Seeking Alpha

Plains All American profit falls 13% on supply/logistics weakness

  • Plains All American Pipeline (PAA) flat AH after reporting its Q4 earnings fell 13%, hurt by weaker adjusted results at its supply and logistics business.
  • Supply/logistics fell 22% in adjusted profit, mostly due to less favorable crude oil market conditions, particularly narrower crude oil differentials in the Permian Basin and Gulf Coast regions.
  • Transportation segment posted adjusted earnings growth of 8%, mostly on higher oil pipeline volume; facilities segment adjusted profit added 20%, mostly the result of increased crude oil rail activities.
  • Raised 2014 capital spending plans to $1.7B, $300M higher than PAA's earlier target.

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