This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

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

In comparison to last year's first quarter, adjusted EBITDA, adjusted net income and adjusted net income per diluted unit for the first quarter of 2012 increased 36%, 58% and 53%, respectively. These results and additional information are summarized on Slide 3.

PAA's first quarter results were driven by solid performance in all 3 segments with Supply and Logistics segment being the largest contributor to the overperformance. As shown on Slide 4, our first quarter results marked the 41st consecutive quarter that PAA has delivered results in line with or above guidance. In April, PAA declared a 7.7% year-over-year increase in our annualized run rate distribution to $4.18 per common unit.

As shown on Slide 5, PAA has increased its distribution in each of the last 11 quarters and 30 out of the last 32 quarters. As reflected on Slide 6, during the remainder of today's call, we will discuss our segment performance relative to guidance, our expansion capital program, our acquisition and integration activities and our financial position. We will also address the drivers and major assumptions supporting our financial and operating guidance for the second quarter of 2012. We will address similar information for PNG.

At the end of the call, I will provide a recap, as well as some comments regarding our outlook for the future. And with that, I'll turn the call over to Harry.

Harry N. Pefanis

Thanks, Greg. During my section of the call, I'll review our first quarter operating results compared to the midpoint of our guidance issued on February 8, discuss the operational assumptions used to generate our second quarter guidance and discuss our 2012 capital program and acquisition activities.

As shown on Slide 7, adjusted segment profit for the Transportation segment was $173 million, which was $25 million above the midpoint of the guidance. Volumes for this segment of 3,170,000 barrels per day were above guidance by approximately 60,000 barrels per day, which combined with our higher pipeline loss allowance volumes accounted for approximately $18 million of the overperformance.

Read the rest of this transcript for free on seekingalpha.com

3 of 3

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,039.49 +60.36 0.36%
S&P 500 1,992.37 +5.86 0.30%
NASDAQ 4,532.1040 +5.6220 0.12%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs