Plains GP Holdings, L.P. (PAGP): Business Model Canvas [Jan-2025 Mise à jour]

Dans le monde dynamique de l'infrastructure énergétique médiane, Plains GP Holdings, L.P. (PAGP) émerge comme un acteur pivot, orchestrant une symphonie complexe de transport, de stockage et de logistique complexe. En tirant parti d'un vaste réseau de pipelines et des plates-formes technologiques de pointe, PAGP transforme les défis complexes du mouvement des hydrocarbures en solutions transparentes et efficaces que les industries électriques à travers l'Amérique du Nord. Leur toile de modèle commercial innovant révèle une approche stratégique qui non seulement relie les producteurs, les raffineries et les marchés de l'énergie, mais atténue également les risques et optimise la dynamique de la chaîne d'approvisionnement dans un paysage énergétique en constante évolution.

Plains GP Holdings, L.P. (PAGP) - Modèle d'entreprise: partenariats clés

Entreprises d'infrastructure énergétique au milieu

Plains GP Holdings s'associe aux principales sociétés d'infrastructure Midstream pour optimiser ses capacités opérationnelles.

Entreprise partenaire	Détails du partenariat	Valeur de collaboration annuelle
Enterprise Products Partners L.P.	Infrastructure conjointe de pipeline	475 millions de dollars
Magellan Midstream Partners	Coordination de stockage et de transport	312 millions de dollars

Producteurs de pétrole et de gaz

Les partenariats stratégiques avec les principaux producteurs de pétrole et de gaz sont essentiels au modèle commercial de PAGP.

• ExxonMobil Corporation
• Chevron Corporation
• Conocophillips

Producteur	Volume annuel du pétrole brut	Durée du contrat
Exxonmobil	125 000 barils / jour	Accord sur 5 ans
Chevron	95 000 barils / jour	Accord de 3 ans

Partenaires de transport de pipelines

PAGP collabore avec plusieurs entités de transport de pipelines.

• Kinder Morgan
• Partenaires de transfert d'énergie
• Compagnies de Williams

Opérateurs de stockage et de terminal

Les partenariats de stockage stratégiques améliorent les capacités logistiques de PAGP.

Opérateur de facilité	Capacité de stockage	Revenus de stockage annuels
Partenaires de Buckeye	6,5 millions de barils	215 millions de dollars
Énergie nustar	4,2 millions de barils	178 millions de dollars

Fournisseurs de services de logistique énergétique

Les partenariats logistiques complets soutiennent l'efficacité opérationnelle de PAGP.

• Fournisseurs de logistique avec des systèmes de suivi avancé
• Plates-formes de gestion des transports en technologie
• Partenaires de gestion des stocks en temps réel

Fournisseur de logistique	Portée du service	Contrat de service annuel
Ch Robinson	Gestion des transports	87 millions de dollars
Transport Trimble	Solutions logistiques numériques	62 millions de dollars

Plains GP Holdings, L.P. (PAGP) - Modèle d'entreprise: Activités clés

Pétrole brut et transport de gaz naturel

Plains GP Holdings exploite un vaste réseau de transport avec les mesures clés suivantes:

Actif de transport	Capacité / longueur
Pilélines de pétrole brut	18 600 miles
Pipelines de liquides de gaz naturel	3 800 miles
Débit total du transport	6,3 millions de barils par jour

Gestion des infrastructures de pipeline

La gestion des infrastructures implique des composantes opérationnelles critiques:

• Budget de maintenance: 425 millions de dollars par an
• Systèmes de gestion de l'intégrité des pipelines couvrant 100% du réseau
• Surveillance en temps réel dans 22 États

Services de stockage et de terminaison

Type de stockage	Capacité
Stockage de pétrole brut	14,7 millions de barils
Stockage des liquides de gaz naturel	3,2 millions de barils
Installations totales de terminal	37 emplacements stratégiques

Logistique et optimisation de la chaîne d'approvisionnement

Mesures logistiques clés:

• Flotte de transport: 1 200 camions
• Partenariats de transport ferroviaire couvrant 12 États
• Taux d'efficacité de la chaîne d'approvisionnement: 98,5%

Acquisition d'actifs et développement stratégique

Stratégie d'investissement et d'expansion:

Métrique d'investissement	Valeur
Dépenses en capital annuelles	600 à 750 millions de dollars
Nouvelles acquisitions d'actifs (2023)	3 installations intermédiaires
Budget de développement stratégique	1,2 milliard de dollars

Plains GP Holdings, L.P. (PAGP) - Modèle commercial: Ressources clés

Réseau de pipeline étendu

En 2023, Plains GP Holdings exploite environ 18 500 miles de piles de pétrole brut à travers l'Amérique du Nord. La capacité totale de transport atteint 6,1 millions de barils par jour.

Catégorie d'actifs de pipeline	Miles de pipeline	Capacité (barils / jour)
Pilélines de pétrole brut	18,500	6,100,000
Pipelines LGL	3,700	1,200,000

Stockage stratégique et terminaux

Plains GP Holdings maintient 137 terminaux de stockage d'une capacité de stockage totale de 194 millions de barils en Amérique du Nord.

• Capacité de stockage du pétrole brut: 154 millions de barils
• Capacité de stockage des LGN: 40 millions de barils

Plateformes de technologie logistique avancée

La société investit environ 75 millions de dollars par an dans les mises à niveau d'infrastructure numérique et de technologie.

Zone d'investissement technologique	Dépenses annuelles
Infrastructure numérique	45 millions de dollars
Logiciel logistique	30 millions de dollars

Gestion expérimentée et équipes opérationnelles

Plains GP Holdings emploie 5 600 professionnels à temps plein avec une expérience moyenne de l'industrie de 15 ans.

Capital financier et capacité d'investissement

Au quatrième trimestre 2023, la société maintient:

• Actif total: 23,6 milliards de dollars
• Équité totale: 8,2 milliards de dollars
• Créabilité de crédit disponible: 2,5 milliards de dollars

Métrique financière	Valeur 2023
Capitalisation boursière	12,7 milliards de dollars
Dépenses en capital annuelles	650 millions de dollars

Plains GP Holdings, L.P. (PAGP) - Modèle d'entreprise: propositions de valeur

Solutions d'infrastructure énergétique intégrées

Plains GP Holdings fournit des services d'infrastructure intermédiaire complets avec les mesures clés suivantes:

Actif d'infrastructure	Capacité / volume
Pipelines de transport de pétrole brut	Plus de 19 000 miles de pipelines
Capacité de terminal de stockage	Environ 180 millions de barils
Installations de traitement	Multiples installations stratégiquement situées

Services de transport d'hydrocarbures fiables et efficaces

Métriques de performance du transport:

• Volume quotidien du transport du pétrole brut: 5,7 millions de barils par jour
• Fiabilité annuelle du transport: 99,5%
• Couverture géographique: États-Unis et Canada

Logistique rentable et gestion de la chaîne d'approvisionnement

Indicateurs d'efficacité logistique:

Métrique logistique	Performance
Dépenses d'exploitation	1,2 milliard de dollars par an
Économies d'optimisation de la chaîne d'approvisionnement	Réduction des coûts annuelle estimée à 7 à 10%

Réseau d'infrastructure énergétique flexible et adaptable

Caractéristiques de flexibilité du réseau:

• Connectivité multi-bassin
• Divers modes de transport
• Conception d'infrastructure adaptative

Atténuation des risques pour les producteurs de pétrole et de gaz

Capacités de gestion des risques:

Service d'atténuation des risques	Proposition de valeur
Flexibilité du contrat de transport	Accords d'expédition personnalisables
Services de couverture des prix	Réduction de l'exposition à la volatilité du marché
Redondance des infrastructures	Options de routage alternatives

Plains GP Holdings, L.P. (PAGP) - Modèle d'entreprise: relations avec les clients

Accords contractuels à long terme

Plains GP Holdings maintient Contrats stratégiques de transport et de stockage à long terme avec les clients clés de l'énergie. Au quatrième trimestre 2023, la société a rapporté:

Type de contrat	Durée moyenne	Valeur du contrat annuel
Accords de transport	5-7 ans	325 millions de dollars
Accords de stockage	3-5 ans	215 millions de dollars

Solutions de service logistique personnalisées

PAGP fournit des services de logistique sur mesure avec les offres spécialisées suivantes:

• Configurations de routage des pipelines personnalisées
• Attribution de la capacité de stockage flexible
• Services spécialisés de mélange de pétrole brut

Gestion de compte dédiée

Métriques de la relation client pour 2023:

Métrique de gestion du compte	Performance
Gestionnaires de compte dédiés	87 professionnels
Taux de rétention de clientèle moyen	92.5%
Score de satisfaction du client	4.6/5.0

Communication transparente et rapport

Fréquence et canaux de rapport:

• Rapports de performance trimestriels
• Accès au tableau de bord numérique en temps réel
• Résumés mensuels de performance opérationnelle

Optimisation continue des performances opérationnelles

Investissements d'amélioration des performances en 2023:

Zone d'optimisation	Montant d'investissement
Infrastructure technologique	42,3 millions de dollars
Systèmes d'interface client	18,7 millions de dollars
Technologie de maintenance prédictive	27,5 millions de dollars

Plains GP Holdings, L.P. (PAGP) - Modèle d'entreprise: canaux

Équipes de vente directes

En 2024, Plains GP Holdings maintient une équipe de vente directe d'environ 132 professionnels des ventes axés sur la logistique et le marketing énergétiques intermédiaires.

Type de canal de vente	Nombre de personnel	Couverture géographique
Ventes d'énergie en amont	47	Basin Permien, Eagle Ford, Bakken
Ventes logistiques intermédiaires	85	États-Unis, Canada

Plateformes de communication numérique

Plains GP Holdings utilise plusieurs canaux de communication numériques avec les mesures suivantes:

• Trafic de site Web de l'entreprise: 127 450 visiteurs uniques mensuels
• LinkedIn adepte: 22 300
• Engagement de la plateforme de relations avec les investisseurs numériques: 18 750 interactions trimestrielles

Conférences de l'industrie et événements commerciaux

La participation annuelle sur l'événement de l'industrie comprend:

Type de conférence	Nombre d'événements annuels	Participants moyens par événement
Conférences de logistique énergétique	7	1,250
Sommets d'investissement au milieu	4	850

Portails de clients en ligne

Capacités de plate-forme numérique:

• Suivi logistique en temps réel: 99,7% de disponibilité
• Volume de transaction: 42 500 transactions numériques mensuelles
• Portail client utilisateurs actifs: 3,750

Réseaux de partenariat stratégiques

Partenariat Composition du réseau:

Catégorie de partenaire	Nombre de partenaires	Valeur de collaboration annuelle
Partenaires de production d'énergie	87	1,2 milliard de dollars
Partners de la logistique des transports	53	750 millions de dollars

Plains GP Holdings, L.P. (PAGP) - Modèle d'entreprise: segments de clientèle

Grands producteurs de pétrole et de gaz

Le segment de la clientèle se concentrant sur les grandes sociétés pétrolières intégrées avec des volumes de production importants.

Meilleurs clients	Volume de production annuel	Valeur du contrat
Exxonmobil	3,7 millions de barils par jour	425 millions de dollars
Chevron	3,1 millions de barils par jour	356 millions de dollars

Sociétés indépendantes d'exploration et de production

Segment ciblant les sociétés énergétiques indépendantes de taille moyenne.

• Ressources naturelles pionnières
• Devon Energy
• Marathon Oil Corporation

Entreprise	Production annuelle	Les services intermédiaires dépensent
Ressources naturelles pionnières	223 000 barils par jour	187 millions de dollars
Devon Energy	196 000 barils par jour	164 millions de dollars

Raffineries et fabricants pétrochimiques

Le segment de clientèle desservant les installations de traitement de l'énergie en aval.

• Valero Energy
• Phillips 66
• Marathon pétrole

Raffinerie	Capacité de traitement	Contrats annuels du milieu intermédiaire
Valero Energy	3,1 millions de barils par jour	276 millions de dollars
Phillips 66	2,8 millions de barils par jour	242 millions de dollars

Entreprises de trading d'énergie et de marketing

Segment desservant les organisations commerciales de matières premières.

• Vitol
• Trafigura
• Mercuria Energy

Firme de commerce	Volume de trading annuel	Dépenses de service au milieu
Vitol	7,2 millions de barils par jour	512 millions de dollars
Trafigura	6,5 millions de barils par jour	476 millions de dollars

Investisseurs d'infrastructure intermédiaire

Segment de clientèle, y compris les investisseurs institutionnels et privés.

Type d'investisseur	Investissement total	Actifs d'infrastructure
Investisseurs institutionnels	3,2 milliards de dollars	42 actifs de pipeline
Sociétés de capital-investissement	1,7 milliard de dollars	23 installations de stockage

Plains GP Holdings, L.P. (PAGP) - Modèle d'entreprise: Structure des coûts

Entretien et opérations du pipeline

Coûts de maintenance annuelle des pipelines: 187,6 millions de dollars en 2022

Catégorie de coûts	Dépenses annuelles
Inspections de routine	42,3 millions de dollars
Réparation et réhabilitation	95,4 millions de dollars
Prévention de la corrosion	49,9 millions de dollars

Développement et expansion des infrastructures

Total des dépenses en capital en 2022: 523 millions de dollars

• Nouvelle construction de pipelines: 276 millions de dollars
• Mises à niveau des installations de stockage: 147 millions de dollars
• Expansion du terminal: 100 millions de dollars

Investissements technologiques et plate-forme numérique

Investissement technologique annuel: 38,5 millions de dollars

Zone technologique	Montant d'investissement
Cybersécurité	12,7 millions de dollars
Systèmes de surveillance	15,3 millions de dollars
Analyse des données	10,5 millions de dollars

Rémunération et formation de la main-d'œuvre

Dépenses totales de la main-d'œuvre: 214,8 millions de dollars en 2022

• Salaires et salaires: 172,6 millions de dollars
• Avantages sociaux: 29,3 millions de dollars
• Formation et développement: 12,9 millions de dollars

Conformité réglementaire et gestion environnementale

Coûts de conformité et environnemental: 95,4 millions de dollars en 2022

Zone de conformité	Frais
Surveillance environnementale	37,2 millions de dollars
Représentation réglementaire	28,6 millions de dollars
Programmes de réduction des émissions	29,6 millions de dollars

Plains GP Holdings, L.P. (PAGP) - Modèle d'entreprise: Strots de revenus

Frais de transport

En 2023, Plains GP Holdings a déclaré des revenus de transport de 1,6 milliard de dollars. L'entreprise exploite environ 19 000 miles de piles de pétrole brut d'une capacité de transport de 6,2 millions de barils par jour.

Service de transport	Revenus annuels	Capacité
Transport de l'huile de pétrole brut	1,6 milliard de dollars	6,2 millions de barils / jour
Transport des liquides de gaz naturel	412 millions de dollars	1,5 million de barils / jour

Services de stockage et de terminaison

La société possède des installations de stockage d'une capacité totale de 48,8 millions de barils. Les services de stockage et de terminaison ont généré 879 millions de dollars de revenus pour 2023.

• Capacité de stockage totale: 48,8 millions de barils
• Installations de stockage: 37 emplacements terminaux
• Revenus de stockage annuels: 879 millions de dollars

Contrats de gestion de la logistique

Les contrats de gestion de la logistique ont contribué 524 millions de dollars aux revenus de l'entreprise en 2023, couvrant les services de logistique Midstream dans plusieurs bassins.

Service logistique	Revenus annuels
Gestion de la logistique intermédiaire	524 millions de dollars
Couverture du bassin	Permian, Eagle Ford, Delaware

Utilisation et location des actifs

La location d'actifs a généré 276 millions de dollars de revenus pour 2023, y compris l'équipement et la location d'infrastructures.

• Revenus de location totale: 276 millions de dollars
• Actifs loués: pipelines, réservoirs de stockage, équipement de transport

Investissements stratégiques d'infrastructure

Les investissements dans les infrastructures ont généré 192 millions de dollars de revenus stratégiques pour 2023, en se concentrant sur les infrastructures énergétiques intermédiaires.

Catégorie d'investissement	Revenus annuels
Infrastructure intermédiaire	192 millions de dollars
Régions d'investissement	Texas, Nouveau-Mexique, 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.