Plains All American Reports Second-Quarter 2024 Results & Raises 2024 Guidance

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

[{"type":"text","content":"HOUSTON, Aug. 02, 2024 (GLOBE NEWSWIRE) -- Plains All American Pipeline, L.P. (Nasdaq: PAA) and Plains GP Holdings (Nasdaq: PAGP) today reported strong second-quarter 2024 results and raised full-year 2024 Adjusted EBITDA guidance. Second-Quarter Results Reported net income attributable to PAA of $250 million and net cash provided by operating activities of $653 millionDelivered Adjusted EBITDA attributable to PAA of $674 millionGenerated Adjusted Free Cash Flow of $421 million (excluding changes in Assets & Liabilities; including bolt-on acquisition capital)Successfully priced public offering of $650 million of unsecured senior notes at 5.7% due 2034 2024 Guidance Update Raising the mid-point of guidance for full-year 2024 Adjusted EBITDA attributable to PAA by $75 million to a new range of $2.725 - $2.775 billion Reiterating full-year 2024 Adjusted Free Cash Flow guidance of $1.55 billion (excluding changes in Assets & Liabilities; including bolt-on acquisition capital) “Today’s announcements reflect another solid quarter with results exceeding expectations in both the Crude Oil and NGL segments. Based on our performance to-date and outlook for the remainder of the year, we are increasing our annual EBITDA guidance for 2024. This underscores the resilience of our business model and highlights the flexibility of our asset base to capture opportunities in a dynamic and evolving market,” said Willie Chiang, Chairman & CEO of Plains. “We remain focused on maximizing long-term value for investors, through our consistent strategy of capital discipline, generating meaningful Free Cash Flow and increasing return of capital to equity holders while maintaining financial flexibility.” Plains All American Pipeline Summary Financial Information (unaudited)(in millions, except per unit data) Three Months EndedJune 30, % Six Months EndedJune 30, % GAAP Results 2024 2023 Change 2024 2023 ChangeNet income attributable to PAA $250 $293 (15)% $515 $715 (28)%Diluted net income per common unit $0.26 $0.32 (19)% $0.55 $0.84 (35)%Diluted weighted average common units outstanding 701 698 —% 701 698 —%Net cash provided by operating activities $653 $888 (26)% $1,072 $1,631 (34)%Distribution per common unit declared for the period $0.3175 $0.2675 19% $0.6350 $0.5350 19% Three Months EndedJune 30, % Six Months EndedJune 30, % Non-GAAP Results (1) 2024 20...

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