Plains All American Reports Fourth-Quarter and Full-Year 2021 Results

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

[{"type":"text","content":"HOUSTON, Feb. 09, 2022 (GLOBE NEWSWIRE) -- Plains All American Pipeline, L.P. (Nasdaq: PAA) and Plains GP Holdings (Nasdaq: PAGP) today reported fourth-quarter and full-year 2021 results and provided the following updates: Summary Highlights Reported fourth-quarter and full-year 2021 Net income attributable to PAA of $450 million and $593 million, respectively, and 2021 Net cash provided by operating activities of $635 million and $1,996 million, respectivelyReported fourth-quarter and full-year 2021 Adjusted EBITDA attributable to PAA of $564 million and $2,196 million, respectivelyGenerated full-year 2021 Free Cash Flow after Distributions, including $875 million of net asset sales proceeds, of $1.65 billion, or $600 million above initial February 2021 expectationsReduced total debt by approximately $1 billion and repurchased approximately $175 million of PAA common units (approximately 2.5% of common equity float) during 2021 Furnished full-year 2022 Adjusted EBITDA attributable to PAA and Free Cash Flow guidance of +/- $2.2 billion and +/- $1.4 billion, respectively Capital Allocation Update Plains remains focused on maximizing Free Cash Flow and allocating it through a balanced approach, with a continued near-team prioritization towards debt reduction while increasing cash returned to our equity holders over time. As a result of meaningful progress reducing debt and an improved business outlook, the company plans to continue increasing cash returned to equity holders through a combination of distribution growth and discretionary common equity repurchases under the $500 million repurchase authorization. Plains has repurchased approximately $228 million of common equity, or 24.3 million common units at an average price of $9.40 since the program was established in November 2020. For our first quarter 2022 distribution payable in May 2022, management intends to recommend to the Board of Directors of PAA GP Holdings LLC (“the Plains Board”) an increase to PAA’s and PAGP’s annualized distribution from $0.72 to $0.87 per common unit and Class A share. Consistent with past practice, the Plains Board will consider management’s recommendation prior to its approval and declaration of the distribution for the first quarter of 2022. “2021 was a year of solid execution, maximizing Free Cash Flow, reducing absolute levels of debt, return...

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