Probably a tad pao as an additive as been discussed multiple times. Primarily grp III as most grp III's can get the job done at less cost, with better solvency but give up some volatility.
In the Pennzoil GF-5 and Ultra Q&A's, the Pennzoil team never say that Ultra does not contain PAO. They also never say that about Platinum. The primary base fluid is group III with some grades (0w/5w's) containing PAO to meet their "technology targets". Pretty much most group III synthetics use PAO to achieve their formulation targets (primarily cold flow properties, CCS/MRV).
"According to Dr. Sutherland, whereas some of the Pennzoil Ultra grades are blended with some PAO, Group III base oil is the primary type used, given their superior solvency for the product's cleansing capabilities as compared to PAO. He added, however, that the type of base stock in use is selected to aid the formulator in achieving the desired product performance."
Pennzoil Ultra™ is blended with Group III base stocks. These give superior solvency performance to Group IV base stocks, which we believe aids our aim to provide oil that delivers as close to “Factory Clean”. Rather than focus on any single component in the formulation, we focus on the end product."