Plains All American Pipeline and Plains GP Holdings Report First-Quarter 2021 Results

About this update from Plains All American Pipeline, L.p.

[{"type":"text","content":"HOUSTON, May 04, 2021 (GLOBE NEWSWIRE) -- Plains All American Pipeline, L.P. (Nasdaq: PAA) and Plains GP Holdings (Nasdaq: PAGP) today reported first-quarter 2021 results and provided an update on other matters. Summary Highlights Reported PAA first-quarter 2021 net cash flow from operations of $791 million and net income of $422 million Delivered first-quarter 2021 Adjusted EBITDA of $546 millionIncreased 2021 forecasted Free Cash Flow after Distributions by $100 million to +/- $400 million, or $1.15 billion when including anticipated proceeds from asset sales targeted in 2021 Lowered total 2021 investment and maintenance capital guidance by $65 million, or 10%Maintained full-year 2021 Adjusted EBITDA guidance of +/- $2.15 billionRemain on track to achieve 2021 asset sales target of +/- $750 million “We delivered first-quarter results that exceeded our expectations, generated strong free cash flow, maintained full-year 2021 Adjusted EBITDA guidance, increased our expected 2021 Free Cash Flow after Distributions and advanced a number of key objectives,” stated Willie Chiang, Chairman and CEO of Plains. “We are increasingly constructive in our outlook for global energy demand recovery and for a corresponding supply response to build momentum through 2022. Our key execution focus remains maximizing multi-year free cash flow and reducing debt while simultaneously increasing cash returns to equity holders. We believe this disciplined approach will provide meaningful long-term value for our investors.” Plains All American Pipeline Summary Financial Information (unaudited)(in millions, except per unit data) Three Months EndedMarch 31, % GAAP Results 2021 2020 ChangeNet income/(loss) attributable to PAA (1) $422 $(2,847) ** Diluted net income/(loss) per common unit $0.51 $(3.98) ** Diluted weighted average common units outstanding 722 728 (1)%Net cash provided by operating activities $791 $890 (11)%Distribution per common unit declared for the period $0.18 $0.18 — % ____________ **Indicates that variance as a percentage is not meaningful.(1)Reported results for the three months ended March 31, 2020 include aggregate non-cash goodwill and asset impairments totaling $3.2 billion, representing a net loss of $4.33 after tax per common unit. Three Months EndedMarch 31, % Non-GAAP Results (1) 2021 2020 ChangeAdjusted net income attributable ...

More updates from Plains All American Pipeline, L.p.