Welcome to our dedicated page for Plains All Amer news (Ticker: PAA), a resource for investors and traders seeking the latest updates and insights on Plains All Amer stock.
Plains All American Pipeline, L.P. (Nasdaq: PAA) is a publicly traded master limited partnership that owns and operates midstream energy infrastructure for crude oil and natural gas liquids (NGL) in the United States and Canada. The PAA news page on Stock Titan aggregates company announcements, earnings releases, transaction updates and other disclosures so readers can follow how this crude-oil-focused midstream partnership is managing its pipeline, storage and logistics network.
Recent Plains communications have covered topics such as quarterly distributions on PAA common and preferred units and on Plains GP Holdings (PAGP) Class A shares, along with information about the tax characterization of those distributions. The company regularly announces the timing of its quarterly earnings releases and related conference calls, providing insight into operating performance, Adjusted EBITDA, distributable cash flow and leverage metrics, as well as commentary on its capital allocation framework.
News items also highlight strategic transactions and financing activities. Plains has reported entering into and closing definitive agreements to acquire 100% of the equity interests in EPIC Crude Holdings, LP, which owns and operates the EPIC Crude Oil Pipeline, a long-haul system moving crude oil from the Permian and Eagle Ford basins to the Gulf Coast market at Corpus Christi. Other releases describe the execution of agreements to sell substantially all of its Canadian NGL business to Keyera Corp., positioning Plains as a crude-oil-centered midstream entity while retaining U.S. NGL assets and all Canadian crude oil assets.
In addition, PAA has announced public offerings and pricing of senior unsecured notes under its shelf registration statement, explaining how proceeds may be used for purposes such as redeeming existing notes, funding acquisitions and general partnership purposes. Together, these news items provide investors and observers with a view into Plains’ operational performance, distribution practices, strategic asset sales and acquisitions, and capital markets activity. Bookmark this page to access an organized stream of PAA’s official news and regulatory communications.
On February 13, 2023, Plains All American (PAA) announced the successful closure of a transaction involving the sale of its non-operated interest in the Keyera Fort Saskatchewan facility to Keyera for approximately $367 million CAD ($271 million USD). This strategic move is expected to enhance connectivity to the Plains Fort Saskatchewan complex while achieving an attractive multiple. Plains All American specializes in midstream energy infrastructure, managing logistics services for crude oil and natural gas liquids.
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.
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