Plains All American Pipeline and Plains GP Holdings Report Second-Quarter 2020 Results; Update 2020 Guidance

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

[{"type":"text","content":" HOUSTON--(BUSINESS WIRE)--\nPlains All American Pipeline, L.P. (NYSE: PAA) and Plains GP Holdings (NYSE: PAGP) today reported second-quarter 2020 results and furnished updated 2020 guidance.\n\n\nSummary\n\n\n\nReported net income for the period of $142 million\n\n\nDelivered second-quarter 2020 Adjusted EBITDA of $524 million\n\n\nUpdated full-year 2020 Adjusted EBITDA guidance to $2.5 billion (increase of $75 million, or 3%)\n\n\nReduced 2020 / 2021 expansion capital program to $1.45 billion (incremental reduction of $100 million, or 6%)\n\n\n\n“We delivered second-quarter results slightly favorable to our expectations and raised our guidance for the year,” stated Willie Chiang, Chairman and CEO of Plains. “We continue to focus on increasing free cash flow and improving our financial positioning, while protecting the health and safety of our team members, streamlining and optimizing our business, and lowering capital expenditures and costs in all areas. Today we announced a further $100 million reduction of our capital program, supplementing the significant capital reductions we announced in April. Despite meaningful uncertainty in the current environment, we are confident that we are taking the appropriate actions to position our business for the long-term.”\n\n\n\n\nPlains All American Pipeline\n\n\n \n\n\nSummary Financial Information (unaudited)\n\n\n(in millions, except per unit data)\n\n\n \n\n\n\n\n\n \n\n\n\n \n\n\n\nThree Months Ended\nJune 30,\n\n\n\n \n\n\n\n% \n\n\n\n \n\n\n\n \n\n\n\nSix Months Ended\nJune 30,\n\n\n\n \n\n\n\n% \n\n\n\n\n\nGAAP Results\n\n\n\n \n\n\n\n2020\n\n\n\n \n\n\n\n2019\n\n\n\n \n\n\n\nChange\n\n\n\n \n\n\n\n \n\n\n\n2020\n\n\n\n \n\n\n\n \n\n\n\n2019\n\n\n\n \n\n\n\nChange\n\n\n\n\n\nNet income/(loss) attributable to PAA (1)\n\n\n\n \n\n\n\n$\n\n\n\n142\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n446\n\n\n\n \n\n\n\n \n\n\n\n(68\n\n\n\n)\n\n\n\n%\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n(2,705\n\n\n\n)\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n1,416\n\n\n\n \n\n\n\n \n\n\n\n(291\n\n\n\n)\n\n\n\n%\n\n\n\n\n\nDiluted net income/(loss) per common unit\n\n\n\n \n\n\n\n$\n\n\n\n0.13\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n0.54\n\n\n\n \n\n\n\n \n\n\n\n(76\n\n\n\n)\n\n\n\n%\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n(3.85\n\n\n\n)\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n1.74\n\n\n\n \n\n\n\n \n\n\n\n(321\n\n\n\n)\n\n\n\n%\n\n\n\n\n\nDilute...

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