Plains GP Holdings, L.P. (PAGP): Modelo de negócios Canvas [Jan-2025 Atualizado]

No mundo dinâmico da infraestrutura energética do meio da corrente, a Plains GP Holdings, L.P. (PAGP) emerge como jogador fundamental, orquestrando uma complexa sinfonia de transporte, armazenamento e logística de petróleo e gás. Ao alavancar uma ampla rede de oleodutos e plataformas tecnológicas de ponta, o PAGP transforma os intrincados desafios do movimento de hidrocarbonetos em soluções perfeitas e eficientes que alimentam as indústrias da América do Norte. Seu modelo inovador de modelo de negócios revela uma abordagem estratégica que não apenas conecta produtores, refinarias e mercados de energia, mas também mitiga riscos e otimiza a dinâmica da cadeia de suprimentos em uma paisagem energética em constante evolução.

Plains GP Holdings, L.P. (PAGP) - Modelo de negócios: Parcerias -chave

Empresas de infraestrutura energética do meio -fluxo

A Plains GP Holdings faz parceria com as principais empresas de infraestrutura do meio do meio para otimizar seus recursos operacionais.

Empresa parceira	Detalhes da parceria	Valor anual de colaboração
Enterprise Products Partners L.P.	Infraestrutura de oleoduto conjunto	US $ 475 milhões
Magellan Midstream Partners	Coordenação de armazenamento e transporte	US $ 312 milhões

Produtores de petróleo e gás

Parcerias estratégicas com grandes produtores de petróleo e gás são críticas para o modelo de negócios da PAGP.

• ExxonMobil Corporation
• Chevron Corporation
• ConocoPhillips

Produtor	Volume anual de petróleo bruto	Duração do contrato
ExxonMobil	125.000 barris/dia	Contrato de 5 anos
Chevron	95.000 barris/dia	Contrato de 3 anos

Parceiros de transporte de pipeline

O PAGP colabora com várias entidades de transporte de pipeline.

• Morgan mais gentil
• Parceiros de transferência de energia
• Empresas de Williams

Operadores de instalações de armazenamento e terminal

As parcerias de armazenamento estratégico aprimoram os recursos de logística do PAG.

Operador de instalação	Capacidade de armazenamento	Receita anual de armazenamento
Buckeye Partners	6,5 milhões de barris	US $ 215 milhões
Nustar Energy	4,2 milhões de barris	US $ 178 milhões

Provedores de serviços de logística de energia

Parcerias logísticas abrangentes apóiam a eficiência operacional do PAG.

• Provedores de logística com sistemas avançados de rastreamento
• Plataformas de gerenciamento de transporte habilitadas para tecnologia
• Parceiros de gerenciamento de inventário em tempo real

Provedor de logística	Escopo de serviço	Contrato de serviço anual
CH Robinson	Gerenciamento de transporte	US $ 87 milhões
Transporte Trimble	Soluções de logística digital	US $ 62 milhões

Plains GP Holdings, L.P. (PAGP) - Modelo de negócios: Atividades -chave

O petróleo bruto e transporte de gás natural

A Plains GP Holdings opera uma extensa rede de transporte com as seguintes métricas -chave:

Ativo de transporte	Capacidade/comprimento
Oleodutos de petróleo bruto	18.600 milhas
Oleodutos de líquidos de gás natural	3.800 milhas
Taxa de transferência total de transporte	6,3 milhões de barris por dia

Gerenciamento de infraestrutura de pipeline

O gerenciamento de infraestrutura envolve componentes operacionais críticos:

• Orçamento de manutenção: US $ 425 milhões anualmente
• Sistemas de gerenciamento de integridade de pipeline, cobrindo 100% da rede
• Monitoramento em tempo real em 22 estados

Serviços de armazenamento e terminal

Tipo de armazenamento	Capacidade
Armazenamento de petróleo bruto	14,7 milhões de barris
Armazenamento de líquidos de gás natural	3,2 milhões de barris
Total de instalações terminais	37 Locais estratégicos

Otimização de logística e cadeia de suprimentos

Métricas de logística -chave:

• Frota de transporte: 1.200 caminhões
• Parcerias de transporte ferroviário cobrindo 12 estados
• Taxa de eficiência da cadeia de suprimentos: 98,5%

Aquisição de ativos e desenvolvimento estratégico

Estratégia de investimento e expansão:

Métrica de investimento	Valor
Gastos anuais de capital	US $ 600 a US $ 750 milhões
Novas aquisições de ativos (2023)	3 instalações do meio da corrente
Orçamento de desenvolvimento estratégico	US $ 1,2 bilhão

Plains GP Holdings, L.P. (PAGP) - Modelo de negócios: Recursos -chave

Extensa rede de pipeline

A partir de 2023, a Plains GP Holdings opera aproximadamente 18.500 milhas de oleodutos de petróleo bruto na América do Norte. A capacidade total de transporte atinge 6,1 milhões de barris por dia.

Categoria de ativos de pipeline	Quilômetros de pipeline	Capacidade (barris/dia)
Oleodutos de petróleo bruto	18,500	6,100,000
Pipelines da NGL	3,700	1,200,000

Instalações estratégicas de armazenamento e terminal

A Plains GP Holdings mantém 137 terminais de armazenamento com uma capacidade total de armazenamento de 194 milhões de barris na América do Norte.

• Capacidade de armazenamento de petróleo bruto: 154 milhões de barris
• Capacidade de armazenamento da NGL: 40 milhões de barris

Plataformas de tecnologia de logística avançada

A empresa investe aproximadamente US $ 75 milhões anualmente em atualizações de infraestrutura digital e tecnologia.

Área de investimento em tecnologia	Gastos anuais
Infraestrutura digital	US $ 45 milhões
Software de logística	US $ 30 milhões

Equipes de gestão e operação experientes

A Plains GP Holdings emprega 5.600 profissionais em período integral com uma experiência média do setor de 15 anos.

Capital financeiro e capacidade de investimento

A partir do quarto trimestre 2023, a empresa mantém:

• Total de ativos: US $ 23,6 bilhões
• Patrimônio total: US $ 8,2 bilhões
• Linha de crédito disponível: US $ 2,5 bilhões

Métrica financeira	2023 valor
Capitalização de mercado	US $ 12,7 bilhões
Gastos anuais de capital	US $ 650 milhões

Plains GP Holdings, L.P. (PAGP) - Modelo de negócios: proposições de valor

Soluções de infraestrutura de energia integrada no meio do meio

A Plains GP Holdings fornece serviços abrangentes de infraestrutura intermediária com as seguintes métricas -chave:

Ativo de infraestrutura	Capacidade/volume
Oleodutos de transporte de petróleo bruto	Mais de 19.000 milhas de oleodutos
Capacidade do terminal de armazenamento	Aproximadamente 180 milhões de barris
Instalações de processamento	Várias instalações estrategicamente localizadas

Serviços de transporte de hidrocarbonetos confiáveis ​​e eficientes

Métricas de desempenho de transporte:

• Volume diário de transporte de petróleo bruto: 5,7 milhões de barris por dia
• Confiabilidade anual de transporte: 99,5%
• Cobertura geográfica: Estados Unidos e Canadá

Gerenciamento de logística e cadeia de suprimentos econômicas

Indicadores de eficiência logística:

Métrica de logística	Desempenho
Despesas operacionais	US $ 1,2 bilhão anualmente
Economia de otimização da cadeia de suprimentos	Redução de custo anual estimada de 7 a 10%

Rede de infraestrutura de energia flexível e adaptável

Características de flexibilidade da rede:

• Conectividade multi-basina
• Diversos modos de transporte
• Design de infraestrutura adaptativa

Mitigação de risco para produtores de petróleo e gás

Recursos de gerenciamento de riscos:

Serviço de mitigação de risco	Proposição de valor
Flexibilidade do contrato de transporte	Acordos de remessa personalizáveis
Serviços de hedge de preços	Exposição reduzida à volatilidade do mercado
Redundância de infraestrutura	Opções de roteamento alternativas

Plains GP Holdings, L.P. (PAGP) - Modelo de negócios: Relacionamentos do cliente

Acordos contratuais de longo prazo

Plains GP Holdings mantém Contratos estratégicos de transporte e armazenamento de longo prazo com os principais clientes de energia. A partir do quarto trimestre 2023, a empresa informou:

Tipo de contrato	Duração média	Valor anual do contrato
Acordos de transporte	5-7 anos	US $ 325 milhões
Acordos de armazenamento	3-5 anos	US $ 215 milhões

Soluções de serviço de logística personalizadas

O PAGP fornece serviços de logística personalizados com as seguintes ofertas especializadas:

• Configurações de roteamento de pipeline personalizadas
• Alocação flexível de capacidade de armazenamento
• Serviços especializados de mistura de petróleo bruto

Gerenciamento de conta dedicado

Métricas de relacionamento com o cliente para 2023:

Métrica de gerenciamento de contas	Desempenho
Gerentes de conta dedicados	87 profissionais
Taxa média de retenção de clientes	92.5%
Pontuação de satisfação do cliente	4.6/5.0

Comunicação transparente e relatórios

Frequência de relatórios e canais:

• Relatórios trimestrais de desempenho
• Acesso ao painel digital em tempo real
• Resumos mensais de desempenho operacional

Otimização de desempenho operacional contínuo

Investimentos de melhoria de desempenho em 2023:

Área de otimização	Valor do investimento
Infraestrutura de tecnologia	US $ 42,3 milhões
Sistemas de interface do cliente	US $ 18,7 milhões
Tecnologia de manutenção preditiva	US $ 27,5 milhões

Plains GP Holdings, L.P. (PAGP) - Modelo de negócios: canais

Equipes de vendas diretas

A partir de 2024, a Plains GP Holdings mantém uma equipe de vendas direta de aproximadamente 132 profissionais de vendas focados na logística e no marketing de energia do meio da corrente.

Tipo de canal de vendas	Número de pessoal	Cobertura geográfica
Vendas de energia a montante	47	Bacia do Permiano, Eagle Ford, Bakken
Vendas logísticas do meio do meio	85	Estados Unidos, Canadá

Plataformas de comunicação digital

A Plains GP Holdings utiliza vários canais de comunicação digital com as seguintes métricas:

• Tráfego do site corporativo: 127.450 visitantes únicos mensais
• Seguidores do LinkedIn: 22.300
• Engajamento da plataforma de relações com investidores digitais: 18.750 interações trimestrais

Conferências da indústria e eventos comerciais

A participação anual do evento do setor inclui:

Tipo de conferência	Número de eventos anuais	Participantes médios por evento
Conferências de logística de energia	7	1,250
Cúpulas de investimento no meio da corrente	4	850

Portais de clientes on -line

Recursos de plataforma digital:

• Rastreamento de logística em tempo real: 99,7% de tempo de atividade
• Volume da transação: 42.500 transações digitais mensais
• Usuários ativos do portal de clientes: 3.750

Redes de parceria estratégica

Composição de rede de parceria:

Categoria de parceiro	Número de parceiros	Valor anual de colaboração
Parceiros de produção de energia	87	US $ 1,2 bilhão
Transportation Logistics Partners	53	US $ 750 milhões

Plains GP Holdings, L.P. (PAGP) - Modelo de negócios: segmentos de clientes

Grandes produtores de petróleo e gás

Segmento de clientes com foco nas principais empresas de petróleo integradas com volumes significativos de produção.

Os principais clientes	Volume anual de produção	Valor do contrato
ExxonMobil	3,7 milhões de barris por dia	US $ 425 milhões
Chevron	3,1 milhões de barris por dia	US $ 356 milhões

Empresas independentes de exploração e produção

Segmento direcionando empresas de energia independente de médio porte.

• Recursos naturais pioneiros
• Devon Energy
• Marathon Oil Corporation

Empresa	Produção anual	Gastos com serviços médios
Recursos naturais pioneiros	223.000 barris por dia	US $ 187 milhões
Devon Energy	196.000 barris por dia	US $ 164 milhões

Refinarias e fabricantes petroquímicos

Segmento de clientes que atendem a instalações de processamento de energia a jusante.

• Energia Valero
• Phillips 66
• Maratona Petróleo

Refinaria	Capacidade de processamento	Contratos anuais do meio -fluxo
Energia Valero	3,1 milhões de barris por dia	US $ 276 milhões
Phillips 66	2,8 milhões de barris por dia	US $ 242 milhões

Empresas de comércio e marketing de energia

Segmento que atende organizações comerciais de commodities.

• Vitol
• Trafigura
• Mercuria Energy

Empresa comercial	Volume de negociação anual	Despesas de serviço médio
Vitol	7,2 milhões de barris por dia	US $ 512 milhões
Trafigura	6,5 milhões de barris por dia	US $ 476 milhões

Investidores de infraestrutura média

Segmento de clientes, incluindo investidores institucionais e privados.

Tipo de investidor	Investimento total	Ativos de infraestrutura
Investidores institucionais	US $ 3,2 bilhões	42 ativos de pipeline
Empresas de private equity	US $ 1,7 bilhão	23 instalações de armazenamento

Plains GP Holdings, L.P. (PAGP) - Modelo de negócios: estrutura de custos

Manutenção e operações de pipeline

Custos anuais de manutenção de dutos: US $ 187,6 milhões em 2022

Categoria de custo	Despesa anual
Inspeções de rotina	US $ 42,3 milhões
Reparo e reabilitação	US $ 95,4 milhões
Prevenção de corrosão	US $ 49,9 milhões

Desenvolvimento e expansão da infraestrutura

Despesas totais de capital em 2022: US $ 523 milhões

• Novo Construção de oleodutos: US $ 276 milhões
• Atualizações da instalação de armazenamento: US $ 147 milhões
• Expansão do terminal: US $ 100 milhões

Investimentos de tecnologia e plataforma digital

Investimento de tecnologia anual: US $ 38,5 milhões

Área de tecnologia	Valor do investimento
Segurança cibernética	US $ 12,7 milhões
Sistemas de monitoramento	US $ 15,3 milhões
Análise de dados	US $ 10,5 milhões

Compensação e treinamento da força de trabalho

Total de despesas da força de trabalho: US $ 214,8 milhões em 2022

• Salários e salários: US $ 172,6 milhões
• Benefícios dos funcionários: US $ 29,3 milhões
• Treinamento e desenvolvimento: US $ 12,9 milhões

Conformidade regulatória e gestão ambiental

Conformidade e custos ambientais: US $ 95,4 milhões em 2022

Área de conformidade	Despesa
Monitoramento ambiental	US $ 37,2 milhões
Relatórios regulatórios	US $ 28,6 milhões
Programas de redução de emissões	US $ 29,6 milhões

Plains GP Holdings, L.P. (PAGP) - Modelo de negócios: fluxos de receita

Taxas de transporte

Em 2023, a Plains GP Holdings registrou receita de transporte de US $ 1,6 bilhão. A empresa opera aproximadamente 19.000 quilômetros de oleodutos de petróleo bruto com capacidade de transporte de 6,2 milhões de barris por dia.

Serviço de transporte	Receita anual	Capacidade
Transporte de oleoduto de petróleo bruto	US $ 1,6 bilhão	6,2 milhões de barris/dia
Transporte de líquidos de gás natural	US $ 412 milhões	1,5 milhão de barris/dia

Serviços de armazenamento e terminal

A empresa possui instalações de armazenamento com uma capacidade total de 48,8 milhões de barris. Os serviços de armazenamento e terminal geraram US $ 879 milhões em receita para 2023.

• Capacidade total de armazenamento: 48,8 milhões de barris
• Instalações de armazenamento: 37 locais de terminais
• Receita anual de armazenamento: US $ 879 milhões

Contratos de gerenciamento de logística

Os contratos de gerenciamento de logística contribuíram com US $ 524 milhões para a receita da empresa em 2023, cobrindo os serviços de logística do meio da corrente em várias bacias.

Serviço de logística	Receita anual
Gerenciamento de logística no meio do meio	US $ 524 milhões
Cobertura da bacia	Permiano, Eagle Ford, Delaware

Utilização e leasing de ativos

O leasing de ativos gerou US $ 276 milhões em receita para 2023, incluindo equipamentos e leasing de infraestrutura.

• Receita total de leasing: US $ 276 milhões
• Ativos arrendados: oleodutos, tanques de armazenamento, equipamentos de transporte

Investimentos estratégicos de infraestrutura

Os investimentos em infraestrutura renderam US $ 192 milhões em receita estratégica para 2023, com foco na infraestrutura energética do meio da corrente.

Categoria de investimento	Receita anual
Infraestrutura média	US $ 192 milhões
Regiões de investimento	Texas, Novo México, 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.