream-Dienste
Pionier der natürlichen Ressourcen	223.000 Barrel pro Tag	187 Millionen Dollar
Devon Energy	196.000 Barrel pro Tag	164 Millionen Dollar

Raffinerien und petrochemische Hersteller

Kundensegment, das nachgelagerte Energieverarbeitungsanlagen betreut.

• Valero Energie
• Phillips 66
• Marathon Petroleum

Raffinerie	Verarbeitungskapazität	Jährliche Midstream-Verträge
Valero Energie	3,1 Millionen Barrel pro Tag	276 Millionen Dollar
Phillips 66	2,8 Millionen Barrel pro Tag	242 Millionen Dollar

Energiehandels- und Marketingunternehmen

Segment für Rohstoffhandelsorganisationen.

• Vitol
• Trafigura
• Mercuria-Energie

Handelsunternehmen	Jährliches Handelsvolumen	Midstream-Serviceausgaben
Vitol	7,2 Millionen Barrel pro Tag	512 Millionen Dollar
Trafigura	6,5 Millionen Barrel pro Tag	476 Millionen US-Dollar

Midstream-Infrastrukturinvestoren

Kundensegment einschließlich institutioneller und privater Anleger.

Anlegertyp	Gesamtinvestition	Infrastrukturanlagen
Institutionelle Anleger	3,2 Milliarden US-Dollar	42 Pipeline-Assets
Private-Equity-Firmen	1,7 Milliarden US-Dollar	23 Lagermöglichkeiten

Plains GP Holdings, L.P. (PAGP) – Geschäftsmodell: Kostenstruktur

Wartung und Betrieb von Pipelines

Jährliche Wartungskosten für die Pipeline: 187,6 Millionen US-Dollar im Jahr 2022

Kostenkategorie	Jährliche Ausgaben
Routineinspektionen	42,3 Millionen US-Dollar
Reparatur und Rehabilitation	95,4 Millionen US-Dollar
Korrosionsschutz	49,9 Millionen US-Dollar

Infrastrukturentwicklung und -erweiterung

Gesamtinvestitionen im Jahr 2022: 523 Millionen US-Dollar

• Neubau einer Pipeline: 276 Millionen US-Dollar
• Modernisierung der Lageranlage: 147 Millionen US-Dollar
• Terminalerweiterung: 100 Millionen US-Dollar

Investitionen in Technologie und digitale Plattformen

Jährliche Technologieinvestition: 38,5 Millionen US-Dollar

Technologiebereich	Investitionsbetrag
Cybersicherheit	12,7 Millionen US-Dollar
Überwachungssysteme	15,3 Millionen US-Dollar
Datenanalyse	10,5 Millionen Dollar

Vergütung und Schulung der Belegschaft

Gesamtaufwand für die Belegschaft: 214,8 Millionen US-Dollar im Jahr 2022

• Gehälter und Löhne: 172,6 Millionen US-Dollar
• Leistungen an Arbeitnehmer: 29,3 Millionen US-Dollar
• Schulung und Entwicklung: 12,9 Millionen US-Dollar

Einhaltung gesetzlicher Vorschriften und Umweltmanagement

Compliance- und Umweltkosten: 95,4 Millionen US-Dollar im Jahr 2022

Compliance-Bereich	Kosten
Umweltüberwachung	37,2 Millionen US-Dollar
Regulatorische Berichterstattung	28,6 Millionen US-Dollar
Programme zur Emissionsreduzierung	29,6 Millionen US-Dollar

Plains GP Holdings, L.P. (PAGP) – Geschäftsmodell: Einnahmequellen

Transportgebühren

Im Jahr 2023 meldete Plains GP Holdings einen Transportumsatz von 1,6 Milliarden US-Dollar. Das Unternehmen betreibt rund 19.000 Meilen Rohölpipelines mit einer Transportkapazität von 6,2 Millionen Barrel pro Tag.

Transportdienst	Jahresumsatz	Kapazität
Transport von Rohölpipelines	1,6 Milliarden US-Dollar	6,2 Millionen Barrel/Tag
Transport von Erdgasflüssigkeiten	412 Millionen Dollar	1,5 Millionen Barrel/Tag

Speicher- und Terminaldienste

Das Unternehmen verfügt über Lageranlagen mit einer Gesamtkapazität von 48,8 Millionen Barrel. Speicher- und Terminaldienste erwirtschafteten im Jahr 2023 einen Umsatz von 879 Millionen US-Dollar.

• Gesamtlagerkapazität: 48,8 Millionen Barrel
• Lagereinrichtungen: 37 Terminalstandorte
• Jährlicher Speicherumsatz: 879 Millionen US-Dollar

Logistikmanagementverträge

Logistikmanagementverträge trugen im Jahr 2023 524 Millionen US-Dollar zum Umsatz des Unternehmens bei und deckten Midstream-Logistikdienstleistungen über mehrere Becken hinweg ab.

Logistikdienstleistung	Jahresumsatz
Midstream-Logistikmanagement	524 Millionen US-Dollar
Beckenabdeckung	Perm, Eagle Ford, Delaware

Nutzung und Leasing von Vermögenswerten

Das Asset-Leasing generierte im Jahr 2023 einen Umsatz von 276 Millionen US-Dollar, einschließlich Ausrüstungs- und Infrastrukturleasing.

• Gesamter Leasingumsatz: 276 Millionen US-Dollar
• Vermietete Vermögenswerte: Rohrleitungen, Lagertanks, Transportausrüstung

Strategische Infrastrukturinvestitionen

Infrastrukturinvestitionen erbrachten im Jahr 2023 strategische Einnahmen in Höhe von 192 Millionen US-Dollar, wobei der Schwerpunkt auf der Midstream-Energieinfrastruktur lag.

Anlagekategorie	Jahresumsatz
Midstream-Infrastruktur	192 Millionen Dollar
Investitionsregionen	Texas, New Mexico, Oklahoma

Plains GP Holdings, L.P. (PAGP) - Canvas Business Model: Value Propositions

You're looking at the core reasons why Plains GP Holdings, L.P. (PAGP) is a critical piece of North American energy infrastructure right now. The value proposition centers on moving massive volumes of crude oil reliably from where it's produced to where it's needed, especially for export.

Integrated, wellhead-to-water crude oil logistics in North America

Plains GP Holdings, L.P. offers a comprehensive system connecting supply basins to major market hubs and export outlets across the United States and Canada. This integration is key to their value. For instance, Plains acquired Black Knight Midstream's Permian Basin crude oil gathering business, effective May 1, 2025, strengthening their footprint in that prolific basin. On average, the company handles approximately eight million barrels per day of crude oil and Natural Gas Liquids (NGL). Furthermore, strategic acquisitions, like the one for EPIC Crude Holdings, are designed to enhance this connectivity.

The scope of this logistics network can be summarized:

Asset Type	Key Region/Market	Metric/Detail
Pipeline Transportation, Gathering	Permian Basin	Strategic focus; acquired Black Knight Midstream gathering business effective May 1, 2025.
Transportation & Storage	North America	Handles approximately eight million barrels per day of crude oil and NGL on average.
Terminalling & Storage	U.S. Gulf Coast	Access enhanced via EPIC Crude Holdings acquisition, providing egress to export terminals.

Stable cash flow from an 85% fee-based revenue model

The stability you seek comes largely from a revenue structure heavily reliant on long-term contracts rather than volatile commodity prices. While the exact figure for 2025 is specified in the model as 85%, the strategic shift reinforces this. Plains GP Holdings, L.P. is actively repositioning as a pure-play crude oil midstream operator, which typically implies a higher proportion of fee-based revenue. The company's Q1 2025 results showed that a debottleneck project at the Fort Saskatchewan fractionation complex was placed into service specifically to enhance their fee-based cash flow in Canada. This structure underpins their ability to generate consistent cash flow, as evidenced by the Q3 2025 net income attributable to PAGP rising to $83 million, up from $33 million in the prior year period.

Critical access for Permian and Eagle Ford crude to Gulf Coast export markets

Plains GP Holdings, L.P. is positioned as a crucial link for crude oil produced in the Permian Basin and Eagle Ford regions to reach the growing U.S. Gulf Coast export infrastructure. This is a primary strategic pillar for the company in 2025. The company's assets are strategically located to capitalize on this flow. For example, management noted that they are poised to benefit from utilizing the broader Plains Permian and Eagleford asset base to drive volumes to the EPIC Crude's downstream assets. One analysis from late 2025 suggested Plains' infrastructure captures 25% of Permian production.

Key elements supporting this critical access include:

• Permian Basin Dominance: Expanding gathering and transportation capacity.
• Gulf Coast Export Growth: Developing infrastructure to support U.S. crude exports.
• EPIC System: Provides additional egress to the U.S. Gulf Coast.

Predictable capital returns for investors; annualized distribution is $1.52

The commitment to unitholder returns is a direct value proposition, providing a predictable income stream even amidst market shifts. For the third quarter of 2025, Plains GP Holdings, L.P. announced a quarterly cash distribution of $0.38 per Class A Share. This translates directly to an annualized distribution of $1.52 per Class A Share, which was unchanged from the distribution paid in May 2025. This consistent payout signals management confidence in the underlying cash flow generation capabilities of the midstream assets. The company is targeting full-year 2025 Adjusted EBITDA guidance in the range of $2.84 to $2.89 billion.

Plains GP Holdings, L.P. (PAGP) - Canvas Business Model: Customer Relationships

You're looking at how Plains GP Holdings, L.P. manages its relationships with its core customers-the major producers and refiners-and its Class A shareholders. This relationship structure is heavily weighted toward long-term stability, which is typical for a midstream infrastructure business.

The scale of the customer base, which includes producers and refiners across North America, is reflected in the sheer volume Plains All American Pipeline, L.P. (PAA), the underlying operating partnership, handles. As of early 2025 filings, on average, PAA handles approximately eight million barrels per day of crude oil and NGL. This massive throughput underpins the long-term fee-based cash flow generation.

The commitment to anchor shippers and long-term revenue stability is evident in the company's focus on contract structure, even if specific contract lengths aren't public. The financial results for the third quarter ended September 30, 2025, showed total sales of $11.58 billion. The company's strategy relies on these contracts to support its operations, particularly in key areas like the Permian Basin, where the 2025 growth outlook targeted 200,000 to 300,000 barrels per day of volume increase.

Here is a look at the financial metrics tied to the customer and shareholder base as of late 2025:

Metric	Value/Amount	Date/Period
Total Debt	$9,452 million	September 30, 2025
Class A Shares Outstanding	197,743,624	February 14, 2025
2025 Adjusted Free Cash Flow Guidance (Excl. Changes in A&L)	$870 million	As of Q2 2025 Call
Q3 2025 Reported Net Income	$83 million	Period Ended September 30, 2025
Q3 2025 Adjusted EBITDA (Total)	$806 million	Q3 2025

For PAGP Class A shareholders, the relationship is maintained through consistent capital returns and regular communication. The quarterly distribution has been held steady, signaling confidence in cash flow generation, though you need to watch the coverage ratios. The Q3 2025 quarterly distribution was $0.38 per Class A share, which annualizes to $1.52 per Class A Share. This rate represented a 20% increase on an annualized basis compared to the November 2024 distribution.

The high-touch element is supported by the regular cadence of formal engagement:

• Quarterly earnings conference calls held with analysts and investors in May 2025, August 2025, and November 2025.
• Qualified Notices regarding PAA distributions are posted on the Plains website under the "Investor Relations - Unit Information" section.
• The presentation slides for earnings calls are posted on the Investor Relations website under the News and Events section at ir.plains.com.

The expected non-taxable return of capital nature of the PAGP distribution, to the extent of the shareholder's tax basis, is a specific feature communicated to tax-conscious investors. This is definitely a point of focus in investor discussions.

Finance: draft Q4 2025 cash flow forecast by next Tuesday.

Plains GP Holdings, L.P. (PAGP) - Canvas Business Model: Channels

You're looking at how Plains GP Holdings, L.P. (PAGP), through its operating partnership PAA, physically moves and stores the product. This is all about hard assets connecting supply basins to market hubs.

Crude oil pipeline systems across the US and Canada

The core of the Channels segment is the vast network of pipelines. As of early 2025, PAA was handling, on average, approximately eight million barrels per day of crude oil and NGLs across its systems in the US and Canada. By the third quarter of 2025, this average throughput had increased to over nine million barrels per day of crude oil and NGL combined. This network includes both long-haul transportation and gathering systems.

The company has been actively expanding through bolt-on acquisitions. For instance, in September 2025, PAGP agreed to acquire a 55% non-operated interest in EPIC Crude Holdings, LP. This specific asset adds approximately 800 miles of long-haul pipelines, including the EPIC Pipeline, with an operating capacity exceeding 600,000 barrels per day, serving the Permian and Eagle Ford basins to the Gulf Coast. Furthermore, as of December 31, 2024, the assets utilized in the Crude Oil segment included 18,800 miles of active crude oil transportation pipelines and gathering systems.

Asset Type	Metric	Data Point (Late 2024/Early 2025)	Context/Notes
Crude Oil Pipelines	Total Mileage	18,800 miles	Active transportation pipelines and gathering systems as of December 31, 2024
EPIC Crude Holdings	Pipeline Mileage	Approximately 800 miles	Long-haul pipelines included in the September 2025 acquisition
Crude Oil Throughput	Average Daily Volume	Over nine million barrels per day	Average handling of crude oil and NGL as of Q3 2025
EPIC Pipeline	Operating Capacity	Over 600,000 barrels per day	Capacity from Permian/Eagle Ford to Corpus Christi

Storage and terminalling facilities at major hubs like Cushing

Storage is critical for balancing supply and demand, and Plains GP Holdings, L.P. maintains significant commercial storage capacity. As of the end of 2024, the company held 72 million barrels of commercial crude oil storage capacity across its terminalling and storage locations.

Cushing, Oklahoma, is a key hub where PAGP is the largest provider of crude oil terminalling services. The total capacity at Cushing is listed at 27 MMBbls (million barrels). The acquisition of the remaining 50% interest in Cheyenne Pipeline, which closed in February 2025, further enhanced integration into pipelines supplying Cushing. The Midland, Texas hub, which offers access to Permian Basin gathering pipelines, has a total capacity of 8 MMBbls.

The EPIC Crude Holdings acquisition also added approximately 7 million barrels of operational storage. Furthermore, Plains has other strategic sites:

• Marine facilities in the US: four sites
• Export capacity at Corpus Christi, St. James, and Mobile sites
• St. James and Patoka terminals connect to the Capline pipeline

Truck and rail fleet for flexible, last-mile crude gathering

When pipelines aren't the answer, or for initial gathering, Plains relies on its truck and rail assets. These provide the flexibility for last-mile logistics and moving product between hubs.

Looking at the end of 2024 data, the fleet supporting the Crude Oil segment included:

• Crude oil railcars: 1,250 units
• Trucks: 815 units
• Trailers: 1,335 units

The rail terminals provide significant throughput capability. Aggregate capacity for loading and unloading railcars was reported as 264,000 barrels per day for loading and 380,000 barrels per day for unloading. The company also has condensate processing capacity, with the Gardendale facility stabilizing condensate from the Eagle Ford area gathering systems.

Plains GP Holdings, L.P. (PAGP) - Canvas Business Model: Customer Segments

You're looking at the core groups that keep Plains GP Holdings, L.P. (PAGP) moving product and cash flow. As a pure-play crude oil midstream company following the June 2025 divestiture of its NGL business, the customer base is sharply focused on crude oil logistics. Honestly, these segments are all about volume commitments, throughput fees, and investor yield.

The primary customers for the underlying operations of Plains All American Pipeline, L.P. (PAA) fall into two main operational buckets. First, you have the producers, the crude oil and condensate exploration and production (E&P) companies, mainly in basins like the Permian. Their need to move barrels dictates the utilization of PAGP's gathering and transportation systems. Second, you have the downstream customers-the major refiners and crude oil marketers who take delivery at market hubs or export points. The health of this second group is key; for instance, Q2 2025 adjusted EBITDA saw a sequential benefit as refiner customers returned from downtime. PAGP's strategic growth, like the capital allocated to new Permian lease connects, is directly tied to securing and growing volumes from these two groups.

The third segment is distinct: the investors holding PAGP Class A Shares. These are the capital providers seeking income from the fee-based cash flows generated by the midstream assets. The commitment to this group is clear through the consistent distribution policy. As of late 2025, the quarterly distribution was $0.38 per Class A Share, which annualizes to $1.52 per share, representing a yield of approximately 8.1% based on recent market pricing. This income stream is a major draw for investors, though you always need to monitor it against free cash flow, especially given the capital spending on acquisitions like the 100% equity interest purchase in EPIC Crude Holdings.

Here's a quick look at the scale and investor profile as of the latest reporting:

Metric Category	Customer Segment Focus	Latest Real-Life Number (Late 2025)
Operational Volume	Crude Oil & NGL Throughput (PAA Average)	Approximately 8,000,000 barrels per day
Growth Driver	Permian E&P Volume Growth Guidance (FY 2025)	200,000 to 300,000 barrels per day year-over-year
Destination Customer Health	Impact of Refiner Downtime Return (Q2 2025)	Resulted in a sequential benefit to Adjusted EBITDA
Investor Base	Institutional Ownership Percentage	Very high at 88.30%
Income Metric	PAGP Class A Share Quarterly Distribution	$0.38 per share
Financial Context	Q3 2025 Revenue (Period Ending Sep 30, 2025)	$11.58 billion

The operational focus is clearly shifting toward maximizing returns from the crude oil assets, which is where the E&P and refiner segments interact most directly. The company's strategy involves integrating assets like the recently acquired EPIC Crude system to extend contract duration, which directly impacts the revenue predictability for all customers.

You should keep an eye on these key customer-related activities:

• Monitoring the full impact of the EPIC Crude Holdings acquisition on long-haul volumes.
• Tracking the progress of the stated Permian volume growth guidance for the remainder of 2025.
• Assessing the stability of the $0.38 quarterly distribution against the reported Adjusted EBITDA of $669 million for Q3 2025.
• Noting the strategic shift away from NGLs, which impacts the historical customer base in that area.

What this estimate hides is the specific contract structure-how much volume is firm fee versus market-exposed-which is what really drives the stability for the refiners and marketers you deal with. Finance: draft 13-week cash view by Friday.

Plains GP Holdings, L.P. (PAGP) - Canvas Business Model: Cost Structure

The cost structure for Plains GP Holdings, L.P. (PAGP) is heavily weighted toward maintaining its extensive midstream asset base and servicing its significant leverage. You'll see that fixed and variable infrastructure costs, coupled with financing obligations, form the core of the expense profile for late 2025.

The sheer scale of the asset base drives substantial operating costs. For the fiscal quarter ending in September of 2025, Plains GP reported Operating Expenses of $11.19B. This figure captures the day-to-day running of the pipelines and facilities, which is a major, recurring outlay.

Financing costs are a notable component, directly linked to the company's capital structure. As of September 30, 2025, Plains GP Holdings, L.P. carried total debt of $9,452 million. This level of debt results in considerable interest payments; for the quarter ending in September of 2025, the reported Interest Expense on Debt was $135 million.

Investment in the asset base, both for growth and upkeep, represents another major cost area. The growth capital expenditures (CapEx) budget for the full year 2025 was ultimately set at $475 million, an increase from earlier projections. This spending is aimed at expanding capacity, particularly in the Permian Basin. Furthermore, costs associated with ensuring the network remains safe and operational are significant, with maintenance capital expenditures trending closer to $230 million for 2025.

Here's a quick look at some of the key financial figures impacting the cost structure as of late 2025:

Cost Category / Metric	Amount (USD)	Period / Date
Total Debt	$9,452 million	September 30, 2025
Growth Capital Expenditures (Budgeted)	$475 million	Full Year 2025
Maintenance Capital Expenditures (Trending)	$230 million	Full Year 2025
Interest Expense on Debt (Quarterly)	$135 million	Q3 2025
Operating Expenses (Broad Measure)	$11.19B	Q3 2025

The costs tied to maintaining the physical infrastructure are multifaceted. These expenses cover routine operations, regulatory compliance, and proactive integrity management. Key areas driving these infrastructure-related costs include:

• Routine pipeline inspection and testing.
• Scheduled preventative maintenance shutdowns.
• Compliance with federal pipeline safety regulations.
• Costs for linefill replacement and inventory management.

Plains GP Holdings, L.P. (PAGP) - Canvas Business Model: Revenue Streams

You're looking at the core ways Plains GP Holdings, L.P. (PAGP) brings in money, which is primarily through its ownership of Plains All American Pipeline, L.P. (PAA). The business model leans heavily on long-term, fee-based contracts, which helps smooth out the volatility you see in commodity prices. For the third quarter ending September 30, 2025, PAGP reported total sales of $11.58 billion for that period. The trailing twelve months revenue ending September 30, 2025, stood at $46.63 billion.

The revenue streams are built on moving and storing hydrocarbons. Here's how those dollars flow:

• Fee-based revenue from pipeline tariffs and transportation services.
• Storage and terminalling fees from capacity reservations.
• Distribution income from the limited partner interest in PAA.

The performance of these streams is often tracked through Adjusted EBITDA attributable to Plains All American Pipeline, L.P. (PAA). For the first quarter of 2025, PAA delivered Adjusted EBITDA of $754 million. This was followed by $672 million in Adjusted EBITDA attributable to PAA for the second quarter of 2025. The company's full-year 2025 guidance for this metric was set between $2.80 billion and $2.95 billion. You asked specifically about the Year-to-Date (YTD) 2025 Adjusted EBITDA attributable to PAA, which is reported as $2,499 million.

The fee-based revenue component, which is the backbone of the stability, benefits from volume growth and contract escalations. For instance, in Q1 2025, Adjusted EBITDA from Crude Oil was positively impacted by higher tariff volumes and tariff escalations. Conversely, the NGL segment saw its Adjusted EBITDA rise 19% year-over-year in Q1 2025, driven by higher sales volumes and frac spreads.

Storage and terminalling fees are bundled into the overall segment performance, but the commitment to capacity reservations provides a reliable floor for cash flow. The company's overall capital allocation strategy is supported by its projected cash generation. Plains All American projected Adjusted Free Cash Flow of approximately $1.1 billion for the full year 2025.

The distribution income stream for PAGP comes from its limited partner interest in PAA. For the second quarter of 2025, PAGP Class A Shares received a quarterly cash distribution of $0.38 per share, which is the same as the previous distribution. This implies an annualized distribution rate of $1.52 per Class A Share. For you as a shareholder, it's important to note that the PAGP distribution is expected to be a non-taxable return of capital to the extent of your tax basis.

Here's a quick look at the key performance indicators related to cash generation and distributions in 2025:

Metric	Period	Amount	Context
Revenue (PAGP)	Q3 2025	$11.58 billion	Quarterly sales figure.
Adjusted EBITDA Attributable to PAA	Q1 2025	$754 million	First quarter performance.
Adjusted EBITDA Attributable to PAA	Q2 2025	$672 million	Second quarter performance.
Adjusted EBITDA Attributable to PAA	YTD 2025	$2,499 million	Required Year-to-Date figure.
Projected Adjusted Free Cash Flow	Full Year 2025	Approximately $1.1 billion	Excludes changes in assets/liabilities, after acquisitions.
Quarterly Distribution (PAGP Class A)	Q2 2025	$0.38 per share	Consistent with the prior quarter.

The stability of the fee structure is a key driver, even as regulatory changes loom. For example, the 2025 FERC tariff index review is expected to potentially cap tariff growth, which could mean billions in lost revenue across major operators over time, underscoring the importance of volume and capacity reservation fees. Still, the company's reported Q3 2025 net income of $83 million, despite lower sales compared to a year ago, reflects improved profitability, which supports these revenue streams.

Finance: draft a sensitivity analysis on the impact of the lower 2025 FERC tariff index on projected 2026 fee-based revenue by next Wednesday.