Plains All Amer Stock Price, News & Analysis

Plains All American Pipeline (PAA) reported a net income of $263 million for Q4 2022 and $1.04 billion for the full year. Adjusted EBITDA for Q4 was $659 million, totaling $2.51 billion for the year. The company provided a 2023 outlook of $2.45 to $2.55 billion in Adjusted EBITDA and expects to generate $1.60 billion in Free Cash Flow. PAA announced a distribution increase of $0.20 to $1.07 per unit, effective February 2023. Additionally, a multi-year capital allocation framework was introduced to enhance shareholder returns and financial flexibility.

Plains All American Pipeline (PAA) will announce its fourth-quarter and full-year 2022 earnings on February 8, 2023, after market close. A joint webcast will be held at 5:30 p.m. ET, covering PAA's performance, capitalization, liquidity, and 2023 financial guidance. The event can be accessed via www.plains.com. PAA is a master limited partnership operating midstream energy infrastructure, managing over 7 million barrels per day of crude oil and NGL, while PAGP holds controlling interest in PAA.

Plains All American Pipeline (PAA) announced a quarterly cash distribution of $0.2675 per common unit for Q4 2022, marking a $0.05 increase from the previous distribution and a 23% annualized rise. The corresponding distribution for PAGP is also $0.2675 per Class A share. Additionally, PAA is paying $0.525 per Series A Preferred Unit and $22.27 for Series B Preferred Units, both payable in February 2023. PAA operates midstream energy infrastructure in North America, handling over 7 million barrels of crude oil and NGL per day.

Blake Fernandez has been appointed Vice President of Investor Relations at Plains All American Pipeline (PAA). This change follows the promotion of Roy Lamoreaux to Vice President of Communications, Sustainability, and Public Affairs. Fernandez brings over 20 years of energy finance experience, previously serving as Senior VP of Investor Relations at Delek U.S. Holdings. His hiring aims to enhance engagement with the financial community and bolster stakeholder relations. PAA operates a vast midstream energy infrastructure, managing over seven million barrels per day of crude oil and natural gas liquids.

Plains All American (Nasdaq: PAA) announced the sale of its 21% interest in the Keyera Fort Saskatchewan facility to Keyera Corporation for approximately $365MM CAD ($270MM USD). This transaction, pending regulatory approval, is expected to close in Q1 2023. CEO Willie Chiang noted that the proceeds will enhance financial stability and allow for potential reinvestment in the Plains Fort Saskatchewan facility. The sale maintains customer contracts and includes a leaseback of storage capacity for a transition period.

Plains All American Pipeline reported third-quarter 2022 net income of $384 million, with adjusted EBITDA attributable to PAA at $623 million. The company increased its full-year adjusted EBITDA guidance by $75 million to approximately $2.45 billion, driven by higher Permian tariff volumes and commodity prices. Plains achieved a leverage ratio of 4.0x, expecting a year-end ratio of 3.8x. Management plans a distribution increase from $0.87 to $1.07 per share starting February 2023. They aim for annualized increases of $0.15 until a targeted distribution coverage ratio of 160% is reached.

On November 2, 2022, Enbridge and Plains All American Pipeline announced the acquisition of a 15% interest in Cactus II Pipeline from Western Midstream Partners for $265 million. Enbridge acquired 10%, while Plains took 5%. This transaction positions Plains and Enbridge as the sole owners of Cactus II, holding 70% and 30% stakes, respectively. The Cactus II pipeline, capable of transporting 670,000 barrels per day, connects the Delaware Basin to Corpus Christi, enhancing market access for North American energy supplies.

Plains All American Pipeline, L.P. (PAA) will release its third-quarter 2022 earnings on November 2, 2022, after market close. A webcast to discuss earnings, capitalization, liquidity, and financial guidance will occur the same day at 5:30 p.m. ET. Additionally, PAA and Plains GP Holdings (PAGP) have outlined their earnings release schedule for 2023, indicating a structured approach to quarterly reporting. PAA is a significant player in midstream energy, handling over 7 million barrels of crude oil and NGL daily.

On October 10, 2022, Plains All American Pipeline (PAA) and Plains GP Holdings (PAGP) announced their quarterly distributions for Q3 2022. PAA will distribute $0.2175 per common unit, matching the previous distribution, while PAGP will distribute the same amount per Class A share. PAA also declared a quarterly cash distribution of $0.525 per Series A Preferred Unit and a semi-annual distribution of $30.625 per Series B Preferred Unit. These distributions will be payable to holders of record on specified dates in late October and November 2022.