Plains All Amer Stock Price, News & Analysis

Plains All American has announced the promotion of Neil Lyons to Senior Vice President, Commercial for Canadian operations and the appointment of Will Abney as Vice President of Mergers, Acquisitions, and Strategic Planning. Neil, with 15 years at the company, will oversee Canadian trucking along with other commercial responsibilities, while Will brings over 20 years of energy industry experience. These appointments aim to strengthen the company’s strategic planning and business development activities.

Plains All American Pipeline (PAA) reported strong financial results for Q4 and full-year 2021, with net income of $450 million and $593 million, respectively. The company generated net cash from operations of $635 million for Q4 and $1,996 million for the year. Adjusted EBITDA for 2021 was $2,196 million. PAA successfully reduced debt by approximately $1 billion and announced a planned increase in distributions from $0.72 to $0.87 per common unit. The company remains focused on maximizing free cash flow while balancing debt reduction and returning capital to shareholders.

Plains All American Pipeline (PAA) and Plains GP Holdings (PAGP) will report their fourth-quarter and full-year 2021 earnings on February 9, 2022, after market close. A live webcast will be held at 5:00 p.m. ET. The call will cover PAA's performance, financial guidance, and capitalization. PAA operates midstream energy infrastructure, handling over 6 million barrels per day of crude oil and natural gas liquids. The presentation slides will be available prior to the call, and an audio replay will follow on their website.

Plains All American Pipeline (PAA) announced its fourth-quarter cash distribution of $0.18 per common unit, consistent with the November 2021 distribution. The annualized value stands at $0.72. Additionally, PAA's Series A Preferred Units will receive a cash distribution of $0.525 per unit, totaling $2.10 annually. These distributions are payable on February 14, 2022, to shareholders as of January 31, 2022. PAA operates extensive midstream energy infrastructure, managing over 6 million barrels of crude oil and natural gas liquids daily.

PAA has announced the promotion of Robert Nobles to Vice President US Facilities and Rail as part of its succession planning. Nobles, with 20 years at the company, has significantly contributed to the growth of its Mid-Continent facilities. This leadership change reflects PAA's commitment to enhancing its management team. PAA operates a vast network of midstream energy infrastructure, handling over 6 million barrels per day of crude oil and NGL across the U.S. and Canada, solidifying its position in the energy logistics sector.

Plains All American Pipeline (PAA) reported a net loss of $59 million for Q3 2021, influenced by a $220 million asset impairment charge. Despite the loss, PAA achieved an Adjusted EBITDA of $519 million and maintained its 2021 Adjusted EBITDA guidance of approximately $2.175 billion. The company also increased its Free Cash Flow forecast by $50 million to about $1.4 billion and reduced total debt by $650 million during the period. The joint venture with Oryx is expected to yield synergies of $50–$100 million.

Plains All American (PAA) announced Dan Noack's appointment as Vice President of Emerging Energy and the formation of a new Emerging Energy team. This initiative aims to explore sustainable energy opportunities, including hydrogen, carbon infrastructure, solar, and low-carbon fuels, while optimizing existing assets and reducing GHG emissions. Noack brings over 25 years of experience, having served in various roles since 2008. The team will focus on aligning with advancements in technology and maintaining capital discipline to enhance returns for equity holders.

Plains All American (PAA) announced that CME Group will add its Cushing Terminal as a delivery point for NYMEX WTI Crude Oil Futures, effective November 8, 2021. This addition aims to enhance market liquidity and provides more options for futures contracts. The Cushing Terminal boasts a storage capacity of 27.2 million barrels, 23 pipeline connections, and handles approximately 4.0 million barrels per day in average volume, reinforcing Plains' significant role in North America’s crude oil market.

On October 5, 2021, Plains All American (PAA) and Oryx Midstream Holdings announced the formation of a strategic joint venture, Plains Oryx Permian Basin. This joint venture integrates majority of both companies’ assets in the Permian Basin, except for Plains' long-haul pipelines. The deal, structured as a cashless transaction, positions the joint venture for enhanced operational efficiencies and connectivity, promising around $50 million in near-term synergies within 12 months and exceeding $100 million in the long term. Plains will serve as the operator of the JV, which is 65% owned by PAA.