Plains All American Reports First-Quarter 2022 Results

About this update from Plains Gp Holdings, L.p.

[{"type":"text","content":"HOUSTON, May 04, 2022 (GLOBE NEWSWIRE) -- Plains All American Pipeline, L.P. (Nasdaq: PAA) and Plains GP Holdings (Nasdaq: PAGP) today reported first-quarter 2022 results and provided the following updates: Reported first-quarter Net income attributable to PAA of $187 million and Net cash provided by operating activities of $340 millionReported strong first-quarter Adjusted EBITDA attributable to PAA of $614 million and increased full-year 2022 Adjusted EBITDA attributable to PAA guidance by $75 million to +/- $2.275 billionForecast Permian gathering volume growth of +/- 280 thousand barrels per day in 2022 (YE-21 to YE-22)Increased annualized common distribution by $0.15 to $0.87 per unit and repurchased $25 million of common units in the first quarter “Our business is off to a positive start in 2022, supported by constructive, long-term fundamentals and a strong commodity price environment,” stated Willie Chiang, Chairman and CEO of Plains. “We delivered strong first-quarter results above our previous expectations and increased our 2022 Adjusted EBITDA guidance by $75 million to $2.275 billion, with a bias to the upside. Current global events have reaffirmed the importance of energy in everyday life and the need for reliable, secure and responsibly produced energy. Our integrated business model and asset base is critical to meeting global energy demand, and we are very well positioned to generate significant multi-year Free Cash Flow and maximize unitholder returns for years to come.” Plains All American Pipeline Summary Financial Information (unaudited)(in millions, except per unit data) Three Months EndedMarch 31, % GAAP Results 2022 2021 ChangeNet income attributable to PAA $187 $422 (56)%Diluted net income per common unit $0.19 $0.51 (63)%Diluted weighted average common units outstanding 705 722 (2)%Net cash provided by operating activities $340 $791 (57)%Distribution per common unit declared for the period $0.2175 $0.18 21% Three Months EndedMarch 31, % Non-GAAP Results (1) 2022 2021 ChangeAdjusted net income attributable to PAA $266 $232 15%Diluted adjusted net income per common unit $0.31 $0.25 24%Adjusted EBITDA $690 $546 26%Adjusted EBITDA attributable to PAA (2) $614 $543 13%Implied DCF per common unit and common unit equivalent $0.56 $0.51 10%Free Cash Flow $200 $678 (71)%Free Cash Flow after Distributions $36 $511 ...

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