secwatch.observer — SEC 8-K summary
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Issuer:     PLAINS ALL AMERICAN PIPELINE LP (PAA)
CIK:        0001070423
Form:       8-K
Filed at:   2023-11-03T23:59:59+00:00
Accession:  0001070423-23-000021
Event type: earnings
Sentiment:  positive
Materiality: 0.75
Item codes: 2.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Plains All American Q3 adj EBITDA $662M, raises FY23 guidance, hikes distribution 19%, buys Permian assets
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- Q3 2023 Net income attributable to PAA $203M (down 47% YoY); diluted EPS $0.20 (down 58%).
- Adjusted EBITDA attributable to PAA $662M, up 6% YoY. Full-year guidance raised to $2.60-$2.65B from $2.45-$2.55B.
- Management to recommend 19% distribution increase to $1.27 annualized per unit for Q4 2023 payable Feb 2024.
- Long-term leverage target reduced by 0.5x to 3.25x-3.75x; expects year-end 2023 leverage below 3.5x.
- Permian JV bought Rattler Midstream and LM Energy crude gathering systems for $205M cash ($135M net to PAA).

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1070423/000107042323000021/0001070423-23-000021-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1070423/000107042323000021/paa-20231103.htm
  HTML page:      https://secwatch.observer/filing/0001070423-23-000021

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