Plains GP Holdings, L.P. — Year Ended December 31, 2025 Earnings Summary

Financial Performance

• Pro forma combined revenues for the year ended December 31, 2025, were $44,464 million, compared to PAGP historical revenues of $44,262 million.
• Pro forma combined operating income was $1,518 million, an increase from PAGP historical operating income of $1,428 million.
• Pro forma combined income from continuing operations, net of tax, was $1,231 million, down from PAGP historical income of $1,303 million.
• Net income attributable to PAGP from continuing operations was $135 million, compared to $152 million historically.
• Pro forma basic and diluted net income per Class A share from continuing operations was $0.68, down from $0.77 historically.
• Pro forma combined interest expense was $634 million, reflecting an additional $94 million in interest expense related to $1,901 million of financing assumed to be outstanding for the full year.
• Pro forma combined depreciation and amortization was $1,055 million, including a $96 million elimination of EPIC historical D&A and $102 million in incremental D&A ($47 million depreciation, $55 million amortization).
• Pro forma combined total costs and expenses were $42,946 million, compared to $42,834 million historically.

Business Segments and Product Lines

• The transaction involves the acquisition of 100% of EPIC Crude Holdings LP and EPIC GP LLC, the entity owning and operating the Cactus III Pipeline.
• The acquisition was completed in two parts: a 55% non-operated equity interest purchased from Diamondback Energy, Inc. and Kinetik Holdings Inc. on October 31, 2025, and the remaining 45% equity interest purchased from a subsidiary of Ares Management LLC effective November 1, 2025.
• PAGP serves as the operator of record of the Cactus III Pipeline following the transaction.
• EPIC Crude Holdings' historical financial statements were reclassified to align with PAGP's presentation, including a $125 million reclassification from Revenue to Purchases and related costs regarding margin on inventory exchanges.

Other Key Points

• The transaction is accounted for as a business combination using the acquisition method of accounting in accordance with ASC 805.
• The pro forma financial information assumes the transaction occurred on January 1, 2025, for illustrative purposes.
• The pro forma adjustments do not reflect any anticipated synergies, integration costs, cost savings, or other potential impacts of combining the businesses.
• No pro forma balance sheet is included as the transaction results are fully reflected in the audited consolidated balance sheet as of December 31, 2025.
• The weighted average Class A shares outstanding remained constant at 198 million for both historical and pro forma periods.
• The interest expense adjustment assumes a rate based on one-month SOFR plus 1.125% as of the Closing Date.