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Plains All American Pipeline, L.P. (NYSE: PAA) is a publicly traded master limited partnership that specializes in providing midstream energy infrastructure and logistics services for crude oil, natural gas liquids (NGL), natural gas, and refined products. Headquartered in Houston, Texas, the company owns an extensive network of pipeline transportation, terminalling, storage, and gathering assets strategically located in key crude oil and NGL producing basins, transportation corridors, and major market hubs across the United States and Canada.
PAA's core business operations include transportation, storage, processing, fractionation, and marketing services for crude oil, refined products, natural gas liquids, liquefied petroleum gas, and related products. The company's assets are heavily concentrated in the Permian Basin, a region known for its prolific crude oil and NGL production. On average, PAA handles over 4.5 million barrels per day of crude oil and NGL on its extensive transportation network.
Recent achievements highlight Plains All American's commitment to growth and operational efficiency. The company announced multiple strategic actions in its second-quarter report, including a bolt-on acquisition in the Permian Basin that complements its existing infrastructure. These strategic initiatives are expected to enhance the company's ability to generate stable, fee-based cash flows, thereby increasing the durability and quality of its earnings.
Financially, PAA reported a 7% increase in adjusted EBITDA for its Crude Oil Segment in the second quarter of 2023, primarily due to higher tariff volumes and tariff escalations across its asset base. However, the NGL Segment saw a 48% decline in adjusted EBITDA, attributed to lower propane sales volumes and the absence of favorable weather conditions that benefited the previous year's results.
Plains All American Pipeline continues to focus on capital discipline, free cash flow generation, and reducing leverage. The company has also made updates to its 2023 guidance, anticipating to be at the high-end of its EBITDA guidance range. Additionally, the firm has taken steps to improve long-term cash flow stability in the NGL segment by sanctioning a debottlenecking project at its Fort Sask complex and extending contract durations across its NGL portfolio.
PAA is also involved in significant partnerships and joint ventures, such as the Permian JV, which provides enhanced service offerings and infrastructure solutions in the region. The company remains committed to maintaining a strong balance sheet and preparing for various commodity cycles.
For the latest updates, performance metrics, and strategic developments, investors can visit Plains All American Pipeline's Investor Relations page at www.plainsallamerican.com.
Plains All American Pipeline (PAA) reported its Q4 and full-year 2024 results, with net income of $36 million and $772 million respectively. The company delivered strong Q4 and full-year 2024 Adjusted EBITDA of $729 million and $2.78 billion, exceeding guidance.
The company completed three bolt-on acquisitions for approximately $670 million, including Ironwood Midstream Energy, and purchased 12.7 million Series A Preferred Units for about $330 million. For 2025, PAA expects Adjusted EBITDA of $2.80-$2.95 billion and announced a 20% distribution increase to $1.52 per unit annually.
Q4 results include a $225 million charge from Line 901 insurance proceeds write-off and $140 million in non-cash charges related to U.S. NGL terminals write-down. The company successfully raised $1 billion in senior unsecured notes at 5.95% due 2035 and anticipates maintaining leverage ratio below target range of 3.25x to 3.75x.
Plains All American Pipeline (PAA) has priced a $1 billion public offering of 5.950% senior unsecured notes due 2035 at 99.761% of face value. The offering, expected to close on January 15, 2025, will generate net proceeds of approximately $988.1 million.
The proceeds will be used to: (1) fund the $475 million acquisition of Ironwood Midstream Energy Partners II, (2) repurchase about 12.7 million Series A Preferred Units at $26.25 per unit, and (3) repay outstanding credit facilities and commercial paper program. If the Ironwood acquisition or Preferred Unit repurchase isn't completed, funds will be used for general partnership purposes, including refinancing 4.65% Senior Notes due October 2025.
The offering is not conditional on completing either the Ironwood acquisition or Preferred Unit repurchase, and vice versa. J.P. Morgan Securities, BMO Capital Markets, Mizuho Securities USA, and Scotia Capital are joint book-running managers.
EnCap Flatrock Midstream (EFM) has announced two definitive agreements to sell Ironwood Midstream Energy Partners II and all EFM-owned Plains Series A Preferred Units to Plains All American (NYSE: PAA) for over $800 million in cash. The transactions are expected to close in Q1 2025, subject to regulatory approvals.
Ironwood II, headquartered in San Antonio, operates a crude oil gathering and transportation system in the Eagle Ford shale region of South Texas. Since partnering with EFM in 2019, the company has built nearly 500 miles of pipeline, covering approximately 200 miles within the Eagle Ford Shale region. The company executed an Eagle Ford-focused consolidation strategy to become a leading midstream provider in South Texas.
RBC Capital Markets and Piper Sandler served as financial advisors, while Haynes Boone, Wilkie Farr & Gallagher, and Vinson & Elkins acted as legal advisors for the transaction.
Plains All American Pipeline (PAA) and Plains GP Holdings (PAGP) have announced their quarterly distributions for Q4 2024 and upcoming earnings release schedule. The companies declared a quarterly cash distribution of $0.38 per Common Unit/Class A Share, representing a $0.0625 increase from November 2024 ($0.25 increase or 20% annualized). Additional distributions include $0.61524 per Series A Preferred Unit and $22.73 per Series B Preferred Unit.
Distributions for Common Units, Class A Shares, and Series A Preferred Units will be paid on February 14, 2025, to holders of record as of January 31, 2025. Series B Preferred Unit distributions will be paid on February 18, 2025, to holders of record as of February 3, 2025. The Q4 2024 earnings release is scheduled for February 7, 2025, before market open, followed by a conference call at 9:00 a.m. CT.
Plains All American Pipeline (PAA) has announced three strategic bolt-on acquisitions totaling approximately $670 million, along with significant capital structure optimization initiatives. The company is acquiring Ironwood Midstream Energy for $475 million, expanding its Eagle Ford Basin presence. Through its joint venture, it acquired Medallion Midstream's Delaware Basin crude oil gathering business for $160 million ($105 million net to PAA), and purchased the remaining 50% stake in Midway Pipeline for $90 million.
Additionally, PAA will purchase about 12.7 million units (18%) of its outstanding Series A Preferred Units at $26.25 per unit, totaling approximately $330 million. The company also announced a 20% increase in its quarterly distribution from $0.3175 to $0.38 per unit. Post-transactions, PAA's leverage ratio is expected to remain at or below their target range of 3.25x to 3.75x.
Plains All American Pipeline (PAA) reported strong Q3 2024 results with net income of $220 million, up 8% year-over-year, and operating cash flow of $692 million. The company delivered Adjusted EBITDA of $659 million and maintained a 3.0x leverage ratio. Crude Oil segment saw a 4% increase in Adjusted EBITDA due to higher tariff volumes, while the NGL segment decreased 26%. PAA expects full-year 2024 Adjusted EBITDA to reach the higher end of $2.725-$2.775 billion guidance and projects Adjusted Free Cash Flow of approximately $1.45 billion. The company received a Moody's upgrade to Baa2 and settled Line 901 claims for $120 million.
Plains All American Pipeline (PAA) and Plains GP Holdings (PAGP) have announced their quarterly distributions for the third quarter of 2024 and the timing of their earnings release. The distributions remain unchanged from August 2024:
- PAA Common Units: $0.3175 per unit ($1.27 annualized)
- PAGP Class A Shares: $0.3175 per share ($1.27 annualized)
- PAA Series A Preferred Units: $0.61524 per unit ($2.46 annualized)
- PAA Series B Preferred Units: $24.25 per unit (floating rate)
Distributions are payable on November 14, 2024, with a record date of October 31, 2024 (November 15 and November 1 for Series B). The companies will release Q3 2024 earnings before market open on November 8, 2024, followed by a conference call at 9:00 a.m. CT.
Plains All American Pipeline (PAA) has released its 2023 Sustainability Report Update. The report, published on August 6, 2024, is now available on the company's website at plains.com/sustainability. This update provides insights into PAA's ongoing commitment to sustainable practices and environmental stewardship.
The report likely covers key areas such as environmental performance, social responsibility, and governance initiatives. Investors and stakeholders can access this important document to gain a deeper understanding of PAA's sustainability efforts and progress over the past year. The release of this report demonstrates PAA's dedication to transparency and its focus on long-term sustainability goals in the energy sector.
Plains All American Pipeline reported second-quarter 2024 results, highlighting a net income of $250 million and net cash provided by operating activities of $653 million. Adjusted EBITDA attributable to PAA reached $674 million, and Adjusted Free Cash Flow was $421 million. The company successfully priced a $650 million public offering of unsecured senior notes at 5.7% due 2034.
For full-year 2024, PAA raised the mid-point of its Adjusted EBITDA guidance by $75 million to a new range of $2.725 - $2.775 billion and reiterated its Adjusted Free Cash Flow guidance of $1.55 billion.
Segment Adjusted EBITDA for Crude Oil increased by 9% to $576 million and NGL by 52% to $94 million compared to Q2 2023. However, net income and cash from operating activities were lower compared to last year.
Plains All American Pipeline (Nasdaq: PAA) and Plains GP Holdings (Nasdaq: PAGP) have announced their quarterly cash distributions for Q2 2024. The distributions are $0.3175 per Common Unit and Class A share, unchanged from the previous quarter, and $0.61524 per Series A Preferred Unit. PAA Series B Preferred Units will see a distribution of $24.77. Payments will be made on August 14-15, 2024, to holders on record as of July 31 and August 1, respectively.
Non-taxable returns of capital apply to PAGP Class A Shares up to the shareholder's tax basis, with excess distributions taxed as capital gains. Qualified Notices as per Treasury Regulation Section 1.1446 will be posted on the Plains website.
PAA and PAGP will release Q2 2024 earnings on August 2, 2024. They will host a conference call at 9:00 a.m. CT on the same day. The call will be webcast live and accessible via their website.
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