Related Party Transactions

See Note 15 to our Consolidated Financial Statements included in Part IV of our 2017 Annual Report on Form 10-K for a complete discussion of our related party transactions.

Ownership of PAGP Class C Shares

As of March 31, 2018 and December 31, 2017, PAA owned 512,376,348 and 510,925,432, respectively, Class C shares. The Class C shares represent a non-economic limited partner interest in us that provides PAA, as the sole holder, a “pass-through” voting right through which PAA's common unitholders and Series A preferred unitholders have the effective right to vote, pro rata with the holders of our Class A and Class B shares, for the election of eligible directors, commencing in May 2018.

Transactions with Oxy

As of March 31, 2018, Oxy had a representative on the board of directors of our general partner and owned approximately 11% of the limited partner interests in AAP. During the three months ended March 31, 2018 and 2017, we recognized sales and transportation revenues and purchased petroleum products from Oxy. These transactions were conducted at posted tariff rates or prices that we believe approximate market. Included in these transactions was a crude oil buy/sell agreement that includes a multi-year minimum volume commitment. The impact to our Condensed Consolidated Statements of Operations from those transactions is included below (in millions):



	Three Months Ended March 31,
	2018			2017
Revenues	$	278		$	234

Purchases and related costs ⁽¹⁾	$	(71	)	$	(40	)


⁽¹⁾	Crude oil purchases that are part of inventory exchanges under buy/sell transactions are netted with the related sales, with any margin presented in “Purchases and related costs” in our Condensed Consolidated Statements of Operations.

We currently have a netting arrangement with Oxy. Our gross receivable and payable amounts with Oxy were as follows (in millions):



	March 31, 2018		December 31, 2017
Trade accounts receivable and other receivables	$	1,074	$	1,075

Accounts payable	$	984	$	990

Transactions with Equity Method Investees

We also have transactions with companies in which we hold an investment accounted for under the equity method of accounting. We recorded revenues of $3 million and $1 million during the three months ended March 31, 2018 and 2017, respectively. In addition, we utilized transportation services and purchased petroleum products provided by these companies. Costs related to these services totaled $130 million and $86 million for the three months ended March 31, 2018 and 2017, respectively. These transactions were conducted at posted tariff rates or contracted rates or prices that we believe approximate market.

Receivables from our equity method investees totaled $38 million and $26 million at March 31, 2018 and December 31, 2017, respectively, and primarily included amounts related to transportation services. Accounts payable to our equity method investees were $50 million and $41 million at March 31, 2018 and December 31, 2017, respectively, and primarily included amounts related to transportation services.

In addition, we have an agreement to transport crude oil at posted tariff rates on a pipeline that is owned by an equity method investee, in which we own a 50% interest. Our commitment to transport is supported by crude oil buy/sell agreements with third parties (including Oxy) with commensurate quantities.