v3.25.1
Partners' Capital and Distributions
 3 Months Ended
Mar. 31, 2025
Partners' Capital Notes [Abstract]  
Partners' Capital and Distributions Partners’ Capital and Distributions
 
Units Outstanding
 
The following tables present the activity for our preferred and common units:

 Limited Partners
 Series A Preferred UnitsSeries B Preferred UnitsCommon Units
Outstanding at December 31, 202471,090,468 800,000 703,770,300 
Repurchase of Series A preferred units
(12,678,560)— — 
Issuances of common units under equity-indexed compensation plans— — 5,650 
Outstanding at March 31, 2025
58,411,908 800,000 703,775,950 
 
 Limited Partners
 Series A Preferred UnitsSeries B Preferred UnitsCommon Units
Outstanding at December 31, 202371,090,468 800,000 701,008,749 
Issuances of common units under equity-indexed compensation plans— — 62,282 
Outstanding at March 31, 2024
71,090,468 800,000 701,071,031 

Repurchase of Series A Preferred Units

On January 31, 2025, we repurchased approximately 12.7 million of our outstanding Series A preferred units from EnCap Flatrock Midstream at the issue price of $26.25 per unit for a purchase price of approximately $333 million, plus accrued and unpaid distributions through January 30, 2025 of approximately $10 million. EnCap Flatrock Midstream is affiliated with EnCap Investments, L.P., an entity that is associated with a member of the board of directors of PAGP GP. The repurchase also resulted in a reduction to the related Preferred Distribution Rate Reset Option liability. See Note 12 to our Consolidated Financial Statements included in Part IV of our 2024 Annual Report on Form 10-K for additional information regarding the Preferred Distribution Rate Reset Option. The difference between the cash we paid for the repurchase of such units and their carrying value on our balance sheet was $43 million. Such amount was considered a return to Series A preferred unitholders and thus reduced amounts attributable to our common unitholders in our Condensed Consolidated Statement of Changes in Partners’ Capital and the calculation of net income per common unit.

Distributions

Series A Preferred Unit Distributions. Distributions on the Series A preferred units accumulate and are payable quarterly within 45 days following the end of each quarter. See Note 11 to our Consolidated Financial Statements included in Part IV of our 2024 Annual Report on Form 10-K for additional information regarding Series A preferred unit distributions. The following table details distributions to our Series A preferred unitholders paid during or pertaining to the first three months of 2025 (in millions, except per unit data):

Series A Preferred Unitholders
Distribution Payment Date
Record Date (1)
Quarter Ended
Cash DistributionDistribution per Unit
May 15, 2025 (2)
May 1, 2025March 31, 2025$36 $0.615 
February 14, 2025January 31, 2025December 31, 2024$36 $0.615 
(1)Payable to unitholders of record at the close of business on the applicable Record Date.
(2)At March 31, 2025, such amount was accrued as distributions payable in “Other current liabilities” on our Condensed Consolidated Balance Sheet.
Series B Preferred Unit Distributions. Distributions on the Series B preferred units accumulate and are payable quarterly in arrears on the 15th day of February, May, August and November. See Note 11 to our Consolidated Financial Statements included in Part IV of our 2024 Annual Report on Form 10-K for additional information regarding Series B preferred unit distributions. The following table details distributions paid or to be paid to our Series B preferred unitholders (in millions, except per unit data):

Series B Preferred Unitholders
Distribution Payment Date
Record Date (1)
Distribution Period
Cash Distribution Distribution per Unit
May 15, 2025 (2)
May 1, 2025
February 15, 2025 through May 14, 2025
$17 $21.49 
February 18, 2025February 3, 2025
November 15, 2024 through February 14, 2025
$18 $22.73 
(1)Payable to unitholders of record at the close of business on the applicable Record Date.
(2)At March 31, 2025, approximately $9 million of accrued distributions payable to our Series B preferred unitholders was included in “Other current liabilities” on our Condensed Consolidated Balance Sheet.

Common Unit Distributions. The following table details distributions to our common unitholders paid during or pertaining to the first three months of 2025 (in millions, except per unit data):
Distributions
Distribution per Common Unit
Distribution Payment Date
Record Date (1)
Quarter Ended
Common UnitholdersTotal Cash Distribution
PublicAAP
May 15, 2025May 1, 2025March 31, 2025$179 $88 $267 $0.38 
February 14, 2025January 31, 2025December 31, 2024$179 $88 $267 $0.38 
(1)Payable to unitholders of record at the close of business on the applicable Record Date.

Noncontrolling Interests in Subsidiaries

As of March 31, 2025, noncontrolling interests in our subsidiaries consisted of (i) a 35% interest in Plains Oryx Permian Basin LLC (the “Permian JV”), (ii) a 30% interest in Cactus II Pipeline LLC (“Cactus II”) and (iii) a 33% interest in Red River Pipeline Company LLC (“Red River”).

Distributions to Noncontrolling Interests

The following table details distributions paid to noncontrolling interests during the periods presented (in millions):

Three Months Ended
March 31,
20252024
Permian JV$105 $74 
Cactus II
22 20 
Red River5 6 
$132 $100