Plains All American Reports First-Quarter 2023 Results; Reaffirms 2023 Guidance

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

[{"type":"text","content":"HOUSTON, May 05, 2023 (GLOBE NEWSWIRE) -- Plains All American Pipeline, L.P. (Nasdaq: PAA) and Plains GP Holdings (Nasdaq: PAGP) today reported first-quarter 2023 results and reaffirmed 2023 guidance as highlighted below: First-Quarter Results Reported Net income attributable to PAA of $422 million and Net cash provided by operating activities of $743 millionDelivered strong Adjusted EBITDA attributable to PAA of $715 million Generated Free Cash Flow of $823 million, including approximately $284 million of asset sales Reduced total debt by approximately $450 millionIncreased annualized common distribution by $0.20 to $1.07 per unit (~23% increase, paid in February) Reaffirmed 2023 Guidance Reaffirming full-year 2023 Adjusted EBITDA guidance attributable to PAA of $2.45 - $2.55 billion, year-end 2023 leverage of +/- 3.5x and common unit distribution coverage of +/- 215%Expect to generate approximately $1.6 billion of Free Cash Flow in 2023, underpinning our previously announced capital allocation framework that includes meaningfully increasing returns of capital to equity holders and further absolute debt reduction Remain focused on disciplined capital investments, anticipate full-year 2023 Investment and Maintenance Capital of $325 million and $195 million, respectively, net to PAA “Plains remains focused on execution, and our company is off to a strong start to the year despite macro uncertainty. We remain confident in our ability to deliver on our 2023 plan with our contracting profile and significant hedging within our Crude Oil and NGL segments serving to mitigate risk. As such, today we are reaffirming our 2023 guidance,” stated Willie Chiang, Chairman & CEO of Plains. “Our Free Cash Flow generation enables Plains to execute on our previously announced capital allocation framework focused on increasing returns to our equity holders while further enhancing our financial flexibility. Over the long-term, we remain well positioned as North America will continue playing a critical role in global energy supply.” Plains All American Pipeline Summary Financial Information (unaudited)(in millions, except per unit data) Three Months EndedMarch 31, % GAAP Results 2023 2022 ChangeNet income attributable to PAA $422 $187 126%Diluted net income per common unit $0.52 $0.19 174%Diluted weighted average common units outstanding 698 705 (1)%...

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