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Plains Flat on Earnings

Houston-based Plains All American Pipeline, L.P. (NASDAQ: PAA) shares just broke even Friday, on reporting first-quarter 2024 results and reaffirming full-year 2024 Adjusted EBITDA guidance. Plains also provided updates on Permian long-haul contracting and announced two bolt-on acquisitions.

First-Quarter Net income attributable to PAA proved to be $266 million and Net cash provided by operating activities of $419 million. Delivered Adjusted EBITDA attributable to PAA of $718 million; on-track to meet full-year guidance of $2.625 - $2.725 billion.

Generated Adjusted Free Cash Flow of $262 million, and increased annualized common distribution by $0.20 to $1.27 per unit (~19% increase, paid in February)

Plains also increased contracted volumes and extended the term of certain contracts such that the weighted average contract duration of our Permian long-haul portfolio is approximately five years, through 2028, including new contracts or extensions on Cactus I, Cactus II and Basin/Sunrise. Expect underlying growth in the business and contributions from efficient growth investments to offset lower contracted rates resulting in broadly flat Adj. EBITDA in 2026 as compared to 2024 guidance for the Crude Oil segment.

Plains acquired an additional 10% interest in Saddlehorn Pipeline Company and a Mid-Con terminal asset for aggregate cash consideration of approximately $110 million enhancing Plains’ position in the Rockies and Mid-Con.

PAA shares acquired eight cents to $17.32.