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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 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.
Plains All American Pipeline (Nasdaq: PAA) has released its 2023 Schedule K-3, which contains critical international tax information for unitholders. This schedule is mainly relevant for foreign unitholders, those claiming a foreign tax credit, and specific corporate and partnership unitholders. The document can be accessed online at www.taxpackagesupport.com/plainsallamerican. Unitholders who need an electronic copy can request one via a toll-free number. Plains All American operates extensive midstream energy infrastructure and logistics services for crude oil and NGL across the US and Canada, managing about 8 million barrels per day. For more details, visit www.plains.com.
Plains All American Pipeline (NYSE: PAA) has announced the pricing of a $650 million public offering of 5.700% senior unsecured notes due 2034. The notes were priced at 99.953% of their face value, and the offering is expected to close on June 27, 2024, subject to standard closing conditions.
The company plans to use the net proceeds of approximately $643.3 million to repay a portion of the $750 million outstanding principal of its 3.60% senior notes due 2024, and for general partnership purposes. The joint book-running managers for the offering are Citigroup Global Markets, MUFG Securities Americas, SMBC Nikko Securities America, and Truist Securities.
Plains All American Pipeline, L.P. (Nasdaq: PAA) and Plains GP Holdings (Nasdaq: PAGP) reported Q1 2024 results, including net income of $266 million and Adjusted EBITDA of $718 million. They increased common distribution by 19% and acquired interests in Saddlehorn Pipeline Company & a Mid-Con terminal asset. Permian long-haul contracting updates extend contracts through 2028, with expected flat Adj. EBITDA in 2026. Overall, positive financial results and strategic acquisitions indicate a strong start to the year.
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