Plains All American Q2 net income $203M; Adj. EBITDA $615M; raises FY guidance $100M to $2.375B

PLAINS ALL AMERICAN PIPELINE LP

Net income $203M (diluted EPS $0.22) vs loss of $220M in Q2 2021; adjusted EPS $0.30.
Adjusted EBITDA attributable to PAA $615M, up 7% YoY; FY guidance raised $100M to ~$2.375B.
Expect leverage to reach 4.0x by year-end 2022 (previously 4.25x); asset sales target increased to $200M.
Repurchased $49M common units in Q2, $74M YTD; total ~$300M since program inception.
Completed $42M bolt-on for remaining 50% of Advantage JV pipeline in Permian Basin.

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