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Plains GP Holdings, L.P. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in product sales revenues to $12,282 million from $11,581 million in the same quarter the previous year. This increase is attributed to higher crude oil sales volumes.
Purchases and related costs for the quarter were $11,557 million, compared to $11,106 million in the same quarter of the previous year. The increase is due to higher crude oil sales volumes.
The company reported a net income of $301 million for the quarter, compared to $268 million in the previous year, with the increase attributed to higher tariff volumes and contributions from acquisitions.
Interest expense remained stable at $97 million for the quarter, consistent with the previous year.
Cash provided by operating activities was $1,758 million, while cash used in investing and financing activities was $611 million and $956 million, respectively.
Plains GP Holdings had a working capital surplus of $34 million as of September 30, 2024, with approximately $3.3 billion of liquidity available.
The filing also details various financial agreements, including amendments to PAA's (PAA+1.73%) credit facility agreements extending maturity dates.
Plains GP Holdings does not anticipate any significant changes in its liquidity position in the near future.
The company continues to manage its operations through two segments: Crude Oil and NGL, with the Crude Oil segment showing an increase in Segment Adjusted EBITDA due to higher pipeline volumes.
Plains GP Holdings continues to focus on maintaining its financial stability and meeting its financial commitments, debt service obligations, and capital expenditures.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Plains GP Holdings L.P. quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.