Business
Plains All American Reports Fourth-Quarter and Full-Year 2023 Results; Announces 2024 Guidance
HOUSTON, Feb. 09, 2024 (GLOBE NEWSWIRE) -- Plains All American Pipeline, L.P. (Nasdaq: PAA) and Plains GP Holdings (Nasdaq: PAGP) today reported
About this update from Plains Gp Holdings, L.p.
[{"type":"text","content":"HOUSTON, Feb. 09, 2024 (GLOBE NEWSWIRE) -- Plains All American Pipeline, L.P. (Nasdaq: PAA) and Plains GP Holdings (Nasdaq: PAGP) today reported fourth-quarter and full-year 2023 results, announced 2024 guidance and provided the following highlights: 2023 Highlights Fourth-quarter and full-year 2023 Net income attributable to PAA of $312 million and $1.23 billion, respectively, and 2023 Net cash provided by operating activities of $1.01 billion and $2.73 billion, respectivelyDelivered strong fourth-quarter and full-year 2023 Adjusted EBITDA attributable to PAA above the top-end of guidance with $737 million and $2.71 billion, respectivelyGenerated full-year 2023 Adjusted Free Cash Flow (excluding changes in Assets & Liabilities) of $1.60 billion and achieved year-end leverage of 3.1xDelivered on commitment to increase cash return to equity holders by increasing distributions $0.20 per unit annualized in February 2023, representing a 23% aggregate increase in the annualized distribution versus 2022 levelsHigh graded the asset base through continued portfolio optimization including two asset sales and three bolt-on acquisitionsReceived two credit rating agency upgrades demonstrating progress on deleveraging efforts and our target to achieve BBB credit ratings 2024 Outlook Expect full-year 2024 Adjusted EBITDA attributable to PAA of $2.625 - $2.725 billion Reaffirming leverage ratio target range of 3.25x - 3.75x reflecting commitment to balance sheet strength and flexibilityBoard approved increasing the annualized common distribution by $0.20 to $1.27 per unit commencing in February 2024, representing a 19% aggregate increase in the annualized distribution versus 2023 levelsExpect to generate approximately $1.65 billion of Adjusted Free Cash Flow (excluding changes in Assets & Liabilities) and $500 million of Adjusted Free Cash Flow after Distributions (excluding changes in Assets & Liabilities)Remain focused on disciplined capital investments, anticipating full-year 2024 Investment and Maintenance Capital of +/- $375 million and +/- $230 million, net to PAA, respectively “Strong execution in 2023 drove better-than-expected results and allowed us to accelerate progress on our long-term goals and objectives. This included lowering our leverage ratio target range, increasing capital returns to equity holders through increased distrib...