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Plains All American Pipeline, L.P. And Plains GP Holdings Report Fourth-Quarter And Full-Year 2013 Results

Plains All American Pipeline, L.P. (NYSE: PAA) and Plains GP Holdings (NYSE: PAGP) today reported fourth-quarter and full-year 2013 results.

Plains All American Pipeline

Summary Financial Information (1)
(in millions, except per unit data)
  Three Months Ended

December 31,
    Twelve Months Ended

December 31,
 
  2013   2012   %

Change
2013   2012   %

Change
Net income attributable to PAA $ 309   $ 320 -3 % $ 1,361   $ 1,094 24 %
Diluted net income per limited partner unit $ 0.58 $ 0.69 -16 % $ 2.80 $ 2.40 17 %
EBITDA $ 526   $ 541     -3 % $ 2,168   $ 1,951   11 %
 
 
Three Months Ended

December 31,
Twelve Months Ended

December 31,
  2013   2012   %

Change
2013   2012   %

Change
Adjusted net income attributable to PAA $ 371 $ 429 -14 % $ 1,466 $ 1,414 4 %
Diluted adjusted net income per limited partner unit $ 0.76 $ 1.01 -25 % $ 3.10 $ 3.35 -7 %
Adjusted EBITDA   $ 595   $ 609     -2 % $ 2,292 $ 2,107 9 %
Distribution per unit declared for the period   $ 0.6150   $ 0.5625     9.3 %
 

(1) The Partnership’s reported results include the impact of items that affect comparability between reporting periods. The impact of certain 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 certain 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 ended the year on another strong note, delivering adjusted EBITDA that exceeded the midpoint of our fourth-quarter guidance by $50 million and the mid-point of our 2013 beginning-of-the-year guidance by over $265 million,” stated Greg L. Armstrong, Chairman and CEO of Plains All American Pipeline. “These results were underpinned by solid performance in our fee-based Facilities segment and above baseline performance in our Supply and Logistics segment.”

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