Plains All American Reports Third-Quarter 2021 Results

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

[{"type":"text","content":"HOUSTON, Nov. 02, 2021 (GLOBE NEWSWIRE) -- Plains All American Pipeline, L.P. (Nasdaq: PAA) and Plains GP Holdings (Nasdaq: PAGP) today reported third-quarter 2021 results and provided the following updates: Successfully completed formation of Plains Oryx Permian Basin strategic joint venture (closed October 5th); cashless transaction, debt-free entity, near-term free cash flow accretive to Plains and Oryx, with targeted JV synergies of $50–$100 million or more Reported a net loss for the period of $59 million, including the non-cash impact of an approximately $220 million asset impairment charge Reported third-quarter Adjusted EBITDA of $519 million and maintained full-year 2021 Adjusted EBITDA guidance of +/- $2.175 billion (includes approximately $40 million impact of Fort Saskatchewan incident and other timing-related items)Increased forecasted 2021 Free Cash Flow after Distributions by $50 million to +/- $1.4 billion, or +/- $500 million excluding proceeds from asset sales Reduced 2021 capital (investment and maintenance) guidance by an additional $50 million to +/- $455 million, approximately 30% below February guidanceReduced total debt by approximately $650 million in the period and by approximately $1 billion since year-end 2020 Continued utilizing the November 2020 repurchase authorization during the period, bringing total cumulative repurchases to $167 million, or 18.1 million PAA common units “We delivered third-quarter results that exceeded our expectations, increased our full-year Free Cash Flow outlook and maintained full-year Adjusted EBITDA guidance despite the impact of non-recurring and timing-related items,” stated Willie Chiang, Chairman and CEO of Plains. “Importantly, we continue to execute across multiple key initiatives, all of which are aimed at maximizing free cash flow to reinforce our balance sheet and generate attractive returns for our equity holders. Integration of the Plains Oryx Permian Basin joint venture is well underway, and we are increasingly confident in the synergies the JV is positioned to capture, the value of the operating leverage embedded within our system, and the magnitude of production growth the basin is positioned to deliver over the next several years.” Plains All American Pipeline Summary Financial Information (unaudited)(in millions, except per unit data) Three Months EndedSe...

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