Business
Plains All American Pipeline, L.P. and Plains GP Holdings Report First-Quarter 2020 Results; Update 2020 Guidance
HOUSTON--(BUSINESS WIRE)-- Plains All American Pipeline, L.P. (NYSE: PAA) and Plains GP Holdings (NYSE: PAGP) today reported first-quarter 2020 results and
About this update from Plains Gp Holdings, L.p.
[{"type":"text","content":" HOUSTON--(BUSINESS WIRE)--\nPlains All American Pipeline, L.P. (NYSE: PAA) and Plains GP Holdings (NYSE: PAGP) today reported first-quarter 2020 results and furnished updated 2020 guidance.\n\n\nSummary\n\n\n\nReported a net loss for the period of $2.8 billion including the impact of approximately $3.2 billion of non-cash goodwill and asset impairment charges as a result of the current environment\n\n\nDelivered first-quarter 2020 adjusted EBITDA of $795 million, which was ahead of expectations\n\n\nUpdated full-year 2020 guidance to reflect expected performance outlook during dynamic and uncertain market conditions\n\n\nReiterated previously reduced 2020 / 2021 expansion capital program of $1.55 billion\n\n\n\n“Our first-quarter adjusted operating results exceeded expectations. However, as the quarter progressed, the global response to the COVID-19 pandemic has led to an unprecedented energy supply and demand imbalance,” stated Willie Chiang, Chairman and CEO of Plains. “The North American energy supply chain has responded swiftly with significant reductions to refinery utilization, drilling and completion activity and shut-ins of existing production in multiple areas.”\n\n\n“In light of the challenging and uncertain environment, last month we announced a number of proactive steps to further strengthen our balance sheet and enhance our liquidity and long-term financial flexibility. These actions include significantly reducing our capital program and common distributions, progressing asset sales, and reducing costs across the supply chain, while remaining focused on operating safely and responsibly.”\n\n\n\n\nPlains All American Pipeline, L.P.\n\n\n\n\n\n\n\n\n \n\n\n\nSummary Financial Information (unaudited)\n\n\n\n\n\n(in millions, except per unit data)\n\n\n\n\n\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\nThree Months Ended\nMarch 31,\n\n\n\n \n\n\n\n% \n\n\n\n\n\nGAAP Results\n\n\n\n \n\n\n\n2020\n\n\n\n \n\n\n\n2019\n\n\n\n \n\n\n\nChange\n\n\n\n\n\nNet income/(loss) attributable to PAA (1)\n\n\n\n \n\n\n\n$\n\n\n\n(2,847)\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n970\n\n\n\n \n\n\n\n \n\n\n\n(394)\n\n\n\n%\n\n\n\n\n\nDiluted net income/(loss) per common unit (1)\n\n\n\n \n\n\n\n$\n\n\n\n(3.98)\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n1.20\n\n\n\n \n\n\n\n \n\n\n\n(432)\n\n\n\n%\n\n\n\n\n\nDiluted weighted average common units outstanding (2)\n\n...