Plains All American Reports Fourth-Quarter and Full-Year 2022 Results; Announces 2023 Guidance

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

[{"type":"text","content":"HOUSTON, Feb. 08, 2023 (GLOBE NEWSWIRE) -- Plains All American Pipeline, L.P. (Nasdaq: PAA) and Plains GP Holdings (Nasdaq: PAGP) today reported fourth-quarter and full-year 2022 results, announced 2023 guidance and provided the following highlights: 2022 Highlights Fourth-quarter and full-year 2022 Net income attributable to PAA of $263 million and $1.04 billion, respectively, and 2022 Net cash provided by operating activities of $335 million and $2.41 billion, respectivelyDelivered better than expected fourth-quarter and full-year 2022 Adjusted EBITDA attributable to PAA of $659 million and $2.51 billion, respectivelyGenerated full-year 2022 Free Cash Flow of $1.61 billion, repurchased $74 million of common units, repaid $774 million of total debt and achieved year-end leverage of 3.7xAnnounced multi-year capital allocation framework prioritizing Free Cash Flow generation, further improving financial flexibility and increasing returns of capital to equity holders 2023 Outlook Expect full-year 2023 Adjusted EBITDA attributable to PAA of $2.45 - $2.55 billion and year-end 2023 leverage of +/- 3.5xIncreased the annualized common distribution by $0.20 to $1.07 per unit in January 2023 (to be paid in February)Expect to generate approximately $1.60 billion of Free Cash Flow in 2023, underpinning multi-year return of capital to equity holders and absolute debt reduction Remain focused on disciplined capital investments, anticipating full-year 2023 Investment and Maintenance Capital of $325 million and $195 million, net to PAA “2022 represented a positive inflection point for Plains, evidenced by strong execution of our goals and initiatives. This included reaching the lower-end of our leverage target range and increasing returns of capital to equity holders through a combination of increased distributions and share repurchases. Additionally, we achieved record health, safety, and environmental performance by achieving or exceeding 20% reduction targets in our key metrics,” stated Willie Chiang, Chairman and CEO of Plains. “Looking to 2023, our Permian Basin assets are well positioned to benefit from continued production growth. In our NGL segment, we continue to evaluate capital efficient debottlenecking opportunities which we expect to improve our long-term fee-based earnings. We remain focused on continuing to generate significant ...

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