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Plains All American Pipeline, L.P. and Plains GP Holdings Report Third-Quarter 2019 Results

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Plains All American Pipeline, L.P. ((PAA) and Plains GP Holdings ((PAGP) today reported third-quarter 2019 results.

Highlights:

  • 3Q19: Delivered financial and operating results ahead of expectations
  • Full-year 2019: Increased guidance for 2019 Adjusted EBITDA and reduced guidance for 2019 capital expenditures
  • Executing accretive projects in a capital-efficient manner
  • Optimizing our existing systems and aligning with strategic partners throughout the industry value chain

"We reported solid third-quarter results and increased Adjusted EBITDA guidance for the full year," stated Willie Chiang, Chief Executive Officer of Plains All American Pipeline. "We ended the quarter with solid leverage metrics, more than $3 billion of committed liquidity and substantial distribution coverage. We remain focused on allocating capital in a disciplined manner. In the near-term we are positioned to grow our fee-based business in 2020 and complete multiple previously announced, highly contracted and capital efficient projects from late 2020 through 2021, which provide strong visibility for fee-based growth. Looking forward, we expect meaningful reductions in our growth capital program in 2021 and beyond as we prioritize further lowering our leverage and returning capital to investors."

Plains All American Pipeline, L.P.

Summary Financial Information (unaudited)

(in millions, except per unit data)

 

 

 

Three Months Ended

September 30,

 

%

 

 

Nine Months Ended

September 30,

 

%

GAAP Results

 

2019

 

2018

 

Change

 

 

2019

 

2018

 

Change

Net income attributable to PAA

 

$

449

 

 

$

710

 

 

(37

)%

 

 

$

1,865

 

 

$

1,099

 

 

70

%

Diluted net income per common unit

 

$

0.55

 

 

$

0.87

 

 

(37

)%

 

 

$

2.28

 

 

$

1.30

 

 

75

%

Diluted weighted average common units outstanding (1)

 

800

 

 

799

 

 

%

 

 

800

 

 

728

 

 

10

%

Distribution per common unit declared for the period

 

$

0.36

 

 

$

0.30

 

 

20

%

 

 

 

 

 

 

 

_______________________________

(1)

For the three and nine months ended September 30, 2019 and the three months ended September 30, 2018, includes all potentially dilutive securities outstanding (our Series A preferred units and equity-indexed compensation awards) during the period. Our Series A preferred units were not dilutive for the nine months ended September 30, 2018. See the "Computation of Basic and Diluted Net Income Per Common Unit" table attached hereto for additional information.

 

 

Three Months Ended

September 30,

 

%

 

 

Nine Months Ended

September 30,

 

%

Non-GAAP Results (1)

 

2019

 

2018

 

Change

 

 

2019

 

2018

 

Change

Adjusted net income attributable to PAA (2)

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