Plains All American Pipeline, L.P. And Plains GP Holdings Report Third-Quarter 2016 Results

Plains All American Pipeline, L.P. (NYSE: PAA) and Plains GP Holdings (NYSE: PAGP) today reported third-quarter 2016 results.

Plains All American Pipeline, L.P.
 

Summary Financial Information (1) (unaudited)
(in millions, except per unit data)                            
Three Months Ended Nine Months Ended
September 30, September 30,
% %
    2016 2015 Change 2016 2015 Change
Net income attributable to PAA $ 297 $ 249 19 % $ 599 $ 657 (9 )%
Diluted net income per common unit $ 0.40 $ 0.24 67 % $ 0.27 $ 0.53 (49 )%
Diluted weighted average common units outstanding 402 399 1 % 400 395 1 %
 
 
Three Months Ended Nine Months Ended
September 30, September 30,
% %
    2016 2015 Change 2016 2015 Change
Adjusted net income attributable to PAA $ 293 $ 262 12 % $ 783 $ 887 (12 )%
Diluted adjusted net income per common unit $ 0.39 $ 0.28 39 % $ 0.72 $ 1.11 (35 )%
EBITDA $ 445 $ 483 (8 )% $ 1,307 $ 1,364 (4 )%
Adjusted EBITDA   $ 450 $ 497 (9 )% $ 1,531 $ 1,605 (5 )%
Distribution per common unit declared for the period   $ 0.550 $ 0.700 (21.4 )%

________________
(1) PAA'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 PAA 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 measures as reported in accordance with GAAP.
 

"PAA reported third-quarter adjusted EBITDA of $450 million, which included solid performance in our fee-based Facilities segment and in-line performance from our fee-based Transportation segment, offset by Supply and Logistics segment performance that was below the low-end of our third quarter guidance. Our third quarter Supply and Logistics segment was impacted by a combination of delayed EBITDA recognition associated with our NGL inventory costing and the timing of crude oil sales, as well as lower than forecasted EBITDA as a result of continued margin compression and less favorable market conditions for both our crude oil and NGL activities," said Greg Armstrong, Chairman and CEO of Plains All American.

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