Plains All Amer Stock Price, News & Analysis

Plains All American Pipeline (PAA) and Plains GP Holdings (PAGP) have announced their quarterly distributions for Q1 2025. Both PAA Common Units and PAGP Class A Shares will maintain their quarterly distribution at $0.38 per unit ($1.52 annualized), unchanged from February 2025.

Additional distributions include $0.61524 per Series A Preferred Unit (approximately $2.46 annualized) and $21.49 per Series B Preferred Unit (floating rate). All distributions will be payable on May 15, 2025 to holders of record as of May 1, 2025.

The companies will release their Q1 2025 earnings before market open on May 9, 2025, followed by a conference call at 9:00 a.m. CT to discuss results with analysts and investors.

Plains All American Pipeline (PAA) announced significant leadership changes effective June 1, 2025. Harry Pefanis will retire as President after serving the company for over 27 years since co-founding it. Current Chairman and CEO Willie Chiang will assume the additional role of President.

Pefanis, who has been with the organization for more than four decades, including time before its 1998 IPO, will continue serving on the Board of Directors and transition to a Senior Advisor role. Under his leadership, Plains evolved into a modern energy transportation company, focusing on customer service, operational excellence, and financial strength.

The company also announced Board changes effective June 1, 2025: John Raymond will succeed Bobby Shackouls as Lead Director and Chair of the Governance Committee, while Shackouls will take over Raymond's position as Chair of the Compensation Committee. Both will remain members of their previous committees to ensure a smooth transition.

Plains All American Pipeline (PAA) reported its Q4 and full-year 2024 results, with net income of $36 million and $772 million respectively. The company delivered strong Q4 and full-year 2024 Adjusted EBITDA of $729 million and $2.78 billion, exceeding guidance.

The company completed three bolt-on acquisitions for approximately $670 million, including Ironwood Midstream Energy, and purchased 12.7 million Series A Preferred Units for about $330 million. For 2025, PAA expects Adjusted EBITDA of $2.80-$2.95 billion and announced a 20% distribution increase to $1.52 per unit annually.

Q4 results include a $225 million charge from Line 901 insurance proceeds write-off and $140 million in non-cash charges related to U.S. NGL terminals write-down. The company successfully raised $1 billion in senior unsecured notes at 5.95% due 2035 and anticipates maintaining leverage ratio below target range of 3.25x to 3.75x.

Plains All American Pipeline (PAA) has priced a $1 billion public offering of 5.950% senior unsecured notes due 2035 at 99.761% of face value. The offering, expected to close on January 15, 2025, will generate net proceeds of approximately $988.1 million.

The proceeds will be used to: (1) fund the $475 million acquisition of Ironwood Midstream Energy Partners II, (2) repurchase about 12.7 million Series A Preferred Units at $26.25 per unit, and (3) repay outstanding credit facilities and commercial paper program. If the Ironwood acquisition or Preferred Unit repurchase isn't completed, funds will be used for general partnership purposes, including refinancing 4.65% Senior Notes due October 2025.

The offering is not conditional on completing either the Ironwood acquisition or Preferred Unit repurchase, and vice versa. J.P. Morgan Securities, BMO Capital Markets, Mizuho Securities USA, and Scotia Capital are joint book-running managers.

EnCap Flatrock Midstream (EFM) has announced two definitive agreements to sell Ironwood Midstream Energy Partners II and all EFM-owned Plains Series A Preferred Units to Plains All American (NYSE: PAA) for over $800 million in cash. The transactions are expected to close in Q1 2025, subject to regulatory approvals.

Ironwood II, headquartered in San Antonio, operates a crude oil gathering and transportation system in the Eagle Ford shale region of South Texas. Since partnering with EFM in 2019, the company has built nearly 500 miles of pipeline, covering approximately 200 miles within the Eagle Ford Shale region. The company executed an Eagle Ford-focused consolidation strategy to become a leading midstream provider in South Texas.

RBC Capital Markets and Piper Sandler served as financial advisors, while Haynes Boone, Wilkie Farr & Gallagher, and Vinson & Elkins acted as legal advisors for the transaction.

Plains All American Pipeline (PAA) and Plains GP Holdings (PAGP) have announced their quarterly distributions for Q4 2024 and upcoming earnings release schedule. The companies declared a quarterly cash distribution of $0.38 per Common Unit/Class A Share, representing a $0.0625 increase from November 2024 ($0.25 increase or 20% annualized). Additional distributions include $0.61524 per Series A Preferred Unit and $22.73 per Series B Preferred Unit.

Distributions for Common Units, Class A Shares, and Series A Preferred Units will be paid on February 14, 2025, to holders of record as of January 31, 2025. Series B Preferred Unit distributions will be paid on February 18, 2025, to holders of record as of February 3, 2025. The Q4 2024 earnings release is scheduled for February 7, 2025, before market open, followed by a conference call at 9:00 a.m. CT.

Plains All American Pipeline (PAA) has announced three strategic bolt-on acquisitions totaling approximately $670 million, along with significant capital structure optimization initiatives. The company is acquiring Ironwood Midstream Energy for $475 million, expanding its Eagle Ford Basin presence. Through its joint venture, it acquired Medallion Midstream's Delaware Basin crude oil gathering business for $160 million ($105 million net to PAA), and purchased the remaining 50% stake in Midway Pipeline for $90 million.

Additionally, PAA will purchase about 12.7 million units (18%) of its outstanding Series A Preferred Units at $26.25 per unit, totaling approximately $330 million. The company also announced a 20% increase in its quarterly distribution from $0.3175 to $0.38 per unit. Post-transactions, PAA's leverage ratio is expected to remain at or below their target range of 3.25x to 3.75x.

Plains All American Pipeline (PAA) reported strong Q3 2024 results with net income of $220 million, up 8% year-over-year, and operating cash flow of $692 million. The company delivered Adjusted EBITDA of $659 million and maintained a 3.0x leverage ratio. Crude Oil segment saw a 4% increase in Adjusted EBITDA due to higher tariff volumes, while the NGL segment decreased 26%. PAA expects full-year 2024 Adjusted EBITDA to reach the higher end of $2.725-$2.775 billion guidance and projects Adjusted Free Cash Flow of approximately $1.45 billion. The company received a Moody's upgrade to Baa2 and settled Line 901 claims for $120 million.

Plains All American Pipeline (PAA) and Plains GP Holdings (PAGP) have announced their quarterly distributions for the third quarter of 2024 and the timing of their earnings release. The distributions remain unchanged from August 2024:

- PAA Common Units: $0.3175 per unit ($1.27 annualized)
- PAGP Class A Shares: $0.3175 per share ($1.27 annualized)
- PAA Series A Preferred Units: $0.61524 per unit ($2.46 annualized)
- PAA Series B Preferred Units: $24.25 per unit (floating rate)

Distributions are payable on November 14, 2024, with a record date of October 31, 2024 (November 15 and November 1 for Series B). The companies will release Q3 2024 earnings before market open on November 8, 2024, followed by a conference call at 9:00 a.m. CT.