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PAA · Plains All American Pipeline

50 filings

10-Q

PAA 10-Q Quarterly Reports

Plains All American Pipeline - 50 quarterly reports

Filing record · 2016–202610-K1110-Q338-K168

PAA filed 11 annual reports (10-K), 33 quarterly reports (10-Q) and 168 current reports (8-K) between 2016 and 2026.

  1. Leadership change8-K · Aug ’17Aug ’17
  2. Leadership change8-K · Sep ’19Sep ’19
  3. Deal closed8-K · Oct ’21Oct ’21
  4. Material agreement8-K · Dec ’25Dec ’25
  1. 2026-Q3

    Plains All American Pipeline Quarterly Report for Q3 Ended Sep 30, 2026

    Plains All American Pipeline (PAA) reported a significant increase in net income attributable to PAA for the nine months ended September 30, 2026, reaching $2.345 billion compared to $1.093 billion in the prior year period. This substantial growth was primarily driven by the divestiture of the Canadian NGL Business, which closed in May 2026, resulting in a large gain from discontinued operations. Excluding discontinued operations, income from continuing operations saw a slight decrease, but operational highlights include increased crude oil pipeline volumes, particularly in the Permian Basin. Financially, PAA has strengthened its balance sheet by completing a substantial offering of junior subordinated notes and using the proceeds to repurchase all outstanding Series A and Series B preferred units. This strategic move simplifies the capital structure and removes significant preferred distribution obligations. The company also renewed its revolving credit facility, enhancing its liquidity. Despite positive operational trends in crude oil, investors should note the slight decline in continuing operations income and the ongoing risks associated with commodity price volatility and environmental matters.

    Nov 9, 2026
  2. 2026-Q2

    Plains All American Pipeline Quarterly Report for Q2 Ended Jun 30, 2026

    Plains All American Pipeline, L.P. (PAA) reported net income attributable to PAA of $1.983 billion for the six months ended June 30, 2026, compared with $653 million in the first six months of 2025, driven largely by income from discontinued operations of $1.548 billion. The results reflect the May 12, 2026 sale of the Canadian NGL Business to Keyera Corp., which is presented as discontinued operations and included a gain on sale of approximately $1.605 billion for the six months. Income from continuing operations, net of tax, was flat at $608 million versus $607 million, as higher revenues and lower G&A were offset by higher interest expense of $320 million versus $260 million and higher current income tax expense of $322 million versus $6 million, which the filing ties to restructuring activities connected with the divestiture. Operating results from the Crude Oil segment improved, with Segment Adjusted EBITDA of $1.272 billion for the six months versus $1.140 billion, attributed to the Cactus III acquisition, volume growth in the Permian Basin and market optimization, partly offset by Permian long-haul contract rates resetting to market. Consolidated Adjusted EBITDA was $1.731 billion for the six months versus $1.693 billion. Total debt fell to $8.441 billion at June 30, 2026 from $11.259 billion at December 31, 2025, after the company repaid its term loan, commercial paper borrowings and a $750 million senior note, and entered a new $2.7 billion senior unsecured revolving credit facility maturing June 2031. At June 30, 2026, the company reported cash and cash equivalents of $1.059 billion, a working capital surplus of $678 million and approximately $3.7 billion of liquidity. Common unit distributions paid were $589 million for the six months, and the company declared a $0.4175 per common unit distribution payable August 14, 2026. The filing also discloses an estimated Line 901 incident cost of approximately $870 million, a pending Canadian Competition Bureau lawsuit related to the divestiture, and a Line 63 release in May 2026 with estimated remediation costs of about $40 million.

    Aug 10, 2026
  3. 2026-Q1

    Plains All American Pipeline Quarterly Report for Q1 Ended Mar 31, 2026

    Plains All American Pipeline, L.P. reported net income attributable to PAA of $152 million for the three months ended March 31, 2026, compared with $443 million in the first quarter of 2025. Net income attributable to PAA was $100 million allocated to common unitholders, or $0.14 per basic and diluted common unit, versus $0.49 a year earlier. Results from continuing operations were $334 million of income, versus $380 million, while discontinued operations (the Canadian NGL Business) reported a loss of $103 million, versus income of $136 million. Total revenues rose to $12.47 billion from $11.48 billion, driven by higher crude oil sales volumes and commodity prices, and Crude Oil segment Adjusted EBITDA increased to $582 million from $559 million, benefiting from recent acquisitions and volume growth in the Permian Basin. The filing centers on the pending sale of the Canadian NGL Business to Keyera Corp. under a June 17, 2025 agreement, expected to close in May 2026 for approximately CAD$5.15 billion (about $3.75 billion). The company expects net proceeds of approximately $3.3 billion after taxes and expenses, to be used to reduce leverage, including commercial paper and term loan borrowings. The term loan must be mandatorily prepaid within seven business days of closing. Income tax expense of $216 million in current tax and an offsetting deferred tax benefit were recorded in continuing operations as part of restructuring tied to the divestiture. As of March 31, 2026, the company reported a working capital deficit of $380 million and approximately $1.8 billion of liquidity, and stated it was in compliance with its debt covenants. Cash and cash equivalents were $171 million, total debt was $11.38 billion, and the company reported Implied DCF of $484 million and Adjusted EBITDA of $852 million for the quarter, both including discontinued operations. Distributions of $0.4175 per common unit were declared for payment on May 15, 2026.

    May 8, 2026
  4. 2025-Q3

    Plains All American Pipeline Quarterly Report for Q3 Ended Sep 30, 2025

    Plains All American Pipeline, L.P. (PAA) reported net income attributable to PAA of $441 million for the third quarter of 2025 versus $220 million a year earlier, and $1.093 billion for the nine months ended September 30, 2025 versus $736 million. Income from continuing operations, net of tax, was $1.061 billion for the nine months versus $837 million in the prior-year period. Adjusted EBITDA was $806 million for the quarter and $2.499 billion for the nine months, and Implied DCF was $1.528 billion for the nine months. Net cash provided by operating activities was $2.150 billion for the nine months, against $1.763 billion a year earlier. The filing describes the pending sale of the Canadian NGL Business to Keyera Corp. for approximately CAD$5.15 billion (about $3.75 billion), expected to close in the first quarter of 2026. That business is presented as discontinued operations and is classified as held for sale. The partnership also agreed in October and November 2025 to acquire 100% of EPIC Crude Holdings, which owns the EPIC Crude Oil Pipeline, for aggregate consideration of approximately $2.9 billion including about $1.1 billion of assumed debt. The filing states that $1.8 billion was initially funded through commercial paper, credit facility borrowings and cash on hand. Total liquidity was approximately $3.9 billion at September 30, 2025, including $1.180 billion of cash. Total debt rose to $9.449 billion from $7.618 billion at December 31, 2024. Short-term debt was $1.010 billion, including a $1.0 billion 4.65% senior note due October 2025 that was redeemed on October 3, 2025. The partnership issued $1.0 billion of 5.95% senior notes in January 2025 and $1.25 billion of senior notes in September 2025. Distributions to common unitholders of $0.38 per unit were declared for the third quarter, payable November 14, 2025.

    Nov 7, 2025
  5. 2025-Q2

    Plains All American Pipeline Quarterly Report for Q2 Ended Jun 30, 2025

    Plains All American Pipeline, L.P. reported net income attributable to PAA of $653 million for the six months ended June 30, 2025, compared with $515 million in the first six months of 2024. For the three months ended June 30, 2025, net income attributable to PAA was $210 million, versus $250 million a year earlier. Total revenues for the six months were $22.12 billion, against $24.40 billion, with product sales revenues down 10% as lower commodity prices were partially offset by higher crude oil sales volumes. Adjusted EBITDA for the six months was $1.69 billion, and Implied DCF was $1.04 billion, while Adjusted Free Cash Flow after Distributions was negative $612 million, as distributions paid to common and preferred unitholders exceeded free cash flow in the period. The most significant development is the pending sale of the Canadian NGL Business to Keyera Corp. under a Share Purchase Agreement dated June 17, 2025, for approximately CAD$5.15 billion (approximately $3.75 billion), expected to close in the first quarter of 2026. The Canadian NGL Business is presented as discontinued operations, and income from discontinued operations rose to $206 million for the six months from $42 million. The company also hedged the deal's currency exposure with a CAD$4.5 billion forward instrument carrying a $49 million liability, and estimated that a liability of approximately $45 million would arise from a related frac spread guarantee if the sale closed in the first quarter of 2026. Balance sheet activity included $1.0 billion of 5.95% senior notes due 2035 issued in January 2025, the repurchase of about 12.7 million Series A preferred units for approximately $333 million, and total debt rising to $8.68 billion from $7.62 billion at year-end 2024. The company reported a working capital surplus of $9 million and approximately $2.7 billion of liquidity. Line 901 remains the largest legal and environmental matter, with total estimated costs of approximately $870 million, and the company stated it has accrued adequate amounts for probable and reasonably estimable costs.

    Aug 8, 2025
  6. 2025-Q1

    Plains All American Pipeline Quarterly Report for Q1 Ended Mar 31, 2025

    Plains All American Pipeline, L.P. reported net income attributable to PAA of $443 million for the three months ended March 31, 2025, up from $266 million a year earlier, and net income of $516 million compared with $351 million. The filing attributes the increase largely to fluctuations in derivative mark-to-market valuations, along with higher Segment Adjusted EBITDA from the Crude Oil and NGL segments. Consolidated Adjusted EBITDA was $881 million versus $847 million, and Adjusted EBITDA attributable to PAA was $754 million versus $718 million. Operating cash flow rose to $639 million from $419 million, but Adjusted Free Cash Flow was negative at $(308) million, compared with $70 million in the prior-year quarter, largely reflecting acquisition and capital spending. First-quarter capital activity was heavy. Total capital expenditures were $867 million, including $665 million of acquisition capital, primarily for the Ironwood Midstream gathering system (about $481 million in cash) and the Medallion Midstream acquisition ($163 million, or about $106 million net to the Partnership's 65% interest in the Permian JV). The Partnership also acquired the remaining 50% interest in Cheyenne Pipeline LLC, which produced a $31 million gain. Total debt rose to $8.68 billion from $7.62 billion after the issuance of $1.0 billion of 5.95% senior notes due 2035, which funded acquisitions and the repurchase of about 12.7 million Series A preferred units for approximately $333 million plus accrued distributions. Coverage and liquidity remain central to the investment case. Implied DCF was $526 million versus $534 million, and Implied DCF Available to Common Unitholders was $462 million versus $470 million. Common unit cash distributions of $267 million produced Implied DCF Excess of $195 million, compared with $247 million a year earlier. The Partnership reported approximately $2.6 billion of liquidity, a working capital surplus of $44 million, and a Line 901 cost estimate of approximately $870 million, of which $275 million of the $500 million 2015 insurance program has been collected.

    May 9, 2025
  7. 2024-Q3

    Plains All American Pipeline Quarterly Report for Q3 Ended Sep 30, 2024

    Plains All American Pipeline, L.P. (PAA) reported net income attributable to PAA of $736 million for the first nine months of 2024, compared to $918 million in the same period of 2023, with the filing attributing the decrease to favorable 2023 items (gains on asset sales and the mark-to-market adjustment of the Preferred Distribution Rate Reset Option), higher Line 901 incident costs, and higher income tax expense. Results from the Crude Oil segment improved, with Segment Adjusted EBITDA of $1.707 billion for the nine months versus $1.600 billion a year earlier, partially offset by a decline in the NGL segment, where Segment Adjusted EBITDA fell to $326 million from $352 million. Consolidated Adjusted EBITDA rose to $2.459 billion from $2.292 billion, and Implied DCF increased to $1.493 billion from $1.423 billion. The balance sheet shows total assets of $27.155 billion and total debt of $7.977 billion at September 30, 2024. The company completed a $650 million 5.70% senior notes offering due 2034 in June 2024 and used proceeds to repay commercial paper and prepare for the redemption of its $750 million 3.60% notes due November 2024. Cash flow from operations was $1.763 billion for the nine months, and the company had approximately $3.3 billion of liquidity. Common unit distributions remained at $0.3175 per unit for the quarter. The filing also highlights the Line 901 matter, where the company estimates aggregate total costs of approximately $870 million, has recognized a $120 million charge in the nine-month period, and has a receivable of approximately $225 million for insurance recoveries. The company has initiated arbitration against insurers denying coverage of the $230 million Class Action Settlement, with a decision expected in January 2025 on $175 million of the claim.

    Nov 8, 2024
  8. 2024-Q2

    Plains All American Pipeline Quarterly Report for Q2 Ended Jun 30, 2024

    Plains All American Pipeline, L.P. (PAA) reported total revenues of $12.93 billion for the three months ended June 30, 2024, up from $11.60 billion a year earlier, while net income attributable to PAA fell to $250 million from $293 million. For the six months, net income attributable to PAA was $515 million versus $715 million. The filing attributes the decline mainly to the 2023 period including gains on asset sales and a mark-to-market gain on the Preferred Distribution Rate Reset Option, along with a 2024 income tax expense. Non-GAAP Adjusted EBITDA rose 15% to $807 million in the second quarter and 9% to $1.65 billion for the six months. The Crude Oil segment drove the improvement, with Segment Adjusted EBITDA up to $576 million for the quarter from $529 million, and the NGL segment rising to $94 million from $62 million. Cash generation weakened on a GAAP basis. Net cash provided by operating activities was $1.072 billion for the first six months of 2024 versus $1.631 billion in 2023, which management attributes to unfavorable working capital changes, primarily margin requirements tied to hedging. Adjusted Free Cash Flow after Distributions was negative $92 million, compared with $985 million a year earlier. At June 30, 2024, the partnership reported a working capital deficit of $19 million and about $3.2 billion of liquidity. In June 2024 it issued $650 million of 5.70% senior notes due 2034, with proceeds intended to partially repay its $750 million 3.60% senior notes due November 2024. The filing highlights continuing Line 901 exposure. Management now estimates total Line 901 costs at approximately $750 million, which exceeds the $500 million 2015 insurance program limit by $250 million. The partnership has recognized a receivable of about $225 million for costs it believes are probable of recovery, and insurers have denied coverage for $185 million of the remaining $225 million of Class Action Settlement coverage. PAA has initiated arbitration against those insurers, and the filing states that an unfavorable resolution could have a material impact on results of operations.

    Aug 9, 2024
  9. 2024-Q1

    Plains All American Pipeline Quarterly Report for Q1 Ended Mar 31, 2024

    Plains All American Pipeline, L.P. reported net income attributable to PAA of $266 million for the first quarter of 2024, compared to $422 million in the first quarter of 2023. The filing states that the 2023 period included favorable impacts from gains on asset sales and the mark-to-market adjustment of the Preferred Distribution Rate Reset Option, which contributed to the year-over-year decline. Total revenues were $11.995 billion versus $12.341 billion, and operating income was $370 million versus $473 million. Management said stronger Crude Oil segment results were substantially offset by weaker NGL segment results. Crude Oil Segment Adjusted EBITDA rose to $553 million from $517 million, while NGL Segment Adjusted EBITDA fell to $159 million from $192 million, driven mainly by lower realized frac spreads. Consolidated Adjusted EBITDA was $847 million versus $813 million. Liquidity remained substantial at approximately $2.4 billion as of March 31, 2024, although the company had a working capital deficit of $143 million. Operating cash flow was $419 million versus $743 million, with the 2024 period affected unfavorably by margin requirements related to hedging. Adjusted Free Cash Flow after Distributions was negative $217 million for the quarter. Total debt was $7.862 billion, and the company borrowed a net $107 million under its commercial paper program during the quarter. The filing also details the Line 901 incident litigation. The company estimates total Line 901 costs of approximately $750 million, has collected approximately $280 million of the $505 million it believes is probable of recovery from insurance, and has recognized a long-term receivable of approximately $225 million. Insurers have denied coverage for $185 million of the remaining claims, and the company has initiated arbitration.

    May 10, 2024
  10. 2023-Q3

    Plains All American Pipeline Quarterly Report for Q3 Ended Sep 30, 2023

    Plains All American Pipeline, L.P. (PAA) reported third-quarter 2023 net income attributable to PAA of $203 million, down from $384 million in the third quarter of 2022, and net income attributable to PAA of $918 million for the first nine months of 2023 versus $774 million a year earlier. Basic and diluted net income per common unit was $0.20 for the quarter ($0.48 a year earlier) and $1.04 for the nine months ($0.89 a year earlier). Total revenues were $12.07 billion for the quarter and $36.01 billion for the nine months, with product sales declining on lower commodity prices, while services revenues rose on higher volumes, tariff escalations and acquisitions. Adjusted EBITDA was $779 million for the quarter and $2.29 billion for the nine months, and Free Cash Flow after Distributions was $350 million for the nine months. The partnership's balance sheet shows cash of $260 million, total debt of $8.01 billion, and a working capital deficit of $275 million, against approximately $2.8 billion of stated liquidity. The company redeemed $400 million of senior notes in January 2023 and $700 million of notes in October 2023, and acquired the remaining interest in OMOG JV Holdings and certain Southern Delaware gathering assets in the Rattler Permian Transaction for $294 million. It also sold its 21% interest in the Keyera Fort Saskatchewan facility for approximately $270 million, recognizing a gain of approximately $140 million. The filing also details the Line 901 incident, for which the estimated aggregate total cost is approximately $740 million, with insurers having denied coverage for $185 million of the remaining Class Action Settlement coverage and the company having initiated arbitration for $175 million. The company has accrued a long-term insurance receivable of approximately $225 million. Management announced an intention to recommend a $0.20 per unit annualized increase to the common unit distribution for the fourth quarter of 2023, subject to Board approval.

    Nov 8, 2023
  11. 2023-Q2

    Plains All American Pipeline Quarterly Report for Q2 Ended Jun 30, 2023

    Plains All American Pipeline, L.P. (PAA) reported net income attributable to PAA of $293 million for the second quarter of 2023, up from $203 million in the year-earlier quarter, and $715 million for the first six months of 2023 versus $390 million in the first half of 2022. The company attributed the year-over-year improvement primarily to more favorable results in its Crude Oil segment from higher pipeline volumes and market-based opportunities, along with more favorable gains on asset sales and the mark-to-market adjustment of the Preferred Distribution Rate Reset Option, partially offset by less favorable long-term inventory costing adjustments. Total revenues were $11.60 billion for the quarter, down from $16.36 billion, reflecting lower commodity prices. Segment Adjusted EBITDA was $591 million for the quarter versus $614 million a year earlier, with Crude Oil segment Adjusted EBITDA rising and NGL segment Adjusted EBITDA falling to $62 million from $120 million. Balance sheet and liquidity improved during the period. Cash and cash equivalents rose to $933 million at June 30, 2023 from $401 million at December 31, 2022, and total debt declined to $7.997 billion from $8.446 billion, largely reflecting the January 2023 redemption of $400 million of 2.85% senior notes. Net cash provided by operating activities was $1.631 billion for the first six months of 2023 compared with $1.132 billion a year earlier. The company reported approximately $3.5 billion of liquidity and stated it was in compliance with its credit agreement and indenture covenants. The filing highlights continuing Line 901 incident exposure. Total estimated aggregate costs were updated to approximately $740 million, with $275 million collected from insurers under the $500 million policy limits, and insurers responsible for $185 million of the remaining coverage have denied coverage for the $230 million Class Action Settlement; the company has initiated arbitration for $175 million of that coverage and recognized a long-term insurance receivable of approximately $225 million. The company also disclosed that, subsequent to quarter end, it acquired the remaining 43% interest in OMOG JV LLC for approximately $225 million on July 28, 2023.

    Aug 9, 2023
  12. 2023-Q1

    Plains All American Pipeline Quarterly Report for Q1 Ended Mar 31, 2023

    Plains All American Pipeline, L.P. (PAA) reported net income attributable to PAA of $422 million for the first quarter of 2023, compared with $187 million in the first quarter of 2022. Management attributes the improvement primarily to more favorable NGL segment margins, higher crude oil pipeline earnings and more favorable crude oil market-based opportunities, along with a $140 million gain on the sale of the Keyera Fort Saskatchewan facility and a $58 million gain on the mark-to-market of the Preferred Distribution Rate Reset Option. Total revenues were $12.34 billion versus $13.69 billion, reflecting lower commodity prices partially offset by higher volumes. Adjusted EBITDA was $813 million compared with $690 million, and Segment Adjusted EBITDA rose to $709 million from $614 million. Net cash provided by operating activities was $743 million, against $340 million a year earlier. The balance sheet shows total debt of $7.996 billion at March 31, 2023, down from $8.446 billion at December 31, 2022, following the January 2023 redemption of $400 million of 2.85% senior notes. Liquidity was approximately $3.1 billion, and the partnership had a working capital deficit of $244 million. Free Cash Flow after Distributions was $581 million, and the partnership maintained its quarterly common unit distribution at $0.2675 per unit. The filing also highlights ongoing legal and insurance matters tied to the 2015 Line 901 incident. The company has recorded a long-term insurance receivable of approximately $225 million, and it is pursuing arbitration against insurers who have denied coverage for $185 million of the $230 million Class Action Settlement. The estimated aggregate Line 901 cost is about $740 million, and the company states it believes recovery is probable, though an unfavorable resolution could have a material impact on results of operations.

    May 10, 2023
  13. 2022-Q3

    Plains All American Pipeline Quarterly Report for Q3 Ended Sep 30, 2022

    Plains All American Pipeline, L.P. (PAA) reported net income attributable to PAA of $384 million for the third quarter of 2022, compared with a loss of $59 million in the third quarter of 2021. For the first nine months of 2022, net income attributable to PAA was $774 million, versus $143 million a year earlier. Total revenues rose to $44.39 billion for the nine months from $29.09 billion, with the filing attributing the improvement primarily to more favorable margins in the NGL segment and higher crude oil pipeline tariff volumes, partly offset by higher field operating costs, including increased estimated Line 901 costs. Adjusted EBITDA was $2,115 million for the nine months, up 29% from $1,643 million, and Implied DCF was $1,322 million. Net cash provided by operating activities was $2.074 billion for the nine months, versus $1.361 billion in 2021. The company ended the quarter with approximately $3.3 billion of liquidity, including $623 million of cash, and redeemed $750 million of 3.65% senior notes in March 2022. Total estimated Line 901 costs were updated to approximately $730 million, with a remaining undiscounted gross liability of about $330 million. The company also agreed to a $230 million class action settlement, paid on October 27, 2022, and sold Line 901 and the Sisquoc to Pentland portion of Line 903 on October 13, 2022. After quarter end, PAA acquired an additional 5% interest in Cactus II Pipeline LLC for approximately $88 million, bringing its ownership to 70% and giving it control, so it will consolidate the entity. The company declared a common unit distribution of $0.2175 per unit payable November 14, 2022, unchanged from August, and announced its intention to recommend a $0.20 per unit (annualized) increase for the fourth quarter of 2022 distribution, payable in February 2023 if approved.

    Nov 8, 2022
  14. 2022-Q2

    Plains All American Pipeline Quarterly Report for Q2 Ended Jun 30, 2022

    Plains All American Pipeline, L.P. (PAA) reported net income attributable to PAA of $203 million for the second quarter of 2022, compared with a net loss attributable to PAA of $220 million in the second quarter of 2021, and $390 million for the first six months of 2022 versus $202 million a year earlier. Total revenues were $16.36 billion for the quarter and $30.05 billion for the six months. Management attributed the six-month improvement primarily to more favorable NGL segment margins and higher earnings from crude oil pipeline volumes, partially offset by the 2021 sale of natural gas storage facilities, higher field operating costs including increased Line 901 estimates, and a $147 million loss on the mark-to-market of the Preferred Distribution Rate Reset Option. Adjusted EBITDA was $704 million for the quarter and $1.39 billion for the six months, and Free Cash Flow after Distributions was $509 million for the six months. The partnership reduced debt during the period, redeeming $750 million of 3.65% senior notes in March 2022 and reporting total debt of $8.62 billion at June 30, 2022, down from $9.22 billion at December 31, 2021. It also repurchased 7.3 million common units for $74 million in the first half, leaving $198 million of remaining capacity under its repurchase program. Liquidity was approximately $2.8 billion at quarter end, and the company stated it was in compliance with its credit agreement and indenture covenants. Line 901 remains a significant item: the company now estimates total aggregate costs of approximately $725 million, with a remaining undiscounted gross liability of about $330 million and an agreement in principle to pay $230 million to settle the class action. The filing also discloses a July 19, 2022 lawsuit by Hartree Natural Gas Storage relating to the 2021 sale of the Pine Prairie facility, which the company believes is without merit. The company declared a common unit distribution of $0.2175 per unit payable August 12, 2022.

    Aug 9, 2022
  15. 2022-Q1

    Plains All American Pipeline Quarterly Report for Q1 Ended Mar 31, 2022

    Plains All American Pipeline, L.P. reported net income attributable to PAA of $187 million for the first quarter of 2022, down from $422 million in the first quarter of 2021. Management attributes the decline primarily to the mark-to-market of certain derivative instruments and, to a lesser extent, the sale of the company's natural gas storage facilities and higher field operating costs, including increased estimated costs for the Line 901 incident and the absence of Winter Storm Uri hedged-power gains recognized in the prior-year quarter. Basic and diluted net income per common unit was $0.19 versus $0.51. Total revenues rose to $13.69 billion from $8.38 billion, driven mainly by higher product sales prices and volumes. Segment Adjusted EBITDA attributable to PAA was $614 million, up from $543 million, with the NGL segment contributing $161 million (versus $69 million) on higher frac spreads and NGL sales prices, while the Crude Oil segment declined to $453 million from $474 million. Crude oil pipeline tariff volumes increased to 7,159 thousand barrels per day from 5,430, reflecting the Permian JV formation. Net cash provided by operating activities was $340 million, compared with $791 million a year earlier, and Free Cash Flow after Distributions was $36 million versus $511 million. Cash and cash equivalents fell to $114 million, and the company had approximately $2.4 billion of liquidity, against a working capital deficit of $473 million. The company redeemed its $750 million 3.65% senior notes due June 2022 during the quarter, funded with cash on hand and commercial paper, which rose to $382 million. The company repurchased 2.4 million common units for $25 million, and the common distribution for the quarter is $0.2175 per unit payable May 13, 2022. The filing estimates total Line 901 costs at approximately $725 million, with a remaining undiscounted gross liability of $335 million, and reports an agreement in principle to settle the principal Line 901 class action for $230 million.

    May 10, 2022
  16. 2021-Q3

    Plains All American Pipeline Quarterly Report for Q3 Ended Sep 30, 2021

    Plains All American Pipeline, L.P. (PAA) reported a net loss attributable to PAA of $59 million for the third quarter of 2021, compared with net income of $143 million in the third quarter of 2020. For the first nine months of 2021, net income attributable to PAA was $143 million, compared with a net loss of $2.562 billion in the same period of 2020, which included a $2.515 billion goodwill impairment. Total revenues rose to $10.776 billion in the quarter from $5.833 billion, driven by the Supply and Logistics segment, but the quarter's operating loss of $38 million reflected $221 million of losses on asset sales and impairments. Adjusted EBITDA was $519 million for the quarter and $1.643 billion for the nine months, both below the prior-year periods. The filing highlights asset portfolio changes and balance sheet actions. The company sold its Pine Prairie and Southern Pines natural gas storage facilities on August 2, 2021, for net proceeds of approximately $850 million, and repaid $200 million of GO Zone term loans. Free cash flow for the nine months was $1.830 billion, and free cash flow after distributions was $1.304 billion, compared with $195 million and a negative $466 million in the prior-year period. The company repurchased 11,917,303 common units for $117 million during the nine months, leaving $333 million of capacity under its repurchase program. Total debt declined to $9.196 billion from $10.213 billion at year-end 2020. Looking ahead, the filing describes the October 5, 2021 formation of Plains Oryx Permian Basin, a joint venture with Oryx Midstream in which PAA holds 65% and will consolidate. The company also renewed its credit facilities in August 2021, with a $1.35 billion senior unsecured revolving facility maturing in August 2026 and a $1.35 billion senior secured hedged inventory facility maturing in August 2024. As of September 30, 2021, liquidity was approximately $2.8 billion, against a working capital deficit of $523 million. The filing also estimates total Line 901 incident costs at approximately $485 million, with a remaining undiscounted gross liability of $103 million.

    Nov 8, 2021
  17. 2021-Q2

    Plains All American Pipeline Quarterly Report for Q2 Ended Jun 30, 2021

    Plains All American Pipeline, L.P. (PAA) reported net income attributable to PAA of $202 million for the first six months of 2021, compared with a net loss of $2.705 billion in the same period of 2020, which had included a $2.515 billion goodwill impairment. For the second quarter of 2021 the partnership reported a net loss attributable to PAA of $220 million, driven largely by a roughly $475 million non-cash impairment on its Pine Prairie and Southern Pines natural gas storage facilities classified as held for sale. Total revenues were $18.31 billion for the six months ended June 30, 2021, and Segment Adjusted EBITDA was $1.12 billion, down from $1.32 billion a year earlier, as crude oil market conditions and lower NGL margins weighed on the Supply and Logistics and Facilities segments. Liquidity was approximately $2.6 billion at June 30, 2021, and the partnership reported a working capital deficit of $487 million. Net cash provided by operating activities was $1.03 billion for the six months, and total debt was $9.85 billion. Distributions to common unitholders were $0.18 per unit for each quarter shown, and the partnership repurchased 5,290,592 common units for $53 million during the first half under a program with $397 million of remaining capacity. After the period end, PAA closed the sale of the Pine Prairie and Southern Pines storage facilities for $850 million on August 2, 2021, and repaid $200 million of GO Zone term loans. In July 2021 it also agreed to combine its Permian Basin assets with Oryx Midstream into a joint venture, Plains Oryx Permian Basin, in which PAA will hold 65% and consolidate results, with closing expected in the fourth quarter of 2021.

    Aug 6, 2021
  18. 2021-Q1

    Plains All American Pipeline Quarterly Report for Q1 Ended Mar 31, 2021

    Plains All American Pipeline, L.P. (PAA) reported net income of $423 million for the first quarter of 2021, compared with a net loss of $2.845 billion in the first quarter of 2020. The 2020 period was driven mainly by a $2.515 billion goodwill impairment and other non-cash impairment charges of approximately $655 million. Total revenues were $8.383 billion versus $8.269 billion a year earlier, and operating income was $526 million versus an operating loss of $2.773 billion. Basic and diluted net income per common unit was $0.51, compared with a loss of $3.98 per unit in the prior-year period. Cash generation was solid. Net cash provided by operating activities was $791 million, and Free Cash Flow was $678 million, with Free Cash Flow after Distributions of $511 million. Implied DCF was $408 million, and Adjusted EBITDA was $546 million. Total debt fell to $9.592 billion from $10.213 billion at year-end 2020, as net repayments under the commercial paper program and hedged inventory facility reduced borrowings. Management reported approximately $2.8 billion of liquidity and a working capital deficit of $254 million. Segment results were mixed. Transportation Segment Adjusted EBITDA declined to $388 million from $442 million, and Facilities fell to $171 million from $210 million. Supply and Logistics swung to a $13 million loss from $141 million of Segment Adjusted EBITDA, though reported Supply and Logistics revenues rose. The filing cites COVID-19-related production declines, Winter Storm Uri shut-ins, and a $67 million mark-to-market loss on the Preferred Distribution Rate Reset Option. The company also disclosed a change in useful lives that is expected to increase annual depreciation by approximately $72 million, a $485 million estimated aggregate cost for the Line 901 incident, and a $750 million asset sales target for 2021.

    May 10, 2021
  19. 2020-Q3

    Plains All American Pipeline Quarterly Report for Q3 Ended Sep 30, 2020

    Plains All American Pipeline, L.P. reported a net loss of $2.555 billion for the nine months ended September 30, 2020, compared with net income of $1.872 billion in the same period of 2019. The loss was driven by a $2.515 billion goodwill impairment recorded in the first quarter of 2020, which wrote off the entire goodwill balance, along with approximately $815 million of other non-cash impairment charges on pipeline and long-lived assets, investments in unconsolidated entities, and assets held for sale. For the third quarter alone, the company reported net income of $146 million, or $143 million attributable to PAA. Operating income for the nine months was a loss of $2.310 billion, while Adjusted EBITDA was $2.001 billion versus $2.377 billion a year earlier. Implied DCF was $1.493 billion for the nine months, and Free Cash Flow After Distributions was negative $466 million. The balance sheet reflects the impairments, with total partners' capital falling to $9.851 billion at September 30, 2020 from $13.195 billion at December 31, 2019. Total assets declined to $24.246 billion, and total debt was $10.171 billion, including $790 million of short-term debt. The company cited a working capital deficit of $399 million but reported approximately $2.8 billion of liquidity. Management said it reduced its 2020/2021 capital program by $850 million and cut the common unit distribution by 50% to $0.18 per unit, and it announced a $500 million common equity repurchase program on November 2, 2020. The filing notes that the Line 901 incident has an estimated aggregate total cost of approximately $455 million, and that the company is subject to ongoing lawsuits and claims related to it. Management expects COVID-19 and related market conditions to have a negative impact on the business relative to pre-pandemic levels, with the impact in 2021 potentially more pronounced than in 2020. The company stated it was in compliance with its debt covenants as of September 30, 2020.

    Nov 6, 2020
  20. 2020-Q2

    Plains All American Pipeline Quarterly Report for Q2 Ended Jun 30, 2020

    Plains All American Pipeline, L.P. (PAA) reported a net loss of $2.701 billion for the six months ended June 30, 2020, compared with net income of $1.418 billion in the same period of 2019. The loss was driven by a $2.515 billion goodwill impairment, which wrote off the entire goodwill balance, along with about $618 million of net losses on asset sales and impairments, $232 million of inventory valuation adjustments in the first quarter, and $91 million of losses on investments in unconsolidated entities. For the three months ended June 30, 2020, the partnership reported net income of $144 million, with Supply and Logistics Segment Adjusted EBITDA falling to $3 million from $200 million a year earlier. Total revenues were $3.225 billion for the quarter and $11.494 billion for the six months. Management stated that COVID-19 and the collapse in oil prices drove a significant decline in demand and an oversupply of crude oil. The company has reduced its 2020/2021 expansion capital program by $850 million, or 37%, cut the common unit distribution by 50% to $0.18 per unit for the August 2020 payment, and completed approximately $250 million of asset sales. It issued $750 million of 3.80% senior notes due 2030 in June 2020, intended in part to repay the 5.00% senior notes due February 2021. Liquidity was approximately $2.9 billion as of June 30, 2020, and the company reported a working capital deficit of $472 million. The filing also details the Line 901 pipeline incident litigation. A pending Consent Decree would require $24 million in civil penalties and $22.325 million for natural resource damages, and the company estimates total Line 901 costs of about $455 million, with a remaining undiscounted gross liability of $140 million. Management expects the market dynamics to have a negative impact on the business relative to pre-pandemic levels, with the impact in 2021 potentially more pronounced than in 2020.

    Aug 7, 2020
  21. 2020-Q1

    Plains All American Pipeline Quarterly Report for Q1 Ended Mar 31, 2020

    Plains All American Pipeline, L.P. (PAA) reported a first-quarter 2020 net loss attributable to PAA of $2,847 million, compared with net income of $970 million in the first quarter of 2019. The loss was driven by a $2,515 million goodwill impairment, which wrote off the entire goodwill balance, and $619 million of net losses on asset sales and asset impairments. Operating loss was $2,773 million. Adjusted EBITDA was $795 million versus $862 million a year earlier, and Implied DCF was $633 million versus $691 million. Net cash provided by operating activities was $890 million, compared with $1,033 million in the prior-year period. The filing attributes the results to the COVID-19 pandemic and the collapse in oil prices amid oversupply. Balance sheet and liquidity: total assets fell to $23,700 million from $28,677 million at year-end 2019, and total partners' capital fell to $9,722 million from $13,195 million. The company reported a working capital deficit of $286 million and approximately $2.5 billion of liquidity, including $38 million of cash. Management said it was in compliance with all debt covenants at March 31, 2020. In response to market conditions, the company announced on April 7, 2020 a reduction of its 2020/2021 expansion capital program by $750 million (33%) and a 50% cut to the common unit distribution payable May 15, 2020, to $0.18 per unit from $0.36. Management also cited completed and pending asset sales, and noted that the Red Oak pipeline project was deferred. The filing additionally discusses ongoing Line 901 litigation and a Consent Decree that would require $24 million in civil penalties and $22.325 million in natural resource compensation, with the company estimating total Line 901 costs of approximately $400 million.

    May 8, 2020
  22. 2019-Q3

    Plains All American Pipeline Quarterly Report for Q3 Ended Sep 30, 2019

    Plains All American Pipeline, L.P. (PAA) reported net income attributable to PAA of $449 million for the third quarter of 2019 and $1.865 billion for the first nine months of 2019, compared with $710 million and $1.099 billion in the prior-year periods. Results were driven by Supply and Logistics segment strength (nine-month Segment Adjusted EBITDA of $571 million versus $120 million), Transportation growth from Permian Basin volumes, and a non-cash $269 million gain on the Capline pipeline contribution. Total revenues for the nine months were $24.515 billion, and net cash provided by operating activities was $1.778 billion. The balance sheet shows total assets of $28.377 billion and total debt of $10.257 billion as of September 30, 2019, with short-term debt rising to $1.084 billion, including $500 million of 2.60% senior notes due December 2019 and $500 million of 5.75% senior notes due January 2020. The company issued $1.0 billion of 3.55% senior notes due 2029 in September 2019 and stated it intends to use the proceeds to partially repay those near-term maturities. Cash and cash equivalents were $609 million, and the company reported approximately $3.5 billion of liquidity and a working capital deficit of $196 million. Management reported expansion capital of $988 million invested in the nine months and expects full-year 2019 expansion capital of about $1.35 billion, primarily for Permian Basin projects. The filing also discloses an estimated aggregate Line 901 incident cost of approximately $380 million, with a remaining undiscounted gross liability of $79 million, and states that the Line 901 pipeline is not currently operational. Common unit distributions are $0.36 per unit for the quarter, payable November 14, 2019.

    Nov 7, 2019
  23. 2019-Q2

    Plains All American Pipeline Quarterly Report for Q2 Ended Jun 30, 2019

    Plains All American Pipeline, L.P. (PAA) reported net income attributable to PAA of $446 million for the second quarter of 2019, compared with $100 million in the second quarter of 2018, and $1.416 billion for the first six months of 2019 versus $388 million a year earlier. Operating income rose to $451 million for the quarter from $88 million, and Segment Adjusted EBITDA totaled $782 million for the quarter versus $505 million. The six-month increase was driven by favorable Supply and Logistics results, higher Permian Basin volumes on Transportation pipelines, a non-cash $267 million gain tied to contributing the Capline pipeline into an equity-method entity, and a lower income tax expense that reflects a $60 million deferred tax benefit from the Alberta provincial tax rate reduction. Liquidity was approximately $2.9 billion at June 30, 2019, including $419 million of cash and cash equivalents, against a working capital deficit of $12 million. Net cash provided by operating activities was $1.464 billion for the first six months of 2019, versus $1.015 billion a year earlier. Management expects 2019 expansion capital of approximately $1.5 billion, primarily for Permian Basin projects, and reported that it completed its Leverage Reduction Plan and adopted a targeted long-term debt to Adjusted EBITDA leverage ratio of 3.0x to 3.5x. The filing also discloses continuing Line 901 incident exposures. Management estimates total aggregate costs of approximately $380 million, with a remaining undiscounted gross liability of $88 million, and reports a receivable of about $67 million for probable insurance recovery. Several investigations, class actions and unitholder derivative suits remain open.

    Aug 8, 2019
  24. 2019-Q1

    Plains All American Pipeline Quarterly Report for Q1 Ended Mar 31, 2019

    Plains All American Pipeline, L.P. (PAA) reported net income of $970 million for the first quarter of 2019, compared with $288 million in the first quarter of 2018. The increase was driven mainly by Supply and Logistics segment results, which benefited from favorable crude oil grade differentials (primarily in the Permian Basin) and higher NGL margins, a non-cash gain of $267 million on the contribution of the Capline pipeline interest to Capline Pipeline Company LLC, and a $23 million mark-to-market gain on the Preferred Distribution Rate Reset Option. Total revenues were $8.375 billion versus $8.398 billion a year earlier, while operating income rose to $714 million from $381 million. Segment Adjusted EBITDA was $861 million, compared with $592 million in the prior-year period. Liquidity was approximately $3.3 billion at March 31, 2019, including $436 million of cash and cash equivalents, and the partnership reported a working capital surplus of $65 million. Net cash provided by operating activities was $1.033 billion, versus $521 million a year earlier. Expansion capital spending was $351 million in the quarter, and full-year 2019 expansion capital is expected to be about $1.35 billion, primarily in the Permian Basin. The filing states that in April 2019 the company announced completion of its Leverage Reduction Plan, a lower targeted long-term debt to Adjusted EBITDA leverage ratio of 3.0x to 3.5x, and an increase in the annualized common unit distribution to $1.44 per unit, beginning with the May 15, 2019 payment. The filing also details ongoing Line 901 litigation and regulatory matters. The company states its estimated aggregate total costs for the Line 901 incident are approximately $355 million, with a remaining undiscounted gross liability of $75 million. Management concluded that its disclosure controls and procedures were effective as of March 31, 2019.

    May 10, 2019
  25. 2018-Q3

    Plains All American Pipeline Quarterly Report for Q3 Ended Sep 30, 2018

    Plains All American Pipeline, L.P. (PAA) reported net income attributable to PAA of $710 million for the third quarter of 2018 and $1.099 billion for the first nine months of 2018, compared with $33 million and $665 million in the respective 2017 periods. Management attributes the nine-month increase primarily to stronger Transportation segment results from Permian Basin pipelines, favorable regional crude oil differentials and higher lease gathering and NGL margins in Supply and Logistics, lower depreciation and amortization from net asset-sale gains, a $210 million gain on the partial sale of BridgeTex, and lower interest expense. Total revenues were $8.792 billion for the quarter and $25.269 billion for the nine months, and Segment Adjusted EBITDA was $636 million for the quarter and $1.733 billion for the nine months. The partnership sold a 30% interest in BridgeTex for proceeds of $868 million, retaining a 20% interest, and received about $1.3 billion in total divestiture proceeds during the nine months, exceeding its $700 million target for 2018. Expansion capital for the nine months was $1.370 billion, and full-year 2018 expansion capital is projected at about $1.95 billion, primarily in the Permian Basin. Total debt was $9.569 billion at September 30, 2018, down from $9.920 billion at December 31, 2017, and liquidity was about $2.5 billion. The filing also details ongoing Line 901 litigation. Following a September 7, 2018 jury verdict in California Superior Court, the partnership was found guilty on one felony discharge count and eight misdemeanor counts, and is evaluating post-trial options including an appeal. Management estimates total Line 901 costs of approximately $335 million, with a remaining undiscounted gross liability of $65 million, and states that it does not anticipate the fines or penalties from the verdict will have a material adverse impact on the partnership's financial position or operations.

    Nov 8, 2018
  26. 2018-Q2

    Plains All American Pipeline Quarterly Report for Q2 Ended Jun 30, 2018

    Plains All American Pipeline, L.P. (PAA) reported net income attributable to PAA of $100 million for the second quarter of 2018, compared with $188 million in the second quarter of 2017, and $388 million for the six months ended June 30, 2018, compared with $632 million a year earlier. Management attributes the year-over-year decrease largely to a $511 million negative impact from mark-to-market losses on certain derivatives in 2018 versus gains in 2017, along with the effects of asset sales. Partially offsetting these were higher Transportation segment results, driven mainly by Permian Basin volumes, lower depreciation and amortization from net gains on asset sales, lower interest expense from reduced debt, and lower income tax expense. Total segment adjusted EBITDA for the six months rose to $1.10 billion from $962 million, and Implied DCF available to common unitholders was $711 million versus $592 million. Liquidity remained substantial, with over $3.0 billion available as of June 30, 2018, and a working capital deficit of $1.3 billion that management expects to decrease in future quarters. Expansion capital spending for 2018 is expected to be approximately $1.95 billion, primarily in the Permian Basin, and the company received $426 million of divestiture proceeds in the first six months against a $700 million 2018 target. The common unit distribution was held at $0.30 per quarter, which the filing describes as a year-over-year decrease of approximately 45% from the $0.55 paid in August 2017. The filing also details ongoing Line 901 litigation and an estimated aggregate cost of approximately $335 million for that incident.

    Aug 9, 2018
  27. 2018-Q1

    Plains All American Pipeline Quarterly Report for Q1 Ended Mar 31, 2018

    Plains All American Pipeline, L.P. (PAA) reported net income of $288 million for the three months ended March 31, 2018, compared with $444 million in the same period of 2017, a decline the company attributes mainly to lower mark-to-market gains on derivatives. Total revenues rose to $8.398 billion from $6.667 billion, while operating income fell to $381 million from $591 million. Basic net income per common unit was $0.33 versus $0.59 a year earlier. Segment adjusted EBITDA totaled $592 million, and Adjusted EBITDA was $593 million, versus $512 million in the prior-year period. Implied DCF was $443 million, compared with $302 million. The Transportation segment drove the improvement, with segment adjusted EBITDA rising to $335 million from $273 million, mainly on higher Permian Basin volumes. Interest expense fell to $106 million from $129 million on lower weighted average debt following the Leverage Reduction Plan. Cash and cash equivalents were $23 million, total debt was $9.824 billion, and the working capital deficit was $639 million. The company stated it had approximately $3.2 billion of liquidity. Management projects 2018 expansion capital of approximately $1.4 billion, primarily in the Permian Basin, and expects to fund it with retained cash flow and divestiture proceeds. Asset sales produced $83 million in the quarter and an additional $255 million through May 1, 2018. Distributions are a key focus for investors. The quarterly common unit distribution is $0.30, unchanged from the prior two quarters but down approximately 45% from the $0.55 paid in May 2017. The filing also discloses the Line 901 incident, with an estimated aggregate total cost of approximately $335 million and a remaining undiscounted gross liability of $87 million. Several governmental investigations and class actions remain open.

    May 9, 2018
  28. 2017-Q3

    Plains All American Pipeline Quarterly Report for Q3 Ended Sep 30, 2017

    Plains All American Pipeline, L.P. (PAA) reported net income attributable to PAA of $33 million for the third quarter of 2017, compared with $297 million in the third quarter of 2016, and $665 million for the first nine months of 2017 versus $599 million a year earlier. Results were driven by Transportation segment adjusted EBITDA of $363 million for the quarter ($933 million year to date) and Facilities segment adjusted EBITDA of $182 million for the quarter ($550 million year to date), while Supply and Logistics segment adjusted EBITDA was negative $56 million for the quarter, largely reflecting margin compression from intense competition in crude oil and NGL markets. Derivative-related selected items and a large Q3 hit to net income were reflected in the adjustments table. The partnership is executing an action plan announced August 25, 2017 to strengthen the balance sheet. The common unit distribution is being reset to $1.20 per year ($0.30 per quarter, payable November 14, 2017), versus $0.55 per quarter paid in August 2017. Management cited plans to sell about $700 million of non-core assets, reduce hedged inventory borrowings, fund expansion capital with preferred equity, and reduce total debt by about $1.4 billion through March 31, 2019. In October 2017 the partnership issued 800,000 Series B preferred units for net proceeds of $788 million. The filing also details the Line 901 crude oil release in California, for which the estimated aggregate total costs are about $300 million, with a remaining undiscounted gross liability of $64 million at September 30, 2017, and pending criminal charges, government investigations and class actions. Acquisitions in 2017 included the Alpha Crude Connector for about $1.217 billion, and net proceeds from common unit sales were $1.664 billion year to date.

    Nov 9, 2017
  29. 2017-Q2

    Plains All American Pipeline Quarterly Report for Q2 Ended Jun 30, 2017

    Plains All American Pipeline, L.P. (PAA) reported net income attributable to PAA of $188 million for the second quarter of 2017 and $632 million for the first six months, compared with $101 million and $302 million in the prior-year periods. Results were supported by acquisitions and capital projects, including the Alpha Crude Connector (ACC) acquisition for about $1.217 billion in February 2017, and by gains on certain derivative instruments. Management noted continued margin compression and intense competition in the Supply and Logistics segment, where segment adjusted EBITDA was a loss of $28 million in the quarter versus $39 million a year earlier. Transportation and Facilities segment adjusted EBITDA rose to $298 million and $180 million, respectively, for the quarter. The company raised $1.664 billion in net proceeds from common unit sales and sold about $389 million of non-core assets during the first half. Cash and cash equivalents were $47 million at June 30, 2017, with a working capital deficit of $229 million and about $2.8 billion of liquidity. Total debt was $11.154 billion. Distributions paid to common unitholders totaled $770 million in the six-month period. The quarterly distribution of $0.55 per common unit, payable August 14, 2017, is unchanged from the prior three quarters. The filing states that on August 7, 2017, the company began reassessing its distribution approach, with a focus on resetting the common unit distribution to a level supported by distributable cash flow from its fee-based Transportation and Facilities segments. The filing also discloses continuing Line 901 incident liabilities, with an aggregate estimated total cost of approximately $300 million and a remaining undiscounted gross liability of $78 million. Several investigations and lawsuits remain open, and fines or penalties have not been imposed to date, though the filing states they may be in the future.

    Aug 8, 2017
  30. 2017-Q1

    Plains All American Pipeline Quarterly Report for Q1 Ended Mar 31, 2017

    Plains All American Pipeline, L.P. (PAA) reported net income attributable to PAA of $444 million for the first quarter of 2017, compared with $202 million in the first quarter of 2016. Total revenues rose to $6.667 billion from $4.111 billion, driven mainly by Supply and Logistics segment revenues of $6.395 billion versus $3.819 billion. Basic net income per common unit was $0.59 and diluted was $0.58, versus $0.07 in the prior-year period. Segment adjusted EBITDA was $512 million, down from $632 million, with Supply and Logistics falling to $51 million from $184 million as competition and margin compression offset derivative gains. Management cited higher interest expense and higher income tax expense as other drivers. The balance sheet expanded substantially during the quarter. Total assets were $25.269 billion at March 31, 2017, up from $24.210 billion, largely reflecting the February 2017 Alpha Crude Connector acquisition for approximately $1.217 billion. Common units outstanding rose to 723,404,994 from 669,194,419 after the issuance of 54.1 million units, which generated net proceeds of about $1.664 billion. Cash used in investing activities was $1.491 billion, and cash provided by operating activities was $816 million. Total debt was $11.220 billion, and the partnership reported compliance with its credit agreement covenants. The filing also details ongoing legal and regulatory exposure from the May 2015 Line 901 crude oil release in California. The estimated aggregate total costs for the incident are approximately $280 million, with a remaining undiscounted gross liability of $68 million at quarter end. The partnership and an employee face state criminal charges, and several governmental investigations remain open. The quarterly distribution was declared at $0.55 per common unit, payable May 15, 2017, which management described as a year-over-year decrease of approximately 21%.

    May 10, 2017
  31. 2016-Q3

    Plains All American Pipeline Quarterly Report for Q3 Ended Sep 30, 2016

    Plains All American Pipeline, L.P. (PAA) reported net income attributable to PAA of $599 million for the first nine months of 2016, compared with $657 million in the same period of 2015. Third-quarter 2016 net income attributable to PAA was $297 million, versus $249 million a year earlier. Results were pressured by lower Supply and Logistics segment profit ($13 million for the nine months versus $258 million), partly offset by higher Transportation ($760 million versus $681 million) and Facilities ($488 million versus $432 million) segment profit. Depreciation and amortization included net gains of $99 million for the nine months from non-core asset sales and joint venture formations, and impairments of approximately $80 million on rail and other terminal assets. The partnership raised about $1.6 billion of net proceeds from a January 2016 private placement of Series A preferred units, and sold 9.9 million common units for $289 million. It invested $1.065 billion in expansion capital during the nine months, with a full-year 2016 expansion capital target of approximately $1.425 billion. Cash flow from operating activities was $642 million for the nine months, versus $1.2 billion in 2015. As of September 30, 2016, the company reported liquidity of approximately $2.5 billion. The filing also describes a Simplification Agreement with PAGP, AAP and related entities, expected to close on November 15, 2016, and a quarterly distribution on common units reduced to $0.55 per unit, payable November 14, 2016. The filing discloses ongoing Line 901 litigation and regulatory matters, with a total estimated cost of approximately $280 million and a remaining undiscounted gross liability of $87 million.

    Nov 8, 2016
  32. 2016-Q2

    Plains All American Pipeline Quarterly Report for Q2 Ended Jun 30, 2016

    Plains All American Pipeline, L.P. (PAA) reported net income attributable to PAA of $101 million for the second quarter of 2016 and $302 million for the first six months, compared with $124 million and $407 million in the same periods of 2015. Results were pressured by the Supply and Logistics segment, which posted a segment loss of $18 million in the quarter (versus segment profit of $41 million in the prior-year quarter) and segment profit of $19 million for the six months (versus $171 million). Transportation segment profit rose to $252 million for the quarter and $499 million for the six months, and Facilities segment profit rose to $156 million and $315 million, respectively. Net loss allocated to common unitholders was $81 million for the quarter, or $(0.20) per common unit. Depreciation and amortization increased to $204 million in the quarter, including approximately $80 million of rail and terminal impairments. The partnership raised approximately $1.6 billion of net proceeds from the January 2016 private placement of Series A preferred units, and ended the quarter with total debt of $10.8 billion and a working capital deficit of $426 million. Management cited a 'transitional' crude oil market, increased competition and compressed differentials as headwinds. Operating cash flow was $387 million for the first six months of 2016, versus $660 million a year earlier. The filing also discloses a July 11, 2016 Simplification Agreement under which PAA will issue approximately 245.5 million common units to its parent AAP in exchange for AAP's IDRs and the assumption of approximately $593 million of AAP debt, with closing expected in the fourth quarter of 2016. In connection with this, PAA intends to reduce its quarterly distribution to $0.55 per common unit beginning with the third-quarter 2016 payment. The Line 901 crude oil release (May 2015) remains a major legal and financial matter: the company estimates total costs of approximately $269 million, has a remaining gross liability of $91 million, and in May 2016 was indicted by a California grand jury on 46 counts, to which it pled not guilty.

    Aug 8, 2016
  33. 2016-Q1

    Plains All American Pipeline Quarterly Report for Q1 Ended Mar 31, 2016

    Plains All American Pipeline, L.P. (PAA) reported net income attributable to PAA of $202 million for the first quarter of 2016, down from $283 million in the first quarter of 2015. Total revenues were $4,111 million versus $5,942 million a year earlier, driven by lower Supply and Logistics revenues ($3,819 million vs. $5,632 million). Diluted net income per common unit was $0.07 compared with $0.35. The decline reflects weaker Supply and Logistics segment profit ($37 million vs. $130 million), partially offset by higher Transportation segment profit ($247 million vs. $241 million) and Facilities segment profit ($159 million vs. $142 million). Adjusted EBITDA was essentially flat at $621 million versus $622 million, and implied distributable cash flow was $439 million against cash distributions of $433 million. The quarter's key financing event was the January 2016 private placement of approximately 61.0 million Series A preferred units at $26.25 per unit, yielding net proceeds of approximately $1.6 billion. Management is targeting expansion capital of about $1.5 billion for 2016, and total debt was reduced to $9,868 million from $11,374 million at year-end 2015. Partners' capital rose to $9,371 million from $7,939 million. Management stated that it was in compliance with all debt covenants and cited a working capital deficit of $283 million with over $3.8 billion of liquidity. The filing also details the continuing consequences of the May 2015 Line 901 crude oil release in Santa Barbara County, California. Line 901 and Line 903 remain non-operational under a PHMSA corrective action order with no restart timeline. Management estimates total Line 901 costs of approximately $269 million, with a remaining undiscounted gross liability of $104 million. Multiple governmental investigations, class actions and securities and derivative lawsuits are pending, and no timeline has been set for resolution.

    May 10, 2016
  34. 2015-Q3

    Plains All American Pipeline Quarterly Report for Q3 Ended Sep 30, 2015

    Plains All American Pipeline, L.P. (PAA) reported a quarterly 10-Q for the period ended September 30, 2015. For the nine months ended September 30, 2015, net income attributable to PAA was $657 million, down from $994 million in the prior-year period. The filing attributes the decline primarily to weaker results in the Supply and Logistics segment, where compressed differentials and increased competition lowered unit margins, and to costs and lost revenue from the Line 901 crude oil release in May 2015. Segment profit for the nine months was $1,371 million versus $1,627 million a year earlier, and basic net income per limited partner unit was $0.54 compared with $1.71. The partnership invested approximately $1.8 billion in midstream projects in the first nine months of 2015 against a full-year 2015 expansion capital target of $2.2 billion, and raised roughly $2.1 billion of long-term debt and equity. Liquidity was about $3.1 billion as of September 30, 2015, and the company declared a quarterly distribution of $0.7000 per limited partner unit payable November 13, 2015. Total assets were $22,217 million and total debt was $10,651 million. The main investor risk in the filing is the Line 901 incident. The company estimates total costs of about $257 million, has a remaining undiscounted gross liability of $126 million, and has recorded an insurance receivable of $192 million. Several governmental investigations are ongoing, including a PHMSA corrective action order and a DOJ inquiry, and seven class actions and two securities class actions have been filed. The filing states that no fines or penalties have yet been imposed, but it cannot rule out future penalties or charges.

    Nov 6, 2015
  35. 2015-Q2

    Plains All American Pipeline Quarterly Report for Q2 Ended Jun 30, 2015

    Plains All American Pipeline, L.P. (PAA) reported net income attributable to PAA of $124 million for the three months ended June 30, 2015, compared with $287 million in the prior-year quarter, and $407 million for the six months ended June 30, 2015, compared with $671 million. The filing attributes the six-month decline primarily to less favorable results from the Supply and Logistics segment, along with costs and lost revenue from the Line 901 crude oil release in May 2015. Supply and Logistics segment profit fell to $41 million in the second quarter from $133 million a year earlier, and total segment profit for the first half was $884 million versus $1,097 million. Basic net income per limited partner unit was $(0.06) for the quarter and $0.29 for the six months. The partnership's balance sheet showed cash of $28 million at June 30, 2015, total debt of $10,052 million, and a working capital deficit of $530 million. The company stated it had approximately $3.1 billion of liquidity, and it issued approximately 21.0 million common units in a March 2015 underwritten offering for net proceeds of about $1.1 billion. Net cash provided by operating activities was $660 million for the first half of 2015, down from $963 million. The company declared a quarterly distribution of $0.6950 per limited partner unit payable August 14, 2015. Management projected 2015 expansion capital of $2.2 billion and maintenance capital of $205 million to $225 million. The filing discloses significant contingencies tied to the Line 901 incident, including an aggregate estimated total cost of approximately $257 million, a remaining undiscounted gross liability of $221 million, and six class action lawsuits. The estimated worst-case release volume is about 2,400 barrels, and a PHMSA corrective action order and a DOJ investigation are ongoing. The company stated that Line 901 has no timeline for restart.

    Aug 7, 2015
  36. 2015-Q1

    Plains All American Pipeline Quarterly Report for Q1 Ended Mar 31, 2015

    Plains All American Pipeline, L.P. reported net income attributable to PAA of $283 million for the first quarter of 2015, compared with $384 million in the first quarter of 2014. Total revenues were $5,942 million versus $11,684 million a year earlier, largely reflecting lower Supply and Logistics revenues ($5,632 million versus $11,346 million). Management attributed the decline in operating results to less favorable results from the Supply and Logistics and Facilities segments, partially offset by growth in the Transportation segment. Transportation segment profit rose to $241 million from $206 million, while Supply and Logistics segment profit fell to $130 million from $249 million and Facilities segment profit fell to $142 million from $154 million. Diluted net income per limited partner unit was $0.35, compared with $0.73. The partnership strengthened its balance sheet and funding position during the quarter. It completed an underwritten offering of 21.0 million common units for proceeds of approximately $1.1 billion, and short-term debt declined to $553 million from $1,287 million at year-end 2014 as commercial paper borrowings were repaid. Cash and cash equivalents were $458 million, and the filing cites approximately $4.4 billion of total liquidity as of March 31, 2015. Management declared a quarterly distribution of $0.6850 per limited partner unit, payable May 15, 2015, and forecast 2015 expansion capital of $2.15 billion, with maintenance capital of $205 to $225 million. The filing also flags several risks. Adjusted EBITDA rose to $622 million from $567 million, but the company's results were affected by derivative mark-to-market losses and a $38 million long-term inventory costing adjustment. Accumulated other comprehensive loss widened to $843 million, driven by currency translation adjustments of $298 million in the quarter. Environmental reserves totaled $75 million, and the EPA issued a Notice of Violation on April 30, 2015 concerning the Bakersfield Crude Terminal, with no fines assessed to date.

    May 8, 2015
  37. 2014-Q3

    Plains All American Pipeline Quarterly Report for Q3 Ended Sep 30, 2014

    Plains All American Pipeline, L.P. reported net income attributable to PAA of $323 million for the third quarter of 2014, up from $231 million a year earlier, and $994 million for the first nine months of 2014 versus $1.052 billion in the same period of 2013. Total revenues were $11.127 billion for the quarter and $34.005 billion for the nine months. Segment profit was $530 million for the quarter versus $408 million, driven by the Transportation and Supply and Logistics segments, while nine-month total segment profit was roughly flat at $1.627 billion versus $1.640 billion. Management attributed the nine-month results to stronger Transportation volumes from North American crude oil production growth, offset by weaker NGL marketing and crude oil marketing margins and costs from severe cold weather in the first quarter of 2014. The balance sheet shows total assets of $21.837 billion and total debt of $8.589 billion as of September 30, 2014. Operating cash flow was $1.278 billion for the nine months, compared with $1.594 billion a year earlier, while investing outflows were $1.664 billion, including $1.424 billion of additions to property, equipment and other. The company issued $700 million of 4.70% senior notes due 2044 in April 2014 and $750 million of 3.60% senior notes due 2024 in September 2014. Distributions declared for the third quarter were $0.6600 per limited partner unit, payable November 14, 2014, a 10.0% increase over the November 2013 distribution. A significant subsequent event is an agreement, dated November 5, 2014, to purchase Occidental Petroleum's 50% interest in BridgeTex Pipeline Company LLC for $1.075 billion. The closing is conditioned on a PAGP secondary offering to be completed before December 31, 2014, and the company plans to initially fund the purchase with commercial paper borrowings. Its internal growth program has projected 2014 expansion capital expenditures of $1.950 to $2.150 billion.

    Nov 7, 2014
  38. 2014-Q2

    Plains All American Pipeline Quarterly Report for Q2 Ended Jun 30, 2014

    Plains All American Pipeline, L.P. reported net income attributable to PAA of $287 million for the second quarter of 2014, compared with $292 million in the second quarter of 2013, and $671 million for the first six months of 2014 versus $821 million a year earlier. Diluted net income per limited partner unit was $0.45 for the quarter and $1.18 for the six months (versus $0.57 and $1.84). The filing attributes the decline mainly to less favorable crude oil market conditions, particularly in the first quarter, which offered fewer above-baseline margin opportunities in the Supply and Logistics segment, plus costs from natural gas storage deliverability management during severe cold weather. Transportation segment profit rose 38% in the quarter and 32% for the six months, driven by North American crude oil production growth and completed internal growth projects, while Supply and Logistics segment profit fell 24% in the quarter and 37% for the six months. Adjusted EBITDA was $512 million for the quarter, up from $478 million, but $1,079 million for the six months, down from $1,217 million. Implied distributable cash flow for the quarter was $367 million against distributions paid of $360 million, leaving DCF excess of $7 million for the quarter and $72 million for the six months. The partnership declared a distribution of $0.6450 per limited partner unit payable August 14, 2014, a 9.8% increase over the August 2013 payment. Liquidity was approximately $2.2 billion, comprising undrawn credit facility availability net of commercial paper outstanding of $760 million, plus cash of $27 million, against a working capital deficit of approximately $255 million. Total debt was $8.18 billion at June 30, 2014, up from $7.83 billion at year-end 2013, following the April 2014 issuance of $700 million of 4.70% senior notes due 2044. Net cash provided by operating activities was $963 million for the first six months, down from $1.34 billion a year earlier, while capital expenditures for internal growth projects reached $1.01 billion in the period. The company estimates 2014 projected expansion capital expenditures of $1.85 billion to $2.05 billion.

    Aug 8, 2014
  39. 2014-Q1

    Plains All American Pipeline Quarterly Report for Q1 Ended Mar 31, 2014

    Plains All American Pipeline, L.P. reported net income attributable to PAA of $384 million, or $0.73 per diluted limited partner unit, for the three months ended March 31, 2014, compared with $528 million, or $1.27 per diluted unit, in the same period of 2013. Management attributes the decline primarily to less favorable crude oil market conditions, which provided fewer opportunities for above-baseline crude oil margins in the Supply and Logistics segment. Natural gas storage costs incurred to manage deliverability during severe cold weather also weighed on the Facilities and Supply and Logistics segments. Transportation segment profit rose to $206 million from $164 million, driven by North American crude oil production growth and recently completed expansion projects. Total revenues rose to $11.68 billion from $10.62 billion, while segment profit fell to $609 million from $748 million. Supply and Logistics segment profit declined to $249 million from $434 million. Adjusted EBITDA was $567 million versus $739 million, and implied distributable cash flow was $411 million versus $560 million. Net cash provided by operating activities was $822 million, compared with $979 million a year earlier. The partnership declared a distribution of $0.6300 per limited partner unit payable May 15, 2014, a 9.6% increase over the May 2013 distribution. Liquidity was approximately $2.0 billion at March 31, 2014, including $1.56 billion of availability under the senior unsecured revolving credit facility and $1.37 billion under the senior secured hedged inventory facility, less $978 million outstanding under the commercial paper program. In April 2014 the partnership issued $700 million of 4.70% senior notes due 2044 at 99.734% of face value, using net proceeds of about $691 million to repay commercial paper and for general partnership purposes. Total 2014 projected expansion capital expenditures were $1.75 to $1.95 billion.

    May 9, 2014
  40. 2013-Q3

    Plains All American Pipeline Quarterly Report for Q3 Ended Sep 30, 2013

    Plains All American Pipeline, L.P. reported net income attributable to Plains of $231 million for the third quarter of 2013, up from $165 million a year earlier, and $1.052 billion for the first nine months of 2013 versus $774 million in the prior-year period. Diluted net income per limited partner unit was $0.38 for the quarter ($0.27 prior year) and $2.22 for the nine months ($1.70 prior year). Total revenues were $10.703 billion for the quarter and $31.617 billion for the nine months. Adjusted EBITDA was $480 million for the quarter, down from $502 million, while nine-month Adjusted EBITDA rose to $1.697 billion from $1.497 billion. Supply and Logistics segment profit fell sharply in the quarter to $64 million from $142 million as crude oil margins narrowed, though it rose to $673 million for the nine months from $544 million, driven by NGL marketing. The partnership raised approximately $1.1 billion in net proceeds from an August 2013 $700 million 3.85% senior notes issuance and sales of about 7.2 million common units under its continuous offering program. Total debt was $7.637 billion at September 30, 2013, and liquidity available was approximately $2.87 billion. Management declared a quarterly distribution of $0.6000 per limited partner unit payable November 14, 2013. The filing also describes a pending merger in which PAA would acquire the publicly held common units of PAA Natural Gas Storage, L.P. (PNG) through a unit-for-unit exchange at 0.445 PAA units per PNG unit, with about 14.7 million PAA units expected to be issued. Several unitholder lawsuits challenge the proposed transaction, and the closing is anticipated in the latter half of the fourth quarter of 2013 or the first quarter of 2014.

    Nov 6, 2013
  41. 2013-Q2

    Plains All American Pipeline Quarterly Report for Q2 Ended Jun 30, 2013

    Plains All American Pipeline, L.P. (PAA) reported net income attributable to Plains of $292 million for the second quarter of 2013, compared with $378 million in the second quarter of 2012, and $821 million for the first six months of 2013 versus $609 million a year earlier. Diluted net income per limited partner unit was $0.57 for the quarter and $1.84 for the six months, compared with $0.93 and $1.44 in the prior-year periods. Management attributes the year-to-date improvement mainly to contributions from the BP NGL and USD Rail Terminal Acquisitions and stronger unit margins in the Supply and Logistics segment, while noting that new infrastructure in producing regions in the second quarter of 2013 began to relieve the logistical constraints that had supported those margins. Segment profit totaled $485 million for the quarter, down from $557 million, with Supply and Logistics segment profit falling to $176 million from $274 million. Facilities segment profit rose to $149 million from $114 million, and Transportation segment profit was $160 million versus $169 million. Adjusted EBITDA was $478 million for the quarter and $1.217 billion for the six months, and implied distributable cash flow was $342 million for the quarter and $904 million for the six months. Net cash provided by operating activities for the first six months was $1.337 billion, compared with $348 million a year earlier, driven partly by inventory liquidation that was used to repay borrowings. The balance sheet shows total assets of $19.424 billion and total debt of $7.215 billion at June 30, 2013, with liquidity of approximately $2.57 billion, and the company reported a working capital deficit of about $83 million. The partnership declared a quarterly distribution of $0.5875 per unit payable August 14, 2013, which the filing describes as a year-over-year increase of approximately 10.3%. Capital expenditures were $913 million for the six months, including $830 million for internal growth projects, and the filing lists projected 2013 expansion capital of $1.550 to $1.700 billion.

    Aug 8, 2013
  42. 2013-Q1

    Plains All American Pipeline Quarterly Report for Q1 Ended Mar 31, 2013

    Plains All American Pipeline, L.P. (PAA) reported net income attributable to Plains of $528 million, or $1.27 per diluted limited partner unit, for the first quarter of 2013, compared with $230 million, or $0.51 per diluted unit, in the first quarter of 2012. The filing attributes the improvement mainly to significantly stronger unit margins in the Supply and Logistics segment, contributions from the BP NGL and USD Rail Terminal acquisitions, and a favorable period-over-period mark-to-market impact from derivatives. Total revenues were $10.62 billion versus $9.22 billion, operating income was $655 million versus $313 million, and Supply and Logistics segment profit rose to $434 million from $128 million. Adjusted EBITDA was $739 million compared with $472 million, and implied distributable cash flow was $560 million compared with $342 million. Balance sheet and liquidity remained solid. Total debt was $7.02 billion at March 31, 2013, down from $7.41 billion at December 31, 2012, largely reflecting net repayments on credit facilities. Net cash provided by operating activities was $979 million, versus $317 million a year earlier, and the company cited about $2.77 billion of available liquidity. The Partnership declared a quarterly distribution of $0.5750 per limited partner unit payable May 15, 2013, which the filing states represents a year-over-year increase of approximately 10.0%. Capital expenditures for acquisitions, internal growth projects and maintenance totaled $403 million, and the projected 2013 expansion capital program was $1.35 billion to $1.55 billion. The filing also highlights operating and legal items. The company disclosed several crude oil pipeline releases in Alberta and Mississippi, with environmental reserves of approximately $101 million at March 31, 2013, and an Alberta regulator issued enforcement actions related to the Rainbow release. It also reported a pending agreement, signed in February 2013, to sell certain refined products pipeline systems, with closing expected in the second or third quarter of 2013.

    May 8, 2013
  43. 2012-Q3

    Plains All American Pipeline Quarterly Report for Q3 Ended Sep 30, 2012

    Plains All American Pipeline, L.P. (PAA) reported net income attributable to Plains of $165 million for the third quarter of 2012 and $774 million for the first nine months of 2012, compared with $281 million and $688 million in the same periods of 2011. Diluted net income per limited partner unit was $0.27 for the quarter and $1.70 for the nine months, versus $0.74 and $1.76 a year earlier. Results were affected by a $125 million impairment in the third quarter related to the Pier 400 terminal project, which the company decided not to proceed with. Adjusted EBITDA was $502 million for the quarter and $1,497 million for the nine months, and implied distributable cash flow was $360 million and $1,094 million, respectively. The company completed the $1.68 billion BP NGL Acquisition on April 1, 2012, and funded it with senior notes, common units and borrowings. Total debt was $6,645 million at September 30, 2012, up from $5,199 million at December 31, 2011. Cash provided by operating activities was $880 million for the first nine months of 2012, compared with $1,752 million a year earlier. The partnership also effected a two-for-one common unit split on October 1, 2012, and declared a quarterly distribution of $0.5425 per unit payable November 14, 2012, which the filing describes as an annualized rate of $2.17 per unit. The filing also notes a crude oil release on the Rangeland Pipeline in Alberta in June 2012, with estimated total clean-up and remediation costs of about $53 million before insurance recoveries, and a remaining receivable of about $43 million for the portion expected to be recovered from insurance. The company's segment profit rose for Transportation and Facilities but fell for Supply and Logistics in the third quarter, which the filing attributes to lower derivative-related results and a $121 million and $7 million inventory writedown in the second and third quarters.

    Nov 7, 2012
  44. 2012-Q2

    Plains All American Pipeline Quarterly Report for Q2 Ended Jun 30, 2012

    Plains All American Pipeline, L.P. reported net income attributable to Plains of $378 million for the second quarter of 2012 and $609 million for the first six months, compared with $225 million and $408 million in the same periods of 2011. Diluted net income per limited partner unit was $1.85 for the quarter and $2.88 for the six months, versus $1.13 and $2.03 a year earlier. Total revenues were $9.786 billion for the quarter and $19.004 billion for the six months. Management attributed the improvement mainly to increased utilization of transportation assets, fee-based contributions from acquisition and expansion capital, and higher lease-gathering volumes and unit margins in the Supply and Logistics segment, which benefited from production growth in North American crude oil and liquids-rich resource plays. The period included the April 1, 2012 acquisition of BP Canada Energy Company for approximately $1.68 billion in cash, which the filing describes as the BP NGL Acquisition. It was pre-funded through the March 2012 issuance of $1.25 billion of senior notes and a 5,750,000-unit common equity offering that generated net proceeds of about $455 million. Total debt rose to $6.790 billion at June 30, 2012 from $5.199 billion at December 31, 2011, and the partnership reported a working capital deficit of approximately $138 million with about $2.755 billion of liquidity. Operating cash flow for the first six months was $348 million, compared with $972 million in the prior-year period, and the filing attributes the decline to an increase in crude oil and NGL inventory levels. The filing also discloses a June 2012 Rangeland Pipeline crude oil release in Alberta, Canada, with estimated total clean-up and remediation costs of about $53 million before insurance recoveries. The partnership declared a quarterly distribution of $1.065 per limited partner unit, payable August 14, 2012, and the filing notes it is an increase of approximately 8.4% year over year.

    Aug 9, 2012
  45. 2012-Q1

    Plains All American Pipeline Quarterly Report for Q1 Ended Mar 31, 2012

    Plains All American Pipeline, L.P. reported net income attributable to Plains of $230 million, or $1.02 per diluted limited partner unit, for the first quarter of 2012, compared with $182 million, or $0.90 per diluted unit, in the first quarter of 2011. The filing states these represent increases of 26% and 13%, respectively. Total revenues rose to $9,218 million from $7,694 million, and operating income was $313 million versus $285 million. Management attributed the improvement mainly to higher utilization of existing transportation assets, incremental fee-based contributions from acquisition and expansion capital, and increased lease-gathering volumes and unit margins in the supply and logistics segment. These gains were partly offset by a $61 million mark-to-market loss on derivatives, compared with a $20 million gain a year earlier, and by about $19 million of higher equity compensation expense. Balance sheet and financing activity were significant during the quarter. Total assets increased to $17,081 million from $15,381 million at year-end 2011, driven largely by $1,632 million of restricted cash held in escrow for the BP NGL Acquisition, which closed on April 1, 2012 for approximately $1.67 billion. To fund it, the partnership issued $750 million of 3.65% senior notes due 2022 and $500 million of 5.15% senior notes due 2042, and sold 5,750,000 common units for net proceeds of about $455 million. Total debt rose to $6,551 million from $5,199 million. Partners' capital increased to $6,513 million. Net cash provided by operating activities fell to $317 million from $654 million, mainly due to changes in assets and liabilities. The partnership declared a distribution of $1.045 per limited partner unit payable May 15, 2012, which the filing describes as a 7.7% year-over-year increase. The general partner agreed to reduce its incentive distributions by $15 million per year for two years and $10 million per year thereafter following the BP NGL Acquisition. The company also reported a working capital deficit of about $276 million and approximately $2.34 billion of available liquidity as of March 31, 2012.

    May 8, 2012
  46. 2011-Q3

    Plains All American Pipeline Quarterly Report for Q3 Ended Sep 30, 2011

    Plains All American Pipeline, L.P. reported net income attributable to Plains of $281 million for the third quarter of 2011, up from $81 million in the third quarter of 2010, and $688 million for the first nine months of 2011, up from $363 million. Basic net income per limited partner unit was $1.48 for the quarter and $3.53 for the nine months. Total revenues were $8.84 billion for the quarter and $25.39 billion for the nine months. The Supply & Logistics segment drove the improvement, with segment profit of $179 million in the quarter versus $2 million a year earlier, and $464 million for the nine months versus $152 million. The company attributes this to crude oil resource plays, strong basis differentials and favorable market structure. Transportation and Facilities segment profit also rose for both periods. The balance sheet was strengthened by financing activity. Total debt was $5.12 billion at September 30, 2011, down from $5.96 billion at year-end 2010, after the company issued $600 million of 5.00% senior notes due 2021 and completed a March 2011 equity offering of 7,935,000 units that netted about $503 million. Subsidiary PNG acquired Southern Pines (SG Resources) for approximately $752 million net of cash acquired. The company renewed its principal credit facilities in August 2011, and reported about $2.5 billion of liquidity at quarter end. Net cash provided by operating activities for the nine months was $1.752 billion. Operational and risk items include a Rainbow Pipeline crude oil release of approximately 30,000 barrels in April 2011, with an estimated remediation cost of about $70 million before insurance recoveries, and a $44 million insurance receivable recognized. The company also declared a quarterly distribution of $0.995 per limited partner unit payable November 14, 2011, a year-over-year increase of approximately 4.7%.

    Nov 4, 2011
  47. 2011-Q2

    Plains All American Pipeline Quarterly Report for Q2 Ended Jun 30, 2011

    Plains All American Pipeline, L.P. reported net income attributable to Plains of $408 million for the six months ended June 30, 2011, up from $282 million a year earlier, and $225 million for the second quarter versus $131 million in the prior-year quarter. Management attributes the increase to favorable results in all three segments, particularly Supply & Logistics, which benefited from crude oil resource plays, strong crude quality differentials and favorable market structure. Total segment profit rose to $714 million for the six months from $536 million. Revenues for the six months were $16.55 billion versus $12.25 billion. The balance sheet grew substantially during the period. Total assets reached $14.91 billion, and goodwill rose to $1.69 billion, largely from the $752 million Southern Pines Acquisition by subsidiary PAA Natural Gas Storage, L.P. (PNG). Partners' capital increased to $5.68 billion, including $533 million of noncontrolling interests. Financing included a March 2011 common unit offering of 7.9 million units at $64.00 for about $503 million net, a PNG private placement of about $370 million, and a $600 million 5.00% senior notes issuance due 2021, partly offset by the redemption of $200 million of 7.75% notes that produced a $23 million loss. The filing also discloses a Rainbow Pipeline crude release in Alberta with estimated total remediation costs of $72 million before insurance, against which the company recorded a $59 million insurance receivable. The company declared an August 2011 distribution of $0.9825 per unit, a year-over-year increase of about 4.2%.

    Aug 5, 2011
  48. 2011-Q1

    Plains All American Pipeline Quarterly Report for Q1 Ended Mar 31, 2011

    Plains All American Pipeline, L.P. reported first-quarter 2011 net income attributable to Plains of $182 million, up from $151 million in the first quarter of 2010, a $31 million increase. The filing states the improvement was driven by favorable results in all three segments, particularly Supply & Logistics, which posted segment profit of $133 million versus $93 million. Transportation segment profit rose to $137 million from $127 million, and Facilities segment profit rose to $78 million from $59 million. Basic and diluted net income per limited partner unit was $0.90, compared with $0.80 a year earlier. Total revenues were $7.69 billion versus $6.13 billion. Balance sheet and financing activity were significant during the quarter. Total assets grew to $14.75 billion from $13.70 billion, largely reflecting the February 2011 Southern Pines Acquisition by PAA Natural Gas Storage, L.P. (PNG) for approximately $752 million in cash, net of cash acquired. The company completed a $600 million 5.00% senior notes offering due 2021, redeemed its $200 million 7.75% senior notes early with a loss of about $23 million, and issued 7,935,000 common units at $64.00 for net proceeds of about $503 million. PNG sold approximately 17.4 million common units to third parties for net proceeds of about $370 million, reducing PAA's ownership of PNG from approximately 77% to approximately 64%. Total debt was $5.45 billion at March 31, 2011, down from $5.96 billion at year-end 2010. The filing also flags items that may affect future results, including a preliminary estimate of about $25 million in total costs for a late-April 2011 high-volume crude oil release on the Rainbow Pipeline in Alberta, a consent decree with a $2.5 million penalty related to EPA Clean Air Act matters, and higher income tax expense from Canadian tax legislation changes effective January 1, 2011. The company declared a quarterly distribution of $0.9700 per limited partner unit payable May 13, 2011.

    May 6, 2011
  49. 2010-Q3

    Plains All American Pipeline Quarterly Report for Q3 Ended Sep 30, 2010

    Plains All American Pipeline, L.P. (PAA) filed this Form 10-Q for the quarter ended September 30, 2010. The partnership reported net income attributable to Plains of $81 million for the third quarter of 2010, down from $122 million in the same period of 2009, and $363 million for the first nine months of 2010 versus $469 million a year earlier. Diluted net income per limited partner unit was $0.28 for the quarter (versus $0.65) and $1.72 for the nine months (versus $2.82). Total revenues rose to $6.41 billion for the quarter and $18.66 billion for the nine months, driven mainly by the Supply & Logistics segment, but segment profit fell to $212 million for the quarter from $230 million and to $748 million for the nine months from $792 million. The Supply & Logistics segment profit dropped to $2 million for the quarter from $44 million, which the filing attributes to a net mark-to-market loss of approximately $43 million in the third quarter and to decreased LPG margins for the nine months. The Transportation and Facilities segments improved, with segment profit of $137 million and $73 million for the quarter, respectively, and natural gas storage volumes rising with the PNGS acquisition and ongoing PNG expansion. Long-term debt totaled $4.59 billion at September 30, 2010, and total debt was $5.49 billion. During the period, PNG completed an initial public offering of 13,478,000 common units at $21.50 per unit, generating net proceeds of approximately $268 million, and Plains retained a 77% equity interest in PNG. The company stated it was in compliance with all covenants, reported approximately $1.3 billion of available liquidity, and declared a quarterly distribution of $0.9500 per limited partner unit payable November 12, 2010.

    Nov 5, 2010
  50. 2010-Q2

    Plains All American Pipeline Quarterly Report for Q2 Ended Jun 30, 2010

    Plains All American Pipeline, L.P. reported net income of $133 million for the three months ended June 30, 2010, compared with $136 million a year earlier, and net income attributable to Plains of $131 million versus $136 million. For the six months, net income attributable to Plains was $282 million versus $347 million, and basic net income per limited partner unit was $1.45 versus $2.20. Total revenues rose to $6.12 billion for the quarter from $4.28 billion, driven by the Supply & Logistics segment, while segment profit rose 5% to $257 million for the quarter but fell 5% to $536 million for the six months. Supply & Logistics segment profit fell to $57 million in the quarter and $150 million for the six months, while Transportation and Facilities segment profit increased. Liquidity and financing activity was active during the period. Plains' subsidiary PAA Natural Gas Storage (PNG) completed an IPO of 13,478,000 common units at $21.50 per unit in May 2010, with net proceeds of approximately $268 million used to repay credit facility borrowings. Plains reported total debt of $5.38 billion at June 30, 2010, and approximately $1.2 billion of liquidity. In July 2010, the company issued $400 million of 3.95% senior notes due 2015. It declared a quarterly distribution of $0.9425 per limited partner unit, payable August 13, 2010. The filing also discloses ongoing legal and environmental matters, including a pending settlement discussion with the DOJ and EPA over pipeline releases, with the EPA's maximum permissible penalty estimated at approximately $6.8 million, and an estimated environmental reserve of approximately $61 million. Management stated that the outcome of legal proceedings is not expected to have a material adverse effect on financial condition.

    Aug 6, 2010