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Plains All American Pipeline, L.P. Reports Second-Quarter 2013 Results

Plains All American Pipeline, L.P. (NYSE: PAA) reported second-quarter 2013 results as summarized below:

Summary Financial Information (1)

                         
(in millions, except per unit data)
Three Months Ended Six Months Ended
June 30, June 30,
        2013     2012    

% Change

    2013     2012    

% Change

Net income attributable to Plains $ 292 $ 378 -23 % $ 821 $ 609 35 %
Diluted net income per limited partner unit $ 0.57 $ 0.93 -39 % $ 1.84 $ 1.44 28 %

EBITDA

      $ 484     $ 557     -13 %     $ 1,232     $ 940     31 %
 
Three Months Ended Six Months Ended
June 30, June 30,
        2013     2012    

% Change

    2013     2012    

% Change

Adjusted net income attributable to Plains $ 287 $ 343 -16 % $ 811 $ 663 22 %
Diluted adjusted net income per limited partner unit $ 0.56 $ 0.82 -32 % $ 1.82 $ 1.61 13 %
Adjusted EBITDA       $ 478     $ 522     -8 % $ 1,217 $ 995 22 %
Distribution declared for the period       $ 0.5875     $ 0.5325     10.3 %
 

(1) The Partnership’s reported results include the impact of items that affect comparability between reporting periods. The impact of these items is excluded from adjusted results. See the section of this release entitled "Non-GAAP Financial Measures and Selected Items Impacting Comparability" and the tables attached hereto for information regarding selected items that the Partnership believes impact comparability of financial results between reporting periods, as well as for information regarding non-GAAP financial measures (such as adjusted EBITDA) and their reconciliation to the most directly comparable GAAP measures.

 

“PAA delivered solid second-quarter results, exceeding the high-end of our guidance and in line with our updated outlook provided in late May,” said Greg L. Armstrong, Chairman and CEO of Plains All American. “These results include an approximate $25 million adverse impact associated with certain operational issues that occurred during the second quarter of 2013.

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