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Plains All American Pipeline, L.P.'s CEO Discusses Q1 2012 Results - Earnings Call Transcript

I would mention that throughout the call, we will refer to the companies by their New York Stock Exchange ticker symbols of PAA and PNG, respectively. As a reminder, Plains All American owns the 2% general partner interest and all of the incident distribution rights and approximately 62% in the limited partner interest in PNG, which accordingly, is consolidated into PAA's results.

In addition to reviewing recent results, we'll provide forward-looking comments on the partnership's outlook for the future. In order to avail ourselves to the Safe Harbor precepts that encourage companies to provide this type of information, we direct you to the risks and warnings set forth in the partnership's most recent and future filings with the Securities and Exchange Commission.

Today's presentation will also include references to certain non-GAAP financial measures such as EBIT and EBITDA. The non-GAAP reconciliation sections of our websites reconcile certain non-GAAP financial measures to the most directly comparable GAAP financial measures and provide a table of selected items that impact comparability of the partnership's reported financial information. References to adjusted financial metrics exclude the effect of these selected items. Also for PAA, all references to net income are references to net income attributable to Plains.

Today's call will be chaired by Greg L. Armstrong, Chairman and CEO of PAA and PNG. Also participating in the call are: Harry Pefanis, President and COO of PAA; Dean Liollio, President of PNG; and Al Swanson, Executive Vice President and CFO of PAA and PNG.

In addition to these gentlemen and myself, we have several other members of our management team present and available for the question-and-answer session.

With that, I will turn the call over to Greg.

Greg L. Armstrong

Thanks, Roy. Good morning, and welcome to everyone. PAA delivered very strong first quarter results underpinned by solid fundamental performance and further enhanced by favorable market conditions. Yesterday, after market close, Plains All American announced first quarter adjusted EBITDA of $472 million. These results exceeded the midpoint of our guidance range by $72 million or 18%, and were $52 million above the high end of our guidance range.

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