| Stage | PAGP | % of rev | DINO | % of rev | Gap · A − B |
|---|---|---|---|---|---|
| Revenue | $17.7B | 100.00% | $10.9B | 100.00% | PAGP ×1.63 |
| Gross profit | $1.1B | 6.43% | $3.2B | 29.03% | DINO +22.6pp |
| Operating income | $397M | 2.24% | $2.7B | 24.61% | DINO +22.4pp |
| Pre-tax income | $375M | 2.12% | $2.6B | 24.40% | DINO +22.3pp |
| Net income | $1.8B | 10.26% | $2.0B | 18.58% | DINO +8.3pp |
| Stage | PAGP | DINO | Gap · A − B |
|---|---|---|---|
| Revenue | $17.7B100.00% | $10.9B100.00% | PAGP ×1.63 |
| Gross profit | 6.43%$1.1B | 29.03%$3.2B | DINO +22.6pp |
| Operating income | 2.24%$397M | 24.61%$2.7B | DINO +22.4pp |
| Pre-tax income | 2.12%$375M | 24.40%$2.6B | DINO +22.3pp |
| Net income |
| 10.26%$1.8B |
| 18.58%$2.0B |
| DINO +8.3pp |
None
No disclosed counterparties: PAGP.