PLAINS GP HOLDINGS LP (PAGP) [Rocket]

In millions, except per share items	Dec-31-22	Dec-31-21	Dec-31-20	Dec-31-19	Dec-31-18	Dec-31-17	Dec-31-16	Dec-31-15
	8-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K
Revenues:
Product sales		40,883	22,058	32,272
Services		1,195	1,232	1,397
Crude Oil		40,550	22,327	31,655
Total revenues	57,342	42,078	23,290	33,669	34,055	26,223	20,182	23,152
Revenue growth [+]	36.3%	80.7%	-30.8%	-1.1%	29.9%	29.9%	-12.8%	-46.7%
Product sales		85.3%	-31.6%
Services		-3.0%	-11.8%
Crude Oil		81.6%	-29.5%
NGL		62.6%	-39.5%
Cost of goods sold	54,760	39,569	21,507	30,755	31,056	24,168	18,415	21,180
Gross profit	2,582	2,509	1,783	2,914	2,999	2,055	1,767	1,972
Gross margin	4.5%	6.0%	7.7%	8.7%	8.8%	7.8%	8.8%	8.5%
Selling, general and administrative [+]	325	298	276	302	320	280	282	281
General and administrative	325	298	276	302	320	280	282	281
Equity in earnings	403	274	355	388	375	290	195	183
Other operating expenses	-127
EBITDA [+]	2,787	2,485	1,862	3,000	3,054	2,065	1,680	1,874
EBITDA growth	12.2%	33.5%	-37.9%	-1.8%	47.9%	22.9%	-10.4%	-18.0%
EBITDA margin	4.9%	5.9%	8.0%	8.9%	9.0%	7.9%	8.3%	8.1%
Depreciation	965	655	566	528	455	465	471	384
EBITA	1,822	1,830	1,296	2,472	2,599	1,600	1,209	1,490
EBITA margin	3.2%	4.3%	5.6%	7.3%	7.6%	6.1%	6.0%	6.4%
Amortization of intangibles		122	90	76	66	54	44	49
EBIT [+]	1,822	1,708	1,206	2,396	2,533	1,546	1,165	1,441
EBIT growth	6.7%	41.6%	-49.7%	-5.4%	63.8%	32.7%	-19.2%	-24.1%
EBIT margin	3.2%	4.1%	5.2%	7.1%	7.4%	5.9%	5.8%	6.2%
Non-recurring items [+]		592	3,234	28	-114	109	-20
Asset impairment		592	3,234	28	-114	109	-20
Interest expense	405	425	436	425	431	510	480	443
Interest expense	405	425	436	425	431	510	480	443
Other income (expense), net [+]		21	-143	295	193	-31	33	-7
Other		19	39	24	-7	-31	33	-7
Pre-tax income	1,417	712	-2,607	2,238	2,409	896	738	991
Income taxes	189	0	0	0	0	0	0	0
Tax rate	13.3%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Minority interest	-191	540	-1,872	1,731	1,773	690	566	691
Net income	1,228	60	-568	331	334	-731	94	118
Net margin	2.1%	0.1%	-2.4%	1.0%	1.0%	-2.8%	0.5%	0.5%

Basic EPS [+]		$0.31	($3.05)	$1.97	$2.11	($5.04)	$0.95	$1.42
Growth		-110.1%	-255.0%	-6.8%	-141.9%	-631.0%	-33.2%	194.5%
Diluted EPS [+]		$0.31	($2.31)	$1.95	$1.18	($5.04)	$0.95	$1.42
Growth		-113.4%	-218.6%	64.4%	-123.5%	-631.0%	-33.2%	1220.1%

Dividends per share [+]		$0.72	$0.89	$1.38	$1.20	$1.87	$2.36	$2.35
Growth	-100.0%	-19.1%	-35.1%	14.9%	-36.0%	-20.9%	0.6%	274.4%

Shares outstanding (basic) [+]		194	186	168	158	145	99	83
Growth		4.3%	10.7%	6.3%	9.0%	46.5%	19.3%	-42.8%
Shares outstanding (diluted) [+]		194	246	170	282	145	99	83
Growth		-21.1%	44.7%	-39.7%	94.5%	46.5%	19.3%	-87.2%

EBIT is a non-GAAP figure that excludes all non-recurring expenses: restructuring costs, asset impairments, IPR&D writeoffs, and other unusual charges.