Plains All American Pipeline misses expectations

• Plains All American Pipeline (NYSE:PAA) -1.5% AH, following a 13.2% plunge in today's regular session, as it fell short of expectations for both Q4 earnings and revenues.
• PAA reports Q4 adjusted EBITDA of $563M, down 5% Y/Y, while FY 2015 adjusted EBITDA was $2.17B; in November, the company had forecast a range with a midpoint of $595M in Q4 EBITDA and $2.2B in full-year EBITDA.
• PAA says Q4 results were pushed $15M lower by broken commitments from producers, another $15M was shifted from Q4 2015 to Q1 2016 after unseasonably warm weather delayed inventory draws from natural gas liquids storage, and severe weather in west Texas and the Mid-continent cut volumes and cost the company another $5M.
• Distributable cash flow fell to $383M in Q4 from $415M in the year-ago quarter.
• Plains GP Holdings (NYSE:PAGP) reports a quarterly distribution of $0.231/unit, unchanged Q/Q.