Plains All American Q2 net income up 44% to $293M; guides to high-end of EBITDA range, announces Permian bolt-on

PLAINS ALL AMERICAN PIPELINE LP

Net income $293M (+44% YoY); Adj. EBITDA $597M (-3%); Free Cash Flow $650M.
Acquired Diamondback’s 43% stake in OMOG JV for ~$225M ($145M net to PAA); closed July 28.
Sanctioned Fort Sask debottlenecking (~30 Mb/d capacity); extended contract tenors to ~10 years; 2024 expiration of frac exposure offset.
Expects 2023 Adj. EBITDA at high-end of $2.45-$2.55B; leverage <3.5x; FCF ~$1.6B; dividend raised 23% to $0.2675/unit.

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 1.0

PLAINS ALL AMERICAN PIPELINE LP reported second-quarter 2023 results: net income Net income attributable to PAA of $293 million, EPS $0.32 per diluted share.

Period: second-quarter 2023
Net income: Net income attributable to PAA of $293 million
EPS: $0.32 per diluted share
Result: reported results

Exact text from the filing

Plains All American Reports Second-Quarter 2023 Results and Provides Updated 2023 Guidance

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Earnings Releases SEC 8-K Item 2.02 confidence 1.0

PLAINS ALL AMERICAN PIPELINE LP updated its full-year 2023 guidance (reaffirmed).

Period: full-year 2023
Guidance: reaffirmed
Result: guidance update

Exact text from the filing

Maintaining 2023 investment and maintenance capital guidance of $325 million and $195 million respectively

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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 0001070423-23-000015

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