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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) announced a quarterly cash distribution of $0.2675 per common unit for Q4 2022, marking a $0.05 increase from the previous distribution and a 23% annualized rise. The corresponding distribution for PAGP is also $0.2675 per Class A share. Additionally, PAA is paying $0.525 per Series A Preferred Unit and $22.27 for Series B Preferred Units, both payable in February 2023. PAA operates midstream energy infrastructure in North America, handling over 7 million barrels of crude oil and NGL per day.
Blake Fernandez has been appointed Vice President of Investor Relations at Plains All American Pipeline (PAA). This change follows the promotion of Roy Lamoreaux to Vice President of Communications, Sustainability, and Public Affairs. Fernandez brings over 20 years of energy finance experience, previously serving as Senior VP of Investor Relations at Delek U.S. Holdings. His hiring aims to enhance engagement with the financial community and bolster stakeholder relations. PAA operates a vast midstream energy infrastructure, managing over seven million barrels per day of crude oil and natural gas liquids.
Plains All American (Nasdaq: PAA) announced the sale of its 21% interest in the Keyera Fort Saskatchewan facility to Keyera Corporation for approximately $365MM CAD ($270MM USD). This transaction, pending regulatory approval, is expected to close in Q1 2023. CEO Willie Chiang noted that the proceeds will enhance financial stability and allow for potential reinvestment in the Plains Fort Saskatchewan facility. The sale maintains customer contracts and includes a leaseback of storage capacity for a transition period.
Plains All American Pipeline reported third-quarter 2022 net income of $384 million, with adjusted EBITDA attributable to PAA at $623 million. The company increased its full-year adjusted EBITDA guidance by $75 million to approximately $2.45 billion, driven by higher Permian tariff volumes and commodity prices. Plains achieved a leverage ratio of 4.0x, expecting a year-end ratio of 3.8x. Management plans a distribution increase from $0.87 to $1.07 per share starting February 2023. They aim for annualized increases of $0.15 until a targeted distribution coverage ratio of 160% is reached.
On November 2, 2022, Enbridge and Plains All American Pipeline announced the acquisition of a 15% interest in Cactus II Pipeline from Western Midstream Partners for $265 million. Enbridge acquired 10%, while Plains took 5%. This transaction positions Plains and Enbridge as the sole owners of Cactus II, holding 70% and 30% stakes, respectively. The Cactus II pipeline, capable of transporting 670,000 barrels per day, connects the Delaware Basin to Corpus Christi, enhancing market access for North American energy supplies.
Plains All American Pipeline, L.P. (PAA) will release its third-quarter 2022 earnings on November 2, 2022, after market close. A webcast to discuss earnings, capitalization, liquidity, and financial guidance will occur the same day at 5:30 p.m. ET. Additionally, PAA and Plains GP Holdings (PAGP) have outlined their earnings release schedule for 2023, indicating a structured approach to quarterly reporting. PAA is a significant player in midstream energy, handling over 7 million barrels of crude oil and NGL daily.
On October 10, 2022, Plains All American Pipeline (PAA) and Plains GP Holdings (PAGP) announced their quarterly distributions for Q3 2022. PAA will distribute $0.2175 per common unit, matching the previous distribution, while PAGP will distribute the same amount per Class A share. PAA also declared a quarterly cash distribution of $0.525 per Series A Preferred Unit and a semi-annual distribution of $30.625 per Series B Preferred Unit. These distributions will be payable to holders of record on specified dates in late October and November 2022.
Plains All American Pipeline (PAA) has made its 2021 Schedule K-3 available online for unitholders with international tax relevance. This schedule is particularly important for foreign unitholders and those needing to compute foreign tax credits. Unitholders can access their Schedules K-3 at taxpackagesupport.com/plainsallamerican. The company advises reviewing the information for federal tax return filing needs and consulting with a tax advisor as necessary.
Plains All American Pipeline reported a strong second-quarter 2022, delivering a net income of $203 million and net cash from operations of $792 million. The company raised its full-year Adjusted EBITDA guidance by $100 million to approximately $2.375 billion, driven by higher volumes and commodity prices. They also achieved significant free cash flow of $688 million and repurchased $49 million of common units.
Despite a 11% decline in Crude Oil Segment Adjusted EBITDA due primarily to asset sales, NGL segment performance surged by 471%.
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