Plains reports Q1 net income $422M, reaffirms 2023 guidance

PLAINS GP HOLDINGS LP

Net income of $422M ($0.52 diluted EPS), up 126% YoY; Adj. EBITDA attributable to PAA $715M.
Free cash flow of $823M including ~$284M asset sales; reduced total debt by ~$450M.
Reaffirms FY2023 Adj. EBITDA guidance of $2.45-2.55B, leverage ~3.5x, distribution coverage ~215%.
Annualized common distribution increased $0.20 to $1.07 per unit (~23% increase).
Generated $743M net cash from operations, up 119% YoY.

item 2.02 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.97

PLAINS GP HOLDINGS LP reported first-quarter 2023 results: net income $422 million, EPS $0.52. Guidance reaffirmed.

Period: first-quarter 2023
Net income: $422 million
EPS: $0.52
Guidance: reaffirmed
Result: reported results

Exact text from the filing

Plains All American Reports First-Quarter 2023 Results; Reaffirms 2023 Guidance Houston, TX – May 5, 2023 – Plains All American Pipeline, L.P. (Nasdaq: PAA) and Plains GP Holdings (Nasdaq: PAGP) today reported first-quarter 2023 results and reaffirmed 2023 guidance as highlighted below: First-Quarter Results • Reported Net income attributable to PAA of $422 million and Net cash provided by operating activities of $743 million • Delivered strong Adjusted EBITDA attributable to PAA of $715 million • Generated Free Cash Flow of $823 million, including approximately $284 million of asset sales • Reduced total debt by approximately $450 million • Increased annualized common distribution by $0.20 to $1.07 per unit (~23% increase, paid in February)

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Source: SEC EDGAR

accession 0001581990-23-000008

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