The corporations on our annual list of the world's 500 largest companies combined to generate $41.7 trillion in revenue over the past year.

Fortune Global 500

Almost $20 trillion in revenue—and a record-breaking $1.87 trillion in profits. Introducing the 2025 Fortune 500, the definitive list of the biggest companies in America.

Fortune 500

The corporations on our annual list posted aggregate revenues of $41 trillion for the second year in a row.

Industries included in the sector are mining, oil and gas exploration and services, pipelines, refining, and utilities.

Fortune Sector Leaders: Energy

The Fortune 500, in its 70th year in 2024, ranks the biggest U.S. companies by revenue.

The corporations on our annual list of the world’s largest companies delivered a record $41 trillion in aggregate revenues.

The Fortune 500, in its 69th year in 2023, ranks the biggest U.S. companies by revenue.

F500-2023-074-Plains GP Holdings

The publicly traded company that operates pipelines and infrastructure for crude oil, natural gas liquids, and natural gas climbed 14 spots on the Fortune 500 this year. 
<ul> 
 	<li>At No. 74 on this year’s ranking, Plains GP Holdings brought in $57 billion in revenue—a 36% increase from the previous year.</li> 
 	<li>Willie Chiang, chairman and CEO, said he expects continued growth in 2023 in the company's joint venture in Texas's Permian Basin, the nation’s biggest shale oil basin.</li> 
</ul>

Aggregate sales hit $37.8 trillion last year—an increase of 19%, the highest annual growth rate in the list’s history.

This year’s Fortune 500 marks the 68th running of the list.

Plains GP Holdings operates over 18,000 miles of pipeline and provides other energy infrastructure and logistics services for crude oil, natural gas liquids, and natural gas in the U.S. and Canada. The company jumped 39 spots on the Fortune 500 list, driven largely by fast-rising oil prices and Plains GP’s ability to profit from the revival of oil and gas production in Texas’ Permian Basin.

This year’s Fortune 500 marks the 67th running of the list.

The pipeline operator, based in Houston, Texas, is a master limited partnership focused on the transportation, processing, and storage of crude oil and natural gas liquids and related products throughout the U.S. and Canada.

This year's Fortune Global 500 generated $33.3 trillion in revenues and $2.1 trillion in profits.

Plains GP Holdings is the parent of Plains All American Pipeline (PAA), which provides infrastructure and logistics services for crude oil, natural gas, and natural gas liquids (like ethane and propane) in the U.S. and Canada. Revenues shrank by 1% last year, to $33.7 billion, and profits dipped by roughly the same rate. And the coronavirus-related shutdowns this year, which have clobbered demand for oil and gas, aren't making things easier for 2020. One immediate setback: A planned joint venture between Plains and Phillips 66 to create Red Oak Pipeline—intended to transport crude oil from Cushing, Oklahoma, and the Permian Basin to key markets along the Texas Gulf Coast—has been deferred, as economic activity has slowed across the board. To keep more cash in its coffers, PAA has reduced its capital spending program and cut distributions to shareholders by half. The company also plans to sell off a total of $440 million in assets this year.

This year's Fortune 500 marks the 66th running of the list.

Plains GP Holdings is the parent of Plains All American Pipeline (PAA), which provides infrastructure and logistics services for crude oil, natural gas, and natural gas liquids (like ethane and propane) in the U.S. and Canada. Revenues shrank by 1% last year, to $33.7 billion, pushing it down four spots on the Fortune 500, and profits dipped by roughly the same rate. And the coronavirus-related shutdowns this year, which have clobbered demand for oil and gas, aren't making things easier for 2020. One immediate setback: A planned joint venture between Plains and Phillips 66 to create Red Oak Pipeline—intended to transport crude oil from Cushing, Oklahoma, and the Permian Basin to key markets along the Texas Gulf Coast—has been deferred, as economic activity has slowed across the board. To keep more cash in its coffers, PAA has reduced its capital spending program and cut distributions to shareholders by half. The company also plans to sell off a total of $440 million in assets this year.

This year's Fortune Global 500 generated $27.7 trillion in revenues and $1.5 trillion in profits.

This year's Fortune 500 marks the 65th running of the list.

This year's Fortune 500 marks the 64th running of the list.

This year's Fortune 500 marks the 63rd running of the list.

This year's Fortune Global 500 generated $27.6 trillion in revenues and $1.5 trillion in profits.

This year's Fortune 500 marks the 62nd running of the list.

The world's 500 largest companies generated $31.2 trillion in revenues and $1.7 trillion in profits in 2014. Together, this year's Fortune Global 500 employ 65 million people worldwide and are represented by 36 countries.

This year's Fortune 500 marks the 61st running of the list. Wal-Mart claims the top spot again. See who made the list.

Global business is back. After limping through a worldwide financial crisis and economic slowdown, the 500 largest companies ranked by revenues shattered all sorts of performance records in 2013: They racked up combined revenues of $31.1 trillion, up 2.5% from 2012, and profits soared 27% to nearly $2 trillion. China’s 95 companies (up from 89 last year) posted $5.8 trillion in revenues. The U.S. has four fewer companies on the list than last year but remains (for now) the country leader, with 128 corporations on the list—including No. 1 Wal-Mart Stores—reporting $8.6 trillion in revenues. 

Wal-Mart stayed on top as its sales crept closer to half-a-trillion dollars. Apple moved into the top five. And UnitedHealth Group continued its steady climb. 

Key Financials (last Fiscal Year)

Revenues ($M)

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Assets ($M)

Total Stockholder Equity ($M)

Profit Ratios

Profit as % of Revenues

Profits as % of Assets

Profits as % of Stockholder Equity

Earnings Per Share (last Fiscal Year)

Earnings Per Share ($)

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EPS % Change (5 year annual rate)

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Total Return to Investors (last year)

Total Return to Investors (5 year, annualized)

Total Return to Investors (10 year, annualized)

Plains GP Holdings is a ”midstream” energy company that stores, transports and processes natural gas and oil, connecting suppliers with distributors. Based in Houston, with a Canadian headquarters in Calgary, it operates pipelines, railcars and storage facilities for both crude oil and natural gas, as well as natural gas processing facilities. Many of its ownership interests are joint ventures with other companies.

Q2 2025

Q1 2025

Q3 2024

Plains GP Holdings (PAGP): Company Profile, Stock Price, News, Rankings

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Plains GP Holdings

plains gp holdings

Hello, and welcome to PAA and PAGP Third Quarter 20 24 Earnings Call. At this time, all participants are in a listen only mode. After the speakers' presentation, there will be a question and answer session. I would now like to hand the conference over to Blake Fernandez, Vice President of Investor Relations. You may begin.

Thank you, Twanda. Good morning, and welcome to Plains All American Third Quarter 2024 Earnings Call. Today's slide presentation is posted on the Investor Relations website under the News and Events section at plains.com. An audio replay will also be available following today's call. Important disclosures regarding forward looking statements and non GAAP financial measures are provided on Slide 2.

An overview of today's call is provided on Slide 3. The condensed consolidating balance sheet for PAGP and other reference materials are in the appendix. Today's call will be hosted by our Chairman and CEO, Willie Chang Executive Vice President and CFO, Al Swanson as well as other management team members. With that, I will turn the call over to Willie.

Thank you, Blake. Good morning, everyone, and thank you for joining us. Plains delivered another solid operational quarter as our business continued to strengthen. Based on year to date performance and our outlook for the balance of the year, we now expect to be toward the top end of our 2024 adjusted EBITDA guidance range of $2,725,000,000 to $2,775,000,000 as we show on Slide 4. Permian volume growth remains on track with our original forecast of 200,000 to 300,000 barrels a day range for 2024, that's exit to exit.

And we're seeing producer efficiencies offsetting lower than forecasted horizontal rig counts. Regarding our NGL business, we're on track to complete our Fort Saskatchewan fractionation expansion project on schedule and on budget in the first half of twenty twenty five. Additionally, we continue to pursue opportunities to advance our efficient growth strategy through bolt on acquisitions and we recently acquired the 5 Stones Permian gathering system from Rattler Midstream. As shown on Slide 5, we continue to execute on what we believe is a long runway of bolt on opportunities across our portfolio. Consistent with our investment framework, these transactions complement our existing base, creating incremental growth opportunities and enhance our financial profile.

Before turning the call over to Al, I'd like to provide an update on our efforts to resolve the remaining contingencies related to our 20, 2015 oil spill in California. We recently settled 2 lawsuits and we have booked a charge of $120,000,000 to our overall Line 901 accrual. With these two settlements, we believe we have resolved all material Line 901 claims against claims. With respect to our $225,000,000 claim for reimbursement of a prior class action settlement from our insurance carriers, we expect the majority of the claim, dollars 175,000,000 to be resolved in the Q1 of 2025, which we continue to believe that we are entitled to reimbursement. Overall, we view this settlement as prudent risk management providing us with more certainty regarding our future cash flow, which allows us to more confidently focus forward on our strategic priorities.

With that, I'll turn the call over to Al.

Thanks, Willie. We reported Q3 adjusted EBITDA net to PAA of $659,000,000 This reflects the benefit of higher Permian volumes across our gathering, intra basin and long haul footprints and provides momentum for our crude oil segment as we exit 2024. Slide 67 in today's presentation contains walks that provide details on our Q3 performance. A summary of our updated 2024 guidance is on Slide 8. Shifting to capital allocation as illustrated on Slide 9, for 2024, we expect to generate approximately $1,450,000,000 of adjusted free cash flow excluding changes in assets and liabilities and including $140,000,000 of bolt on acquisitions with approximately $1,150,000,000 to be allocated to common and preferred distributions.

Please note that our adjusted free cash flow guidance has been updated to reflect our recent bolt on announcement, charges associated with the previously mentioned legal settlements and our updated commentary on full year guidance. As Willie mentioned, we continue to advance our efficient growth strategy while maintaining financial flexibility. Our efforts were recently recognized by Moody's resulting in an upgrade to Baa2 with a stable outlook. With the upgrade, we have now achieved our target of having a mid BBB rating at all 3 credit rating agencies. With that, I'll turn the call back to Willie.

Thanks, Al. Well, we are optimistic on the future of the U. S. Energy industry, which we expect to benefit from improved energy policy, regulatory framework and hopefully streamlined permitting, all critical to U. S.

Energy security and our industry's ability to meet global energy needs safely, reliably and responsibly. Our Plains portfolio is more resilient based on the work over the past several years, the investments we've made and our focus on improving the durability of our earnings, which positions us well to navigate through a volatile macro environment with geopolitical unrest, potential OpEx supply changes, uncertainty around China and broader economic activity. Our company remains well positioned and our strategy is proven. We've made tangible progress across 3 key tenets of our strategy, generate significant multi year free cash flow, maintain capital discipline and return capital to our investors while preserving financial flexibility. The Plains team continues to deliver on our goals and initiatives and our improved outlook provides us more confidence in the trajectory of our business and long term focus on increasing return of capitals to unitholders.

With that, I'll turn the call over to Blake to lead us into Q and A.

Thanks, Willie. As we enter the Q and A session, please limit yourself to one question and one follow-up. For those with additional questions, please feel free to return to the queue. This will allow us to address questions from as many participants as possible in our available time this morning. The IR team will also be available after the call to address any additional questions you may have.

Towanda, we're ready to open the call for questions, please.

Thank Our first question comes from the line of Michael Blum with Wells Fargo. Your line is open.

Hi, good morning, everybody. I wanted to ask about your Permian gathering volumes this quarter. They were they look pretty particularly strong to us. And I wanted to just understand better how much of that is being driven organically versus contributions from acquisitions? And is there anything you call out in terms of special items this quarter?

So we have Michael, this is Jeremy. Good morning. We haven't split those out, but we've seen substantial growth on the organic side. That's probably the primary driver. Year over year, there were some modest growth from the acquisitions, but substantial portion was organic growth from completions across the system.

Okay, great. Thanks for that. I wanted to ask you basically like a high class problem question. So your leverage is now meaningfully below your target range. So wondering what that means going forward.

Do you think you may lower the target range for leverage? You've got excess capacity here for additional capital return. Yes, just trying to think through the different options you have as leverage ticks below your target. Thanks.

Yes, Michael, this is Willie. Thanks for the acknowledgment of the lower leverage. We don't intend to lower our leverage range, which is 3.25x to 3.75x any lower. We're pleased where we are. And what we've really done is with the announcement of the settlement on our California litigation, it gives us more confidence to kind of execute against our strategy and what is that maximizing free cash flow.

We've got a lot of self help that's going on, but as we've shared, we did before in the group. We're focused a lot on optimization. We call it efficient growth. Certainly, capital efficiency is in there. So we're also trying to do things without capital that improve our business, which is around optimizing our assets, our margins, working with our customers, kind of get win wins.

And with that allows us to execute on our kind of the pillar of the second pillar of our efficient growth strategy, which is really around bolt on acquisitions. So when you think about how we deploy capital, we think the bolt ons for us offer the highest return opportunities for the unitholders. We've done a number of those as you've seen. We continue to want to do more and we think we're going to be able to certainly evaluate them, but we're going to stay very disciplined on what we pay for it because we want to stay true to not just growing, but growing the returns. Financial flexibility remains there.

And then back to the last bullet point as we think about returning cash back to shareholders, that's ultimately where we want to get we want to focus on and get to over multiple years. So it gives us lots of flexibility to do many things. Also things like kind of reoptimizing our balance sheet and if we aren't able to find opportunities for bolt ons, we will look a little bit more towards some of those options. Hopefully that helps.

Thank you. Please standby for our next question. Our next question comes from the line of Spiro Dounis with Citi. Your line is open.

Thanks, operator. Good morning, team. Maybe want to go back to volumes, if we could. So I imagine you're in discussions now with producers as we head into the 2025 budget season and perhaps not ready to provide a final view on 2025. Just curious how these early conversations are going, if you give us a sense of how the year is shaping up here?

Spiro, this is Willie. What we haven't obviously, we'll give guidance in February. The high level comment I'll make and then Jeremy can add in as he see fits, 200,000 to 300,000 barrels a day in the Permian was our estimate this year. We expect to be within that range. It was more back end weighted.

And going forward, although we don't have specifics, we would expect similar ranges of growth going forward. Spiro, I would agree with that. What I would say is that producer forecasts are matching that from

our initial dialogue, but they don't set their budgets until a little bit later and we won't we'll tie those into our forecast for next year.

We'll wait on that then. And maybe just to go back to capital allocation, but coming from a different perspective maybe. I guess we've seen some healthy kind of public valuation markers out there over the last 3 months or so. And I guess I'm just curious, specifically around the crude pipeline side, I guess I was curious what does that do to bid ask spread from here as you approach some

we think about the other way, how is what are the current thinking about the value of your stock here relative to some of those public markers and what that means for buybacks and be tracking this year?

So Spiro, I'll take the first part. On the valuation, every asset is unique. Some of the ones that you saw have specific attributes around acres dedications, producer forecasts, etcetera. So one asset doesn't necessarily set the market for everything. It does say that midstream assets are highly valued and we're very happy with the assets that we own.

We'll be disciplined. We take a very intensive approach to how we look at transactions and I don't think it impacts our valuation with respect to how we look at assets and our cash flow requirements. But we're certainly pay attention to that. We understand the markets and we understand the dynamics of each asset and we'll look at them each individually. As far as the valuation question, I'll turn that to Willie.

Spiro, I think you've realized this for us because of our asset base and the integrated nature of what we do, a lot of times we're able to capture synergies that others aren't. So that adds to the comments that Jeremy talks about on our view that we should be able to really at any valuation be able to capture more value than others on the bolt ons. As far as the valuation for planes, I'll give you a short answer. We think it's lower than it should be and it's our efforts to drive the value higher.

Have a good week. Good weekend, gentlemen.

Please stand by for our next question. Our next question comes from the line of Jeremy Tonet with JPMorgan Securities. Your line is open.

I just wanted to touch base a little bit more on the bolt ons, if I could. And just wanted to see your current thoughts, I guess, on the water business as far as water disposal is concerned, real important part of the activity in the Permian. And just wondering is that a line of business where you could see activity going forward or just doesn't fit your business profile?

Well, Jeremy, this is Willie. I'm not going to comment on specifics. For us, the tenants are can we offer synergies on the business around water. We don't have any real exposure to it now. If there was something that we could there was an asset and something that would fit well into our business, we would absolutely look at it.

We've tended not to get into that because we've been focusing more on our own asset base and tending to the knitting a little bit. We don't not look at it, but nothing really to share with you specifics on whether we would or wouldn't get into the business.

Got it. That's helpful there. And then maybe just looking up north for a minute, your Canadian platform, just wondering how you think about that at this juncture. Do you see more growth initiatives beyond what's announced, be it bolt ons or organic or how do you see yourself, I guess, within the competitive landscape there?

Well, I'll start. We have if you think about the Canadian business, we've really done our teams done quite a bit of work up there to focus the efforts around 2 big core areas, 1 in Edmonton and the other one over in Eastern Canada and optimize around that. The expansion of our Port Saskatchewan is critical to improving our fee based durability of cash flow there. We're shifting more to fee based versus margin related. There are some other opportunities up there that we would put the same lens on if it's something that is around the integration benefit that we can get synergies on.

We're definitely open to that. But the focus right now is to get Fort Saskatchewan project complete on schedule and on budget.

Got it. Very helpful. I'll leave it there. Thanks.

Please standby for our next question. Our next question comes from the line of Neil Mitra with Bank of America. Your line is open.

Hi, thanks for taking my question. I guess this is directed to Jeremy. I just wanted to understand how maybe some of the crude flows are changing with less heavies coming down to the Gulf Coast. How that's impacting basin, your cooking storage assets and maybe even the Rockies, just your entire system if there's changes at all?

Thanks, Neil. So TMX startup that's looking like it's running close to 400,000 barrels a day, 50,000 to 100,000 barrels a day flight. That has reduced exports from the Gulf Coast of heavy by about 150,000 to 200,000 barrels a day. So that's been the impact on the heavy side. Throughputs at our Cushing through the summer were all time records.

So our specific facility in our refinery focused assets and pipes in and out are close to record. So we haven't seen much impact to our assets there. On the light side, the combination of the light barrels being exported plus reductions in some of the DJ and Rockies flows has actually improved basin flows and you saw that in the quarter and we expect that to continue as Permian production grows and those dynamics continue.

perfect. And I wanted to ask a general question. We've seen some peers acquire crude gathering in the Permian and I know that's something you've been doing on the bolt on side as well. And on the NGL side, you can direct barrels down your own pipeline. Is there any context on the size of the customer or whether you can actually create an integrated system there or does the customer kind of choose the pipeline?

And I understand in your case, your biggest exposure is to Corpus, so people would want to go there. But is it all like the NGL business or does every customer get to choose?

Hey, Neil, this is Willie. Let me ask you to clarify, were you asking about Canadian integrated NGL or crude oil in Permian?

I'm sorry, crude oil in the Permian. The gathering systems that you acquired, do those customers have the choice of choosing the crude pipeline that they direct their barrels on? Or do you have some optionality to move the barrels for them?

So it's a good question. It's a function of who the customer is and who the shippers are on the lines connected to the gathering system. And so the answer is, it depends. But in many cases, Plains Marketing is the shipper on a lot of our assets and we can structure that to where we're the 1st purchaser or we buy and sell and give it back to that customer at different locations. So we purchase it there, we move it to market and then we give them another barrel back at a different location.

So there's lots of flexibility and that's one of the benefits of our assets. We don't force anyone to go anywhere. We have substantial liquidity to fill our pipes and most of everyone else's. So the uniqueness of our asset is we don't force them to a destination. They can get to Midland, Crane or any of the other export destinations and they get to any of the pipes out of basin.

So I think one of the uniqueness that allows us to grow our position is not forcing anyone to a specific location and having substantial liquidity to keep our pipelines full and do that.

Neil, I'll thank you in advance. You helped us with our calling card with our customers. It's flow assurance, reliability, quality control and access to multiple markets. So we think we have the ability to be able to offer customers all those things and perhaps differentiates us from some of our other competitors.

Okay. Yes. That's a great answer. I really appreciate it.

Please standby for our next question. Our next question comes from the line of A. J. O'Donough with TPH. Your line is open.

Good morning, everyone. Just a quick question for me or a couple of questions for me. First, starting with the CapEx budget. Looks like it came down a bit for 2024. I was just wondering if you could maybe expand on some of the details of driving the change there.

Is it related to anything with project timing, cost savings or something else?

Good morning, A. J. This is Chris Chandler. So yes, we did lower our guidance from $375,000,000 to $360,000,000 net to planes. This was primarily driven by deferral of spending for several projects in the development phase.

This, as you heard earlier, does not change the timing of our Fort Saska expansion project that's currently in field construction and on track to begin in the first half of twenty twenty five. I'd also note that while spending is being deferred to 2025, we still expect 2025 to be within the previously stated investment capital range of $300,000,000 to 400 $1,000,000 net to Plains.

Okay, great. Thanks for that. Maybe just one more on oil growth in the Permian. Now that we're most of the way through the year, I'm just curious if you can give us some guidelines about how much you've seen so far this year and maybe how much more we could expect in Q4 now that we have incremental gas egress online from Matterhorn?

Thank you, A. J. This is Jeremy. I would say we're certainly within the range now, but typically you see things slow down as you go in potential weather and then you go into December. Last year was particularly strong in the Q4, which muted some of

a real reduction in January of this year. But since July, we've seen steady growth across our system and other systems in the basin and we certainly feel confident in the $200,000 to $300,000 a day range.

Great. Appreciate the detail. Thanks guys.

We'll stand by for our next question. Our next question comes from the line of Manav Gupta with UBS. Your line is open.

Good morning, guys. A quick question. Last quarter, you did raise the guidance. Now, obviously, you have indicated you're coming in to the top end of that guidance. So help us understand few things which are going your way, which have allowed you to kind of raise guidance for 2 quarters in a row now?

Yes. This is Al. Just basically, we're seeing slightly better performance across our business, both on the crude side and the NGL side. Volumes have been a little bit stronger than we had assumed on the Permian and the NGL business as well, better recoveries off the fracs. And so it's no one thing.

And what I would say is it's a fairly small percentage type of change. If you look and take the high end, we're kind of indicating trending towards the high end. The high end relative to beginning of the year guidance is 3.7%. But there's no one attribute. It's across both segments and multiple areas inside of each of the segments.

Perfect. My quick follow-up is can you get some more commentary around the 5 Stone Gathering System acquisition? Why was it the right fit and the benefits of this deal?

Sure. This is just bread and butter for us. It's an asset that was already connected to us. The mainline, intra basin flows flew to us and they got us closer to the Rattler guys. We do some on whole business with them and it integrated the barrels into the system.

So this was very similar to many of the other ones done, but just on a smaller scale.

Please standby for our next question. Our next question comes from the line of John McKay with Goldman Sachs. Your line is

Hey, good morning. Thanks for the time. I wanted to circle back maybe just on the capital efficiency side. I know you guys aren't giving 25 guidance here.

But I guess just high level, as we continue to see the producers basically be able to be more efficient in the Permian longer laterals, etcetera, does that mean for Plains, your kind of effective gathering CapEx per barrel can continue to decline from here? I'm just trying to think about framing that up versus your high level $300,000,000 to $400,000,000 run rate, whether that can kind of come down further over time?

Sure. I think there's 2 components to it. 1 is higher recoveries is fewer connection points and less wells to chase. The second is larger developments, 4 to 8 well pads versus historical 1 to 2 well pads. They want fewer emissions points.

They want higher recoveries that's aligned with connecting fewer locations for us. So it might be bigger batteries, which that's fine for us. The other piece of this fewer emissions points means they come back in behind existing well sites. One perfect example of that is historically when it was all virgin territory is each location you connect 1 or 2 wells and everyone's a new connection. Now close to 40% of all of our connections in the Permian are behind pipe, meaning we've already got facilities.

We're just rotating out pumps and meters based on size, but the facilities are already there. So that capital efficiency is something we've been seeing for 5 years and we'll continue to do that. And Chris and his team evolve how they do business to manage the changes in the producers.

Yes, John, this is Willie. Just one thing to add. Obviously for us, more volume that's stable is better for companies like us. So my expectations are as continued progress goes on efficiency and technology, we hopefully avoid large, large new wells coming on big declines and anything that smooths that out obviously has advantages and allows us to be more capital efficient and help our producer partners.

That's great. That's helpful. Thank you. Maybe just second one going back to I think Neil's question. We're a few years out now from the Oryx acquisition standing up the big JV.

Part of the story at the time was looking to redirect maybe eventually some of those volumes onto the planes long haul pipes. So maybe if you could just kind of tie that back into your comments earlier on the general flexibility you guys are giving shippers. And then maybe specifically just an update on kind of how that Oryx strategy has kind of played out? Thanks.

Sure. I'd say it's actually been better than we expected both us and our partners are very happy with the JV. What I would say is the Oryx shippers now have more choices than they did before and we hope to offer better service to give them the barrel of one location and get it back. So they still have their old options. They have the new ones.

Our pipe has maintained being full. It's been good for our Wink to Webster customers. We're the largest origin for Wink to Webster. They're a big consumer of barrels in the Permian Basin. It's been good for our long haul pipes and our third parties because we maintain connectivity there.

So that's more of a defensive strategy in the case of pipes aren't full, but the basins continue to grow and our pipes remain full. So at this point, it's been perfectly fine and optionality has been good with our customers and it candidly allow us to integrate other parts of their business maybe where we didn't do business with them to integrate more pieces of their acreage to give them more options and let them trade across the platform.

Plains GP Holdings Q3 2024 Earnings Call Transcript | Fortune

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Plains GP Holdings (PAGP) Q3 2024 Earnings Call Transcript

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