Plains All American Q1 net income $422M, Adj EBITDA $715M, reaffirms 2023 guidance

PLAINS ALL AMERICAN PIPELINE LP

Net income attributable to PAA $422M (vs $187M YoY); diluted EPS $0.52 (up 174%).
Adjusted EBITDA attributable to PAA $715M (up 16% YoY); Free Cash Flow $823M incl. $284M asset sales.
Reduced total debt by ~$450M; annualized common distribution raised $0.20 to $1.07/unit (23% increase).
Reaffirmed 2023 guidance: Adj EBITDA $2.45-2.55B, year-end leverage ~3.5x, distribution coverage ~215%.
Expect ~$1.6B Free Cash Flow in 2023; capex $325M investment + $195M maintenance net to PAA.

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

PLAINS ALL AMERICAN PIPELINE LP reported Three Months Ended March 31, 2023 results: net income $ 422, EPS $ 0.52. Guidance reaffirmed.

Period: Three Months Ended March 31, 2023
Net income: $ 422
EPS: $ 0.52
Guidance: reaffirmed
Result: reported results

Exact text from the filing

Three Months Ended March 31, % GAAP Results 2023 2022 Change Net income attributable to PAA $ 422 $ 187 126 % Diluted net income per common unit $ 0.52 $ 0.19 174 %

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13 earnings releases filed in the last 30 days. Browse all earnings releases →

PLAINS ALL AMERICAN PIPELINE LP filing history →

Source: SEC EDGAR

accession 0001070423-23-000009

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