Wed, Nov. 4, 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.
Tue, Nov. 3, 5:03 PM
Mon, Nov. 2, 5:35 PM
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Wed, Aug. 5, 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.
Tue, Aug. 4, 4:51 PM
Wed, May 6, 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.
Wed, Feb. 4, 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.
Wed, Feb. 4, 5:00 PM
Tue, Feb. 3, 5:35 PM
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Nov. 5, 2014, 6:49 PM
- Plains All American Pipeline (NYSE:PAA) reported a 40% jump in Q3 earnings, as producers sent more crude through its transportation and storage facilities.
- Profit at PAA’s transportation business rose 16% Y/Y due to higher crude oil production in the areas it serves and the company’s own recently completed growth projects; supply and logistics saw a 14% gain driven by a favorable crude market and growth in crude oil lease gathering volumes.
- PAA maintains its FY 2014 EBITDA forecast of $2.175B and sets its 2015 preliminary adjusted EBITDA guidance at $2.35B-$2.5B, which it says "reflects a cautious and prudent approach that acknowledges uncertainties associated with the recent decreases in oil prices and related differentials as well as the potential drilling reductions by producers in various crude oil resource plays."
- Says it will pay a distribution of $0.66/unit for the period, up 10% Y/Y.
- PAA also announces plans to construct a new 226-mile pipeline from the Plains Basin pipeline system at Duncan, Okla., to Longview, Tex., supported by long-term commitments.
Nov. 5, 2014, 5:31 PM
Aug. 6, 2014, 6:23 PM
- Plains All American Pipeline (NYSE:PAA) reports Q2 earnings matched analyst expectations, as higher costs masked growth in the company's transportation segment.
- Q2 revenue rose 8.7% Y/Y to $11.2B, but total costs and expenses increased 9.3%.
- PAA's transportation business posted adjusted earnings growth of 37% to $229M, mostly on stronger crude pipeline volume; meanwhile, the facilities segment reported adjusted profit fell 10% to $138M, but adjusted earnings for the supply and logistics business slipped 6% to $144M.
- As a result of its H1 performance and its outlook for near baseline performance for the remainder of the year, PAA raises its full-year adjusted EBITDA guidance by $25M to a midpoint of $2.175B.
- Says it remains on track to achieve its 10% distribution growth objective for 2014.
Aug. 6, 2014, 5:13 PM
Feb. 5, 2014, 5:59 PM
- 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.
Feb. 5, 2014, 4:19 PM
Feb. 5, 2014, 12:10 AM
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Plains All American Pipeline LP is engaged in the transportation, storage, terminalling and marketing of crude oil and refined products, as well as in the processing, transportation, fractionation, storage and marketing of natural gas liquids.
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