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. operates as a publicly traded master limited partnership focused on midstream energy infrastructure and logistics for crude oil and natural gas liquids. Its network includes pipeline gathering and transportation systems, terminals, storage, processing, fractionation and related assets serving producing basins, transportation corridors, market hubs and export outlets in the United States and Canada.
Recurring PAA news covers operating and financial results, quarterly cash distributions on common and preferred units, capital-structure updates, material agreements and portfolio actions. Company updates also include developments tied to crude oil systems such as EPIC/Cactus III, NGL infrastructure, credit and debt financing activity, and coordination with Plains GP Holdings on distribution and earnings announcements.
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.
Plains All American Pipeline (PAA) will release its third-quarter 2021 earnings on November 2, 2021, after market close. A joint earnings webcast will occur at 5:00 p.m. ET. Key topics to be discussed include PAA's performance, liquidity, and financial guidance. Future earnings release dates for 2022 are also scheduled, with the fourth quarter and full-year 2021 earnings set for February 9, 2022. PAA is a major player in midstream energy, managing over 5 million barrels of crude oil and NGL daily.
On October 4, 2021, Plains All American Pipeline (PAA) announced its third-quarter cash distributions, keeping them unchanged from August 2021. PAA will distribute $0.18 per common unit, with an annualized rate of $0.72. Additionally, distributions for Series A Preferred Units are set at $0.525 per unit, and $30.625 for Series B Preferred Units. These distributions are payable on November 12 and November 15, 2021, respectively. PAA operates extensive midstream energy infrastructure, handling over 5 million barrels per day across the U.S. and Canada.
Plains All American Pipeline (PAA) announced the renewal and extension of its two credit facilities, raising the initial borrowing capacity to $2.7 billion. The new facilities comprise a $1.35 billion Senior Unsecured Revolving Credit Facility maturing in 2026 and a $1.35 billion Senior Secured Hedged Inventory Facility maturing in 2024. This move aligns with PAA's financial strategy of ensuring ample credit capacity for operations and reflects reduced capital requirements. The previous facilities had lower borrowing capacities of $1.6 billion and $1.4 billion.
On August 24, 2021, Plains All American Pipeline and Plains GP Holdings announced significant governance amendments. These changes eliminate 'director designation' rights, mandating public elections for all directors, including Kayne Anderson's previously designated director, Kevin McCarthy. Effective August 19, 2021, this reform underscores a commitment to enhancing governance practices. Kevin McCarthy will serve as a director until the Annual Meeting in May 2022 and will be nominated for election. Plains aims for improved alignment with investor interests following these governance enhancements.
Plains All American Pipeline (PAA) reported a second-quarter 2021 net loss of $220 million, highlighting the challenges faced despite higher Adjusted EBITDA of $579 million. The company completed the sale of its natural gas storage assets for $850 million, incurring a non-cash impairment charge of $475 million. Full-year Adjusted EBITDA guidance was raised by $25 million to $2.175 billion, while Free Cash Flow after Distributions is forecasted at $1.35 billion. Notably, a strategic joint venture with Oryx Midstream is expected to enhance value.
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Plains All American (PAA) and Oryx Midstream Holdings have entered into a definitive agreement to merge their assets in the Permian Basin into a joint venture, Plains Oryx Permian Basin LLC. The JV will consist of 65% ownership by Plains and 35% by Oryx, and will be operator by Plains. The transaction aims to enhance operational flexibility, connectivity, and cash flow while being structured as a cashless, debt-free entity. The JV is expected to capture $50 million in annual synergies, with growth potential in the Permian region.
Plains All American Pipeline (PAA) will announce its second-quarter 2021 earnings after market close on August 3, 2021. A joint webcast will be held at 5:30 p.m. ET, covering PAA's performance, capitalization, liquidity, and financial guidance. PAA operates midstream energy infrastructure, transporting over 5 million barrels per day of crude oil and natural gas liquids across North America. Detailed presentation materials will be available prior to the call, with an audio replay and transcript accessible afterward on their website.