Plains All American Pipeline (PAA) announced three bolt-on acquisitions for an aggregate cash consideration of nearly $670 million, the purchase of nearly 18% of its outstanding PAA Series A Preferred Units and a 20% increase in its annualized distribution rate.The firm’s board of directors has approved an increase in its quarterly distribution (payable in February 2025), for both PAA common units and Plains Group (PAGP) Class A shares, from 31.75 cents per unit to 38 cents. On an annualized basis, the dist ...

HOUSTON, Jan. 07, 2025 (GLOBE NEWSWIRE) -- Plains All American Pipeline, L.P. (NASDAQ:PAA) and Plains GP Holdings (NASDAQ:PAGP) announced today their quarterly distributions with respect to the fourth quarter of 2024 and also announced timing of fourth quarter 2024 earnings. Fourth Quarter Distribution Declaration PAA and PAGP announced the following quarterly cash distributions: PAA Common Units – $0.38 per Common Unit ($1.52 per unit on an annualized basis), which represents a $0.0625 increase from the di ...

HOUSTON, Jan. 07, 2025 (GLOBE NEWSWIRE) -- Plains All American Pipeline, L.P. (Nasdaq: PAA) and Plains GP Holdings (Nasdaq: PAGP) (collectively, “Plains”) announced today three bolt-on acquisitions for an aggregate cash consideration of approximately $670 million net to Plains, the purchase of approximately 18% of its outstanding PAA Series A Preferred Units and a 20% increase in its annualized distribution rate. Bolt-on Acquisitions Plains signed a definitive agreement to acquire Ironwood Midstream Energy ...

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Plains All American Pipeline, L.P. (NASDAQ: PAA ) reported mixed results in Q3 ’24 with a $340mm revenue miss and an earnings beat by $0.06/unit. Management guided to the top end of their range for adjustedMichael Del Monte is a buy-side equity analyst with over 5 years of industry experience. Prior to working in the investment management industry, Michael spent over a decade in professional services working in industries that range from O&G, OFS, Midstream, Industrials, Information Technology, EPC Services ...

On Friday, November 8, 2024, crude oil and liquids-focused midstream master limited partnership Plains All American Pipeline, L.P. (NASDAQ: PAA ) announced its third-quarter 2024 earnings results. At first glance, these results were mixed, as Plains All American Pipeline missedAt Energy Profits in Dividends, we seek to generate a 7%+ income yield by investing in a portfolio of energy stocks while minimizing our risk of principal loss. By subscribing, you will get access to our best ideas earlier than they a ...

Company Overview - Plains All American Pipeline, L P (NASDAQ: PAA) is one of the largest oil and gas transportation and storage companies operating in the US and Canada [1] - The company is analyzed for its attractiveness to fixed-income investors [1] Investment Firm Background - Khaveen Investments is a Macroquantamental Hedge Fund managing a globally diversified portfolio [1] - The firm employs a multifaceted investment approach combining top-down and bottom-up methodologies [1] - Core investment strategies include global macro, fundamental, and quantitative strategies [1] - The firm serves accredited investors globally, including HNW Individuals, Corporates, Associations, and Institutions [1] - Specialized expertise lies in transformative fields such as Artificial Intelligence, Cloud Computing, 5G, Autonomous & Electric Vehicles, FinTech, Augmented & Virtual Reality, and the Internet of Things [1] Analyst Disclosure - The analyst has no stock, option, or derivative positions in the mentioned companies and no plans to initiate any within the next 72 hours [1] - The article expresses the analyst's own opinions and is not compensated by any company mentioned [1]

Financial Data and Key Metrics Changes - The company reported third quarter adjusted EBITDA net to PAA of $659 million, benefiting from higher Permian volumes across its gathering, intra-basin, and long-haul footprint [10] - The adjusted EBITDA guidance for 2024 has been updated to a range of $2.725 billion to $2.775 billion, with expectations to be towards the top end of this range [5][12] - The company expects to generate approximately $1.45 billion of adjusted free cash flow for 2024, with $1.15 billion allocated to common and preferred distributions [11] Business Line Data and Key Metrics Changes - Permian volume growth remains on track, with an original forecast of 200,000 to 300,000 barrels a day for 2024, driven primarily by organic growth from completions across the system [6][19] - The NGL business is on track to complete the Fort Saskatchewan fractionation expansion project on schedule and on budget in the first half of 2025 [6] Market Data and Key Metrics Changes - The company has seen substantial organic growth in Permian gathering volumes, with modest growth from acquisitions [19] - The TMX start-up has reduced exports from the Gulf Coast of heavy crude by about 150,000 to 200,000 barrels a day, impacting the heavy side of the market [41] Company Strategy and Development Direction - The company continues to pursue bolt-on acquisitions to advance its efficient growth strategy, recently acquiring the Fivestones Permian gathering system [7] - The focus remains on generating significant multi-year free cash flow, maintaining capital discipline, and returning capital to investors while preserving financial flexibility [16] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future of the U.S. energy industry, expecting benefits from improved energy policy and regulatory frameworks [14] - The company is well-positioned to navigate through a volatile macro environment, with a focus on improving the durability of earnings [15] Other Important Information - The company settled two lawsuits related to the 2015 oil spill in California, booking a charge of $120 million to its overall Line 901 accrual [8] - Moody's upgraded the company's rating to Baa2 with a stable outlook, achieving a mid BBB rating at all three credit rating agencies [13] Q&A Session Summary Question: About Permian gathering volumes and organic growth - Management noted substantial organic growth as the primary driver of strong Permian gathering volumes, with modest contributions from acquisitions [19] Question: Future leverage targets with lower current leverage - Management confirmed they do not intend to lower their leverage range of 3.25 to 3.75x, focusing on maximizing free cash flow and capital efficiency [21][22] Question: Early discussions with producers for 2025 budget - Management indicated that initial producer forecasts align with their expectations for continued growth in the 200,000 to 300,000 barrels a day range [28][29] Question: Impact of public valuation markers on bolt-on deals - Management emphasized that while midstream assets are highly valued, they will remain disciplined in evaluating transactions [31][33] Question: Thoughts on the water business and potential disposals - Management stated they have no current exposure to the water business but would consider opportunities that offer synergies [35][36] Question: Canadian platform growth initiatives - Management highlighted the focus on completing the Fort Saskatchewan project and potential opportunities for synergies in the Canadian market [38] Question: Changes in crude flows and impacts on storage assets - Management reported that throughput at Cushing reached all-time records, with no significant impacts on their assets from changes in crude flows [41] Question: NGL segment operations after contract changes - Management noted a shift from margin-based to fee-based business, leading to steadier volumes and financial performance [72]