Seeking Alpha

Plains positioning itself for condensate exports, CEO suggests

  • Plains All American (NYSE:PAA) stopped short of saying during today's earnings conference call that it is seeking a ruling from the U.S. government on whether it can export crude condensate, but said it will be ready to do so.
  • When an analyst asked if PAA had applied for a ruling, CEO Greg Armstrong declined comment, but when another analyst commented that there was no reason to think PAA's volumes wouldn't be eligible to be exported, the CEO said "the only thing that may get in our way is political arbitrariness."
  • PAA has an 80K bbl/day condensate stabilizer in Gardendale, Tex., that is being expanded to 120K; its output can move to Corpus Christi or Houston via pipelines that are joint ventures with Enterprise Products Partners, one of the companies that received export approval from the Commerce Department.
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