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Contracts with Customers, Assets and Liabilities

The following table presents the reconciliation of our revenues from contracts with customers (as described above for each segment) to segment revenues and total revenues as disclosed in our Condensed Consolidated Statement of Operations (in millions):



Three Months Ended September 30, 2018	Transportation		Facilities		Supply and Logistics			Total
Revenues from contracts with customers	$	496	$	285	$	8,534		$	9,315
Other items in revenues	2		4		(51		)	(45		)
Total revenues of reportable segments	$	498	$	289	$	8,483		$	9,270
Intersegment revenues								(478		)
Total revenues								$	8,792



Nine Months Ended September 30, 2018	Transportation		Facilities		Supply and Logistics			Total
Revenues from contracts with customers	$	1,416	$	845	$	24,832		$	27,093
Other items in revenues	11		21		(456		)	(424		)
Total revenues of reportable segments	$	1,427	$	866	$	24,376		$	26,669
Intersegment revenues								(1,400		)
Total revenues								$	25,269

The following is a reconciliation of trade accounts receivable from revenues from contracts with customers to total Trade accounts receivable and other receivables, net as presented on our Condensed Consolidated Balance Sheet (in millions):



	September 30, 2018			December 31, 2017
Trade accounts receivable arising from revenues from contracts with customers	$	2,910		$	2,584
Other trade accounts receivables and other receivables ⁽¹⁾	3,482			3,709
Impact due to contractual rights of offset with counterparties	(3,438		)	(3,264		)
Trade accounts receivable and other receivables, net	$	2,954		$	3,029


⁽¹⁾	The balance is comprised primarily of accounts receivable associated with buy/sell arrangements that are not within the scope of Topic 606.

The following table presents the change in the contract liability balance during the nine months ended September 30, 2018 (in millions):



	Contract Liabilities
Balance at December 31, 2017	$	90
Amounts recognized as revenue	(78		)
Additions ^{(1) (2)}	384
Other	(3		)
Balance at September 30, 2018	$	393


⁽¹⁾	Includes approximately $159 million associated with crude oil sales agreements that are entered into in conjunction with storage arrangements and future inventory exchanges. Such amount is expected to be recognized as revenue in the fourth quarter of 2018.


⁽²⁾	Includes $100 million associated with long-term capacity agreements with Cactus II Pipeline LLC. See Note 12 for additional information.

Remaining Performance Obligations

The following table presents the amount of consideration associated with remaining performance obligations for the population of contracts with external customers meeting the presentation requirements as of September 30, 2018 (in millions):



	Remainder of 2018		2019		2020		2021		2022		2023 and Thereafter
Pipeline revenues supported by minimum volume commitments and long-term capacity agreements ⁽¹⁾	$	34	$	158	$	199	$	190	$	188	$	831
Long-term storage, terminalling and throughput agreements revenues	118		374		296		214		162		573
Total	$	152	$	532	$	495	$	404	$	350	$	1,404


⁽¹⁾	Includes revenues from certain contracts for which the amount and timing of revenue is subject to the completion of underlying construction projects.

Supply and Logistics

The following table presents our Supply and Logistics segment revenues from contracts with customers disaggregated by type of activity (in millions):



	Three Months Ended September 30, 2018		Nine Months Ended September 30, 2018
Supply and Logistics segment revenues from contracts with customers
Crude oil transactions	$	7,978	$	22,651
NGL and other transactions	556		2,181
Total Supply and Logistics segment revenues from contracts with customers	$	8,534	$	24,832

Transportation

The following table presents our Transportation segment revenues from contracts with customers disaggregated by type of activity (in millions):



	Three Months Ended September 30, 2018		Nine Months Ended September 30, 2018
Transportation segment revenues from contracts with customers
Tariff activities:
Crude oil pipelines	$	435	$	1,237
NGL pipelines	25		76
Total tariff activities	460		1,313
Trucking	36		103
Total Transportation segment revenues from contracts with customers	$	496	$	1,416

Facilities

Calculation of basic and diluted net income per Class A share

The following table presents our Facilities segment revenues from contracts with customers disaggregated by type of activity (in millions):



	Three Months Ended September 30, 2018		Nine Months Ended September 30, 2018
Facilities segment revenues from contracts with customers
Crude oil, NGL and other terminalling and storage	$	174	$	511
NGL and natural gas processing and fractionation	87		278
Rail load / unload	24		56
Total Facilities segment revenues from contracts with customers	$	285	$	845

Net Income Per Class A Share (Tables)

9 Months Ended

Sep. 30, 2018

Earnings Per Share [Abstract]

The following table sets forth the computation of basic and diluted net income per Class A share (in millions, except per share data):



	Three Months Ended September 30,				Nine Months Ended September 30,
	2018		2017		2018		2017
Basic and Diluted Net Income per Class A Share
Net income attributable to PAGP	$	111	$	4	$	154	$	69
Basic and diluted weighted average Class A shares outstanding	158		154		157		142

Basic and diluted net income per Class A share	$	0.70	$	0.03	$	0.98	$	0.49

Inventory, Linefill and Base Gas and Long-term Inventory (Tables)

9 Months Ended

Sep. 30, 2018

Inventory, Linefill and Base Gas and Long-term Inventory

Schedule of inventory, linefill and base gas and long-term inventory

Inventory, linefill and base gas and long-term inventory consisted of the following (barrels and natural gas volumes in thousands and carrying value in millions):



	September 30, 2018						December 31, 2017
	Volumes	Unit of Measure	Carrying Value		Price/ Unit ⁽¹⁾		Volumes	Unit of Measure	Carrying Value		Price/ Unit ⁽¹⁾
Inventory
Crude oil	7,020	barrels	$	389	$	55.41	7,800	barrels	$	402	$	51.54
NGL	15,122	barrels	422		$	27.91	10,774	barrels	294		$	27.29
Other	N/A		13		N/A		N/A		17		N/A
Inventory subtotal			824						713

Linefill and base gas
Crude oil	13,033	barrels	756		$	58.01	12,340	barrels	719		$	58.27
NGL	1,764	barrels	50		$	28.34	1,597	barrels	45		$	28.18
Natural gas	24,976	Mcf	108		$	4.32	24,976	Mcf	108		$	4.32
Linefill and base gas subtotal			914						872

Long-term inventory
Crude oil	1,882	barrels	112		$	59.51	1,870	barrels	105		$	56.15
NGL	2,351	barrels	67		$	28.50	2,167	barrels	59		$	27.23
Long-term inventory subtotal			179						164

Total			$	1,917					$	1,749


⁽¹⁾	Price per unit of measure is comprised of a weighted average associated with various grades, qualities and locations. Accordingly, these prices may not coincide with any published benchmarks for such products.

Goodwill (Tables)

9 Months Ended

Sep. 30, 2018

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of goodwill by segment and changes during the period

Goodwill by segment and changes in goodwill are reflected in the following table (in millions):



	Transportation			Facilities			Supply and Logistics			Total
Balance at December 31, 2017	$	1,070		$	988		$	508		$	2,566
Foreign currency translation adjustments	(8		)	(3		)	(2		)	(13		)
Dispositions	(10		)	(3		)	—			(13		)
Balance at September 30, 2018	$	1,052		$	982		$	506		$	2,540

Debt (Tables)

9 Months Ended

Sep. 30, 2018

Debt Disclosure [Abstract]

Schedule of debt

Debt consisted of the following (in millions):



	September 30, 2018		December 31, 2017
SHORT-TERM DEBT
PAA commercial paper notes, bearing a weighted-average interest rate of 3.3% ⁽¹⁾	$	60	$	—
PAA senior secured hedged inventory facility, bearing a weighted-average interest rate of 3.2% and 2.6%, respectively⁽¹⁾	300		664
Other	69		73
Total short-term debt ⁽²⁾	429		737

LONG-TERM DEBT
PAA senior notes, net of unamortized discounts and debt issuance costs of $61 and $67, respectively	8,939		8,933
PAA commercial paper notes and senior secured hedged inventory facility borrowings ⁽³⁾	—		247
PAA GO Zone term loans, net of debt issuance costs of $2, bearing a weighted-average interest rate of 2.9%	198		—
Other	3		3
Total long-term debt	9,140		9,183
Total debt ⁽⁴⁾	$	9,569	$	9,920


⁽¹⁾	We classified these PAA commercial paper notes and credit facility borrowings as short-term as of September 30, 2018 and December 31, 2017, as these notes and borrowings were primarily designated as working capital borrowings, were required to be repaid within one year and were primarily for hedged NGL and crude oil inventory and NYMEX and ICE margin deposits.


⁽²⁾	As of September 30, 2018 and December 31, 2017, balance includes borrowings for cash margin deposits with NYMEX and ICE, which are associated with financial derivatives used for hedging purposes.


⁽³⁾	As of December 31, 2017, we classified a portion of PAA’s commercial paper notes and PAA's credit facility borrowings as long-term based on PAA’s ability and intent to refinance such amounts on a long-term basis.

⁽⁴⁾

Partners' Capital and Distributions (Tables)

9 Months Ended

Sep. 30, 2018

Schedule of activity for Class A shares, Class B shares and Class C shares

The following tables present the activity for our Class A shares, Class B shares and Class C shares:



	Class A Shares	Class B Shares		Class C Shares
Outstanding at December 31, 2017	156,111,139	126,984,572		510,925,432
Exchange Right exercises ⁽¹⁾	3,038,396	(3,038,396	)	—
Redemption Right exercises ⁽¹⁾	—	(3,306,476	)	3,306,476
Issuance of Series A preferred units by a subsidiary	—	—		1,393,926
Other	11,250	—		512,166
Outstanding at September 30, 2018	159,160,785	120,639,700		516,138,000



	Class A Shares	Class B Shares		Class C Shares
Outstanding at December 31, 2016	101,206,526	138,043,486		491,910,863
Conversion of AAP Management Units ⁽¹⁾	—	1,557,860		—
Exchange Right exercises ⁽¹⁾	3,231,281	(3,231,281	)	—
Redemption Right exercises ⁽¹⁾	—	(4,959,861	)	4,959,861
Sales of Class A shares	50,086,326	—		—
Sales of common units by a subsidiary	—	—		4,033,567
Issuance of common units by a subsidiary for acquisition of interest in Advantage Joint Venture	—	—		1,252,269
Issuances of Series A preferred units by a subsidiary	—	—		3,941,096
Other	19,060	—		603,497
Outstanding at September 30, 2017	154,543,193	131,410,204		506,701,153

___________________________________________


⁽¹⁾	See Note 11 to our Consolidated Financial Statements included in Part IV of our 2017 Annual Report on Form 10-K for information regarding conversions of AAP Management Units, Exchange Rights and Redemption Rights.

AAP

The following table details the distributions paid to AAP’s partners during or pertaining to the first nine months of 2018 from distributions received from PAA (in millions):



	Distribution to AAP's Partners
Distribution Payment Date	Noncontrolling Interests		PAGP		Total Cash Distributions
November 14, 2018 ⁽¹⁾	$	36	$	48	$	84
August 14, 2018	$	37	$	48	$	85
May 15, 2018	$	38	$	47	$	85
February 14, 2018	$	38	$	47	$	85

___________________________________________


⁽¹⁾	Payable to unitholders of record at the close of business on October 31, 2018 for the period from July 1, 2018 through September 30, 2018.

Class A Shares

Series A Preferred Units | PAA

The following table details distributions to our Class A shareholders paid during or pertaining to the first nine months of 2018 (in millions, except per share data):



Distribution Payment Date	Distributions to Class A Shareholders		Distributions per Class A Share
November 14, 2018⁽¹⁾	$	48	$	0.30
August 14, 2018	$	48	$	0.30
May 15, 2018	$	47	$	0.30
February 14, 2018	$	47	$	0.30

___________________________________________


⁽¹⁾	Payable to shareholders of record at the close of business on October 31, 2018 for the period from July 1, 2018 through September 30, 2018.

Series B Preferred Units | PAA

The following table details distributions to PAA’s Series A preferred unitholders paid during or pertaining to the first nine months of 2018 (in millions, except unit and per unit data):



	Series A Preferred Unitholders
	Distribution ⁽²⁾			Distribution per Unit
Distribution Payment Date	Cash		Units	Distribution per Unit
November 14, 2018 ⁽¹⁾	$	37	—	$	0.525
August 14, 2018	$	37	—	$	0.525
May 15, 2018	$	37	—	$	0.525
February 14, 2018	$	—	1,393,926	$	0.525


⁽¹⁾	Payable to unitholders of record at the close of business on October 31, 2018 for the period from July 1, 2018 through September 30, 2018. At September 30, 2018, such amount was accrued to distributions payable in “Accounts payable and accrued liabilities” on our Condensed Consolidated Balance Sheet.

⁽²⁾

The following table details distributions paid or to be paid to PAA’s Series B preferred unitholders (in millions, except per unit data):



	Series B Preferred Unitholders
Distribution Payment Date	Cash Distribution		Distribution per Unit
November 15, 2018 ⁽¹⁾	$	24.5	$	30.625
May 15, 2018	$	24.5	$	30.625


⁽¹⁾	Payable to unitholders of record at the close of business on November 1, 2018 for the period from May 15, 2018 through November 14, 2018.

Common Units | PAA