Plains All American Pipeline, L.P. (NYSE: PAA) today reported net income attributable to Plains of $320 million, or $0.69 per diluted limited partner unit, for the fourth quarter of 2012, and net income attributable to Plains of $1.09 billion, or $2.40 per diluted limited partner unit, for the full year of 2012. Net income attributable to Plains for the fourth quarter of 2011 was $278 million, or $0.68 per diluted limited partner unit, and net income attributable to Plains for the full year of 2011 was $966 million, or $2.44 per diluted limited partner unit. The Partnership reported earnings before interest, taxes, depreciation and amortization (“EBITDA”) of $541 million and $1.95 billion for the fourth quarter and full year of 2012, respectively. The comparable amounts for the fourth quarter and full year of 2011 were $426 million and $1.54 billion, respectively.
The Partnership’s reported results include the impact of items that affect comparability between reporting periods. Items impacting comparability are excluded from adjusted results as detailed in the table below. Accordingly, the Partnership’s fourth-quarter 2012 adjusted net income attributable to Plains, adjusted net income per diluted limited partner unit and adjusted EBITDA were $429 million, $1.01 and $609 million, respectively. The comparable amounts for the fourth quarter of 2011 were $322 million, $0.82 and $471 million, respectively.
The Partnership’s adjusted net income attributable to Plains, adjusted net income per diluted limited partner unit and adjusted EBITDA for the full year of 2012 were $1.41 billion, $3.35 and $2.11 billion, respectively. The comparable amounts for the full year of 2011 were $1.02 billion, $2.62 and $1.60 billion, respectively. (See the section of this release entitled “Non-GAAP Financial Measures” and the attached tables for discussion of EBITDA and other non-GAAP financial measures and their reconciliation to the most directly comparable GAAP measures.)
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