Plains GP Holdings, L.P.(PAGP), and its subsidiaries recently released their condensed consolidated financial statements for the first quarter of 2023. The company reported a net income of $69 million for the period, accompanied by total revenues of $12.3 billion. Although the revenue remained strong, there was a decrease in net income compared to the same period last year. The financial data reveals the company's current assets, liabilities, partners' capital, and operating performance during the first quarter.
Plains GP Holdings Reports Net Income of $69 Million for the First Quarter of 2023
In the first quarter of 2023, Plains GP Holdings, L.P., and its subsidiaries reported a net income of $69 million. This figure represents the profit earned by the company during the three-month period ending March 31, 2023. The net income demonstrates the company's ability to generate profits from its operations and investments during the specified period.
Despite a decrease in net income compared to the same period in the previous year, Plains GP Holdings maintained a significant revenue of $12.3 billion during the first quarter of 2023. The company's revenue consists of product sales revenues amounting to $11.9 billion and services revenues of $398 million. This significant revenue reflects the company's continued strong performance in its business activities.
Plains GP Holdings Reports Net Income of $69 Million and Revenue of $12.3 Billion in the First Quarter of 2023
During the first quarter of 2023, Plains GP Holdings, L.P., and its subsidiaries showcased their financial performance with a net income of $69 million and total revenues of $12.3 billion. The net income represents the profitability achieved by the company, while the revenue demonstrates the total amount earned from sales and services during the specified period.
The company's current assets as of March 31, 2023, totaled $5.1 billion, including cash and cash equivalents of $529 million, trade accounts receivable and other receivables of $3.97 billion, inventory of $463 million, and other current assets of $165 million. The property and equipment, net of accumulated depreciation, were valued at $15.2 billion, reflecting the company's significant investments in its infrastructure and operations.
Additionally, the company holds investments in unconsolidated entities worth $3.07 billion, intangible assets, net of $2.07 billion, and a deferred tax asset of $1.28 billion. Long-term operating lease right-of-use assets, net, amounted to $347 million, while other long-term assets were valued at $430 million.
On the liabilities side, the company reported current liabilities of $5.37 billion, including trade accounts payable of $4.01 billion, short-term debt of $708 million, and other current liabilities of $650 million. Long-term liabilities amounted to $8.6 billion, which included senior notes, net, of $7.24 billion, and other long-term debt, net, of $50 million.
Plains GP Holdings' partners' capital stood at $14.76 billion, which includes the interests of both Class A shareholders and noncontrolling interests.
Despite the decrease in net income compared to the first quarter of the previous year, the company remains financially strong with substantial revenues and a diverse asset base. The condensed consolidated financial statements offer valuable insights into the company's financial health and performance, providing stakeholders with a comprehensive understanding of Plains GP Holdings' operations in the first quarter of 2023.