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Thu, Apr. 28, 3:48 PM
- Marathon Petroleum (MPC -0.6%), which operates the 1.2M bbl/day Louisiana-to-Illinois Capline crude oil pipeline, likely will reverse the pipeline to move heavy Canadian crude south to Louisiana after oil prices recover from the current rout, Marathon Petroleum CEO Gary Heminger says.
- Volumes for the Capline pipeline, the largest in the U.S. and once a major artery to deliver imports and Gulf of Mexico crude to the U.S. midwest, have dropped sharply as U.S. shale output boomed before prices plunged.
- Plains All American Pipeline (PAA -3.9%), the line's majority owner, has said that its 600K bbl/day portion of Capline moved an average of 170K bbl/day last year; MPC and PAA support reversing Capline, but minority owner BP, which relies in part on the line to supply its massive Indiana refinery, has not signed off.
- Heminger says a reversed Capline would need to move a minimum of 500K bbl/day of Canadian heavy crude, but producers struggling with profit losses have cut spending and deferred projects.
- MPC shares are lower after Q1 earnings fell on weaker refining margins and revenue, as well as writedown at MPC’s MPLX (MPLX -0.4%) pipeline subsidiary.
- Now read Hidden gems that make Marathon Petroleum a buy
Mon, Feb. 8, 6:18 PM
- 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.
Mon, Feb. 8, 4:16 PM
Sun, Feb. 7, 5:35 PM
Nov. 4, 2015, 10:45 AM
- Plains All American Pipeline (PAA -6.9%) opens sharply lower after Q3 earnings topped estimates while revenues fell nearly 50% Y/Y, as the oil price slump and production cutbacks ate into its profit.
- PAA says Q3 adjusted EBITDA - its preferred gauge of performance - fell to $497M, down 8% Y/Y but $17M above the midpoint of its guidance range, while Q3 net income slipped to $249M from $323M a year ago.
- The biggest hit came in the supply and logistics segment, where adjusted profit fell 33% Y/Y, mostly due to lower profit margins and less oil moving through the pipes PAA owns closest to the wellhead.
- PAA also says it will issue a quarterly distribution of $0.70/unit "next week," up 6.1% from the $0.66 paid in the year-ago quarter, while Plains GP Holdings (PAGP -15.9%) will pay a quarterly distribution of $0.231/share, up 21.1% Y/Y.
Nov. 3, 2015, 5:03 PM
- Plains All American Pipeline (NYSE:PAA): Q3 EPS of $0.28 beats by $0.03.
- Revenue of $5.6B (-49.7% Y/Y) misses by $1.52B.
Nov. 2, 2015, 5:35 PM
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Aug. 5, 2015, 3:21 PM
- Plains All American Pipeline (PAA -11.1%) and Plains GP Holdings (PAGP -20.4%) are both sharply lower even as the companies met analyst expectations for Q2 earnings (I, II).
- But PAA lowered its estimate for FY 2015 adjusted EBITDA by $50M to $2.278B, not including contributions from its Line 901, which ruptured and spilled oil along the California coastline in May; PAA booked a $65M Q2 charge related to the incident.
- PAA also issued a cautious outlook, saying high crude oil and refined product inventory levels will influence oilfield activity and crude oil production levels over the next 6-12 months.
- Even worse, management hinted on this morning's earnings conference call that distribution growth could be in jeopardy in 2016 as competition increases among pipelines while oil prices fall.
- In response, PAA is downgraded to Neutral from Buy at UBS.
Aug. 4, 2015, 4:51 PM
- Plains All American Pipeline (NYSE:PAA): Q2 EPS of $0.27 misses by $0.02.
- Revenue of $6.7B (-40.2% Y/Y) misses by $820M.
May 6, 2015, 12:44 PM
- Plains All American Pipeline (PAA -2.9%) is lower after Q1 earnings beat expectations but fell 26% Y/Y on a nearly 50% drop in revenue.
- PAA said it will pay a quarterly distribution of $0.685/unit while Plains GP Holdings (NYSE:PAGP) will pay $0.222/share, representing respective 8.7% and 30.2% increases over comparative distributions paid in the year-ago quarter.
- Q1 total costs and expenses were cut in half to $5.57B from $11.19B.
- PAA said it has an optimistic intermediate- to long-term outlook for the North American crude oil industry but is cautious in the near term “as high crude oil inventory levels present a challenge for the industry."
- PAA also revised its 2015 capex guidance to $2.15B, 16% higher than the previous forecast.
- In today's earnings conference call, PAA says the energy downturn could get "worse before it gets better," citing the reduction in rig count, slowing production growth and high levels for crude oil.
Feb. 4, 2015, 6:58 PM
- Plains All American Pipeline (NYSE:PAA) reports a 26% increase in Q4 earnings as lower costs offset weaker revenue, and declares a distribution of $0.675/unit for the period.
- PAA says it will cut its expansion capital spending by 9% Y/Y to $1.85B from $2.03B in 2014, and lowers the midpoint of its adjusted earnings target for 2015 by 6.5% to $2.35B and cut its distribution growth target for this year.
- Says it is lowering its 2015 distribution growth target for PAA to 7%, which would equate to a distribution increase for Plains GP (NYSE:PAGP) of ~21%.
- Earnings at PAA's pipeline business rose 26% Y/Y to $267M, due to high volumes of crude, higher tariff rates and the acquisition of a 50% interest in the BridgeTex line completed in 2014.
- The facilities segment’s earnings fell 11%, mostly from the impact of re-contracting capacity originally at higher rates at its natural gas storage operations.
- Supply and logistics profit fell 17%, reflecting less favorable natural- as liquids and crude oil markets.
Feb. 4, 2015, 5:00 PM
- Plains All American Pipeline (NYSE:PAA): Q4 EPS of $0.60 misses by $0.01.
- Revenue of $9.46B (-11.0% Y/Y) misses by $1.98B.
Feb. 3, 2015, 5:35 PM
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Plains All American Pipeline LP is engaged in the transportation, storage, terminal ling and marketing of crude oil, refined products and liquefied petroleum gas and other natural gas-related petroleum products. It operates through three business segments: Transportation, Facilities, and Supply... More
Sector: Basic Materials
Industry: Oil & Gas Pipelines
Country: United States
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