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

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

Summary Financial Information (1)

     

(in millions, except per unit data)

    Three Months Ended

September 30,

  Nine Months Ended

September 30,

  2013   2012   %

Change

2013   2012   %

Change

Net income attributable to Plains $ 231   $ 165 40 % $ 1,052 $ 774 36 %
Diluted net income per limited partner unit $ 0.38 $ 0.27 41 % $ 2.22 $ 1.70 31 %
EBITDA $ 411   $ 470   -13 % $ 1,642   $ 1,410   16 %
 
 
Three Months Ended

September 30,

Nine Months Ended

September 30,

  2013   2012   %

Change

2013   2012   %

Change

Adjusted net income attributable to Plains $ 284 $ 322 -12 % $ 1,096 $ 985 11 %
Diluted adjusted net income per limited partner unit $ 0.53 $ 0.73 -27 % $ 2.35 $ 2.33 1 %
Adjusted EBITDA     $ 480   $ 502   -4 % $ 1,697   $ 1,497   13 %
Distribution declared for the period     $ 0.6000   $ 0.5425   10.6 %
 

(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 continues to deliver solid performance in a variety of market conditions. For the third quarter of 2013, adjusted EBITDA for each of our three reporting segments met or exceeded the mid-point of our guidance and we remain on track to meet or exceed each of our goals for 2013,” said Greg L. Armstrong, Chairman and CEO of Plains All American. “PAA’s quarterly distribution payable next week represents a 10.6% increase over the quarterly distribution paid in November 2012, exceeding the high end of our 9% to 10% targeted growth range for 2013.”

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