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Plains All American Pipeline' CEO Discusses Q2 2012 Results - Earnings Call Transcript

As a reminder, Plains All American owns a 2% general partner interest and all the incentive distribution rights and approximately 62% of the limited partnership 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 of 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 website 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’ll turn the call over to Greg.

Greg Armstrong

Thanks, Roy. Good morning and welcome to everyone. Continuing a multi-quarter trend, PAA delivered strong second quarter results underpinned by solid fundamental performance and enhanced by favorable market conditions.

Yesterday, after market close, Plains All American announced second quarter adjusted EBITDA of $522 million. These results exceeded the midpoint of our guidance range by $62 million or 13% and were $42 million above the high-end of our guidance range. These results are also consistent with the updated estimate of expected second quarter performance that we provided in a press release issued on May 30 despite the impact of an $11 million charge associated with the Rangeland pipeline release we experienced later in June.

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