Organization and Basis of Consolidation and Presentation Organization Plains GP Holdings, L.P. (PAGP) is a Delaware limited partnership formed in 2013 that has elected to be taxed as a corporation for United States federal income tax purposes. PAGP does not directly own any operating assets; as of December 31, 2019, its principal sources of cash flow are derived from an indirect investment in Plains All American Pipeline, L.P. (PAA), a publicly traded Delaware limited partnership. As used in this Form 10-K and unless the context indicates otherwise (taking into account the fact that PAGP has no operating activities apart from those conducted by PAA and its subsidiaries), the terms Partnership, we, us, our, ours and similar terms refer to PAGP and its subsidiaries. As of December 31, 2019, PAGP owned (i) a 100% managing member interest in Plains All American GP LLC (GP LLC), an entity that has also elected to be taxed as a corporation for United States federal income tax purposes and (ii) an approximate 73% limited partner interest in Plains AAP, L.P. (AAP) through our direct ownership of approximately 181.1 million Class A units of AAP (AAP units) and indirect ownership of approximately 1.0 million AAP units through GP LLC. GP LLC is a Delaware limited liability company that also holds the non-economic general partner interest in AAP. AAP is a Delaware limited partnership that, as of December 31, 2019, directly owned a limited partner interest in PAA through its ownership of approximately 249.6 million PAA common units (approximately 31% of PAAs total outstanding common units and Series A preferred units combined (together, PAA Common Unit Equivalents)). AAP is the sole member of PAA GP LLC (PAA GP), a Delaware limited liability company that directly holds the non-economic general partner interest in PAA. PAA is a publicly traded master limited partnership that owns and operates midstream energy infrastructure and provides logistics services primarily for crude oil, natural gas liquids (NGL) and natural gas. PAA owns an extensive network of pipeline transportation, terminalling, storage and gathering assets in key crude oil and NGL producing basins and transportation corridors and at major market hubs in the United States and Canada. Our business activities are conducted through three operating segments: Transportation, Facilities and Supply and Logistics. See Note 21 for further discussion of our operating segments. PAA GP Holdings LLC, a Delaware limited liability company, is our general partner. Our general partner manages our operations and activities and is responsible for exercising on our behalf any rights we have as the sole and managing member of GP LLC, including responsibility for conducting the business and managing the operations of AAP and PAA. GP LLC employs our domestic officers and personnel involved in the operation and management of AAP and PAA. PAAs Canadian officers and personnel are employed by our subsidiary, Plains Midstream Canada ULC. References to the Plains Entities include us, our general partner, GP LLC, AAP, PAA GP and PAA and its subsidiaries. Definitions Additional defined terms are used in the following notes and shall have the meanings indicated below: AOCI = Accumulated other comprehensive income/(loss) ASC = Accounting Standards Codification ASU = Accounting Standards Update Bcf = Billion cubic feet CAD = Canadian dollar CODM = Chief Operating Decision Maker DERs = Distribution equivalent rights EBITDA = Earnings before interest, taxes, depreciation and amortization EPA = United States Environmental Protection Agency FASB = Financial Accounting Standards Board GAAP = Generally accepted accounting principles in the United States ICE = Intercontinental Exchange ISDA = International Swaps and Derivatives Association LIBOR = London Interbank Offered Rate LTIP = Long-term incentive plan Mcf = Thousand cubic feet MMbls = Million barrels NGL = Natural gas liquids, including ethane, propane and butane NYMEX = New York Mercantile Exchange Oxy = Occidental Petroleum Corporation or its subsidiaries SEC = United States Securities and Exchange Commission TWh = Terawatt hour USD = United States dollar WTI = West Texas Intermediate Basis of Consolidation and Presentation The accompanying financial statements and related notes present and discuss our consolidated financial position as of December 31, 2019 and 2018, and the consolidated results of our operations, cash flows, changes in partners capital, comprehensive income and changes in accumulated other comprehensive income/(loss) for the years ended December 31, 2019, 2018 and 2017. All significant intercompany transactions have been eliminated in consolidation, and certain reclassifications have been made to information from previous years to conform to the current presentation. The accompanying consolidated financial statements include the accounts of PAGP and all of its wholly owned subsidiaries and those entities that it controls. Investments in entities over which we have significant influence but not control are accounted for by the equity method. We apply proportionate consolidation for pipelines and other assets in which we own undivided joint interests. Management judgment is required to evaluate whether PAGP controls an entity. Key areas of that evaluation include (i) determining whether an entity is a variable interest entity (VIE); (ii) determining whether PAGP is the primary beneficiary of a VIE, including evaluating which activities of the VIE most significantly impact its economic performance and the degree of power that PAGP and its related parties have over those activities through variable interests; and (iii) identifying events that require reconsideration of whether an entity is a VIE and continuously evaluating whether PAGP is a VIEs primary beneficiary. We have determined that our subsidiaries, PAA and AAP, are VIEs and should be consolidated by PAGP because:  The limited partners of PAA and AAP lack (i) substantive kick-out rights (i.e., the right to remove the general partner) based on a simple majority or lower vote and (ii) substantive participation rights and thus lack the ability to block actions of the general partner that most significantly impact the economic performance of PAA and AAP, respectively.  AAP is the primary beneficiary of PAA because it has the power to direct the activities that most significantly impact PAAs performance and the right to receive benefits, and obligation to absorb losses, that could be significant to PAA.  PAGP is the primary beneficiary of AAP because it has the power to direct the activities that most significantly impact AAPs performance and the right to receive benefits, and obligation to absorb losses, that could be significant to AAP. With the exception of a deferred tax asset of $1.280 billion and $1.304 billion as of December 31, 2019 and 2018, respectively, substantially all assets and liabilities presented on PAGPs Consolidated Balance Sheets are those of PAA. Only the assets of each respective VIE can be used to settle the obligations of that individual VIE, and the creditors of each/either of those VIEs do not have recourse against the general credit of PAGP. PAGP did not provide any financial support to PAA or AAP during the years ended December 31, 2019, 2018 or 2017. See Note 17 for information regarding the Omnibus Agreement entered into by the Plains Entities on November 15, 2016. Subsequent events have been evaluated through the financial statements issuance date and have been included in the following footnotes where applicable.