Plains All American Pipeline L.P (PAA) is scheduled to release fourth-quarter 2023 earnings on Feb 9 before market open. The firm delivered a positive earnings surprise of 45.83% in the last quarter.Let’s discuss the factors that are likely to be reflected in the upcoming quarterly results.Factors at PlayPAA’s fourth-quarter earnings are expected to have benefited from contributions coming from the acquired assets of Rattler Midstream's Southern Delaware Basin crude gathering system and LM Energy’s Touchdow ...

In the latest market close, Plains All American Pipeline (PAA) reached $15.30, with a +0.2% movement compared to the previous day. The stock exceeded the S&P 500, which registered a loss of 0.32% for the day. At the same time, the Dow lost 0.71%, and the tech-heavy Nasdaq lost 0.2%.Heading into today, shares of the oil and gas transportation and storage company had lost 0.78% over the past month, outpacing the Oils-Energy sector's loss of 2.12% and lagging the S&P 500's gain of 4.59% in that time.Analysts a ...

The latest trading session saw Plains All American Pipeline (PAA) ending at $16.20, denoting a -0.61% adjustment from its last day's close. This move lagged the S&P 500's daily gain of 0.76%. Meanwhile, the Dow gained 0.59%, and the Nasdaq, a tech-heavy index, added 1.12%.Heading into today, shares of the oil and gas transportation and storage company had gained 7.59% over the past month, outpacing the Oils-Energy sector's loss of 2.82% and the S&P 500's gain of 2.5% in that time.The upcoming earnings relea ...

HOUSTON, Jan. 08, 2024 (GLOBE NEWSWIRE) -- Plains All American Pipeline, L.P. (NASDAQ:PAA) and Plains GP Holdings (NASDAQ:PAGP) today announced their quarterly distributions with respect to the fourth quarter of 2023 and also announced timing of fourth quarter 2023 earnings. Fourth Quarter Distribution Declaration  PAA and PAGP announced the following quarterly cash distributions, each of which will be payable on February 14, 2024 to holders of the respective securities at the close of business on January 3 ...

Plains All American Pipeline (PAA) ended the recent trading session at $15.41, demonstrating a +0.72% swing from the preceding day's closing price. This move outpaced the S&P 500's daily loss of 0.8%. On the other hand, the Dow registered a loss of 0.76%, and the technology-centric Nasdaq decreased by 1.18%.Shares of the oil and gas transportation and storage company witnessed a loss of 1.35% over the previous month, trailing the performance of the Oils-Energy sector with its gain of 0.83% and the S&P 500's ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ________________________________________________________________ FORM 10-Q ________________________________________________________________________________________________________________________________ ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHA ...

Financial Performance - Net income attributable to PAA for the first six months of 2023 was $715 million, an increase of 83% compared to $390 million in the same period of 2022[114]. - Net income for Q2 2023 was $349 million, a 39% increase from $251 million in Q2 2022, and for the first half of 2023, it was $824 million, up 73% from $476 million in the same period last year[136]. - Adjusted EBITDA for Q2 2023 was $700 million, a slight decrease of 1% from $704 million in Q2 2022, while for the first half of 2023, it increased by 9% to $1,513 million from $1,394 million[137]. - Adjusted EBITDA attributable to PAA for Q2 2023 was $597 million, a decrease of 3% from $615 million in Q2 2022, while for the first half of 2023, it increased by 7% to $1,312 million from $1,228 million[136]. - Other income increased significantly to $85 million for the six months ended June 30, 2023, compared to a loss of $155 million in the same period of 2022[128]. - Free Cash Flow for the three months ended June 30, 2023 was $650 million, compared to $688 million in the same period of 2022, while Free Cash Flow after Distributions was $404 million, down from $473 million[166]. Revenue and Sales - Product sales revenues decreased by 21% to $23.145 billion for the six months ended June 30, 2023, down from $29.388 billion in 2022, primarily due to lower commodity prices[117]. - Services revenues increased by 20% to $798 million for the six months ended June 30, 2023, compared to $665 million in 2022, driven by higher volumes and tariff escalations[121]. - Crude Oil segment revenues decreased by 29% to $11,295 million for the three months ended June 30, 2023, compared to $15,940 million in 2022[144]. - NGL segment revenues decreased by 33% to $381 million for the three months ended June 30, 2023, compared to $570 million in 2022[153]. Expenses and Costs - General and administrative expenses increased by 7% to $171 million for the six months ended June 30, 2023, primarily due to higher information systems and employee-related costs[123]. - Interest expense decreased by 6% to $193 million for the six months ended June 30, 2023, due to a lower weighted average debt balance[127]. - Field operating costs for the NGL segment decreased by 28% to $177 million for the six months ended June 30, 2023, compared to $138 million in 2022[153]. - Field operating costs increased due to higher utility-related costs and increased ownership in Empress straddle plants, partially offset by operating cost recoveries[160]. Capital Expenditures and Investments - The company’s maintenance capital expenditures for Q2 2023 were $62 million, a 44% increase from $43 million in Q2 2022[137]. - Maintenance capital expenditures for the Crude Oil segment increased by 44% to $36 million for the three months ended June 30, 2023, compared to $25 million in 2022[144]. - Total investment capital for the year ending December 31, 2023 is projected to be approximately $420 million, with about half allocated to Permian JV assets, while maintenance capital is projected at $205 million[171]. - Proceeds from asset divestitures in the first six months of 2023 amounted to $284 million, significantly higher than $57 million in the same period of 2022, primarily from the sale of a 21% interest in the Keyera Fort Saskatchewan facility[172]. Liquidity and Financial Position - As of June 30, 2023, the company had approximately $3.5 billion in liquidity available, including $915 million in cash and cash equivalents[163]. - The company redeemed $400 million of 2.85% senior notes on January 31, 2023, using cash on hand and borrowings[178]. - As of June 30, 2023, the company had outstanding letters of credit of approximately $127 million[189]. - As of June 30, 2023, the company had approximately $1.1 billion of unsold securities available under its Traditional Shelf registration statement[180]. Market and Risk Management - The company remains subject to business and operational risks that could adversely affect cash flow, including energy price volatility and macroeconomic conditions[164]. - The company is exposed to various market risks, including commodity price risk and interest rate risk, and uses derivative instruments to manage these risks[197]. - The risk management function has direct responsibility for risk policies and approves all new risk management strategies[197]. Derivatives and Fair Value - The fair value of the company's crude oil derivatives as of June 30, 2023, was $25 million, with a potential effect of a 10% price increase or decrease being $14 million and $15 million, respectively[200]. - The fair value of NGL and other derivatives was $173 million, with a potential effect of a 10% price increase or decrease being $18 million each[200]. - The total fair value of all derivatives was $163 million[200]. - The fair value of interest rate derivatives was a net asset of $42 million as of June 30, 2023[202].

Plains All American Pipeline, L.P. (NASDAQ:PAA) Q2 2023 Earnings Conference Call August 4, 2023 10:00 AM ET Company Participants Blake Fernandez - VP of IR Willie Chiang - Chairman and CEO Al Swanson - EVP and CFO Jeremy Goebel - EVP and Chief Commercial Officer Chris Chandler - EVP and COO Conference Call Participants Spiro Dounis - Citi Brian Reynolds - UBS Gabriel Moreen - Mizuho Michael Blum - Wells Fargo Keith Stanley - Wolfe Research Neal Dingmann - Truist Securities Neel Mitra - Bank of America Sunil ...

Total Crude Oil 2023(G): $2,080MM Adj. EBITDA(2) Includes +/-$200MM from Storage Terminals(3) 14 2023(G): Furnished August 4, 2023. (1) Permian JV, Cactus II & Red River volumes on a consolidated (8/8ths) basis. (2) Attributable to PAA. (3) Terminals include Cushing, Patoka, St. James & others. $553 $459 $423 $453 $494 $536 $504 $517 $529 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 1,020 1,110 1,147 1,090 1,094 1,172 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 1,473 1,554 1,538 NGL Segment 2023(G) Detail ...

PART I. FINANCIAL INFORMATION [Item 1. Unaudited Condensed Consolidated Financial Statements](index=3&type=section&id=Item%201.%20UNAUDITED%20CONDENSED%20CONSOLIDATED%20FINANCIAL%20STATEMENTS) PAA reported significantly increased Q1 2023 profitability, with net income attributable to PAA rising to **$422 million**, driven by higher operating income [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of March 31, 2023, total assets slightly decreased to **$27.46 billion**, with total liabilities also falling Condensed Consolidated Balance Sheet Highlights (in millions) | Account | March 31, 2023 | December 31, 2022 | | :--- | :--- | :--- | | **Total Current Assets** | $5,122 | $5,355 | | **Total Assets** | $27,456 | $27,892 | | **Total Current Liabilities** | $5,366 | $5,891 | | **Total Liabilities** | $13,973 | $14,567 | | **Total Partners' Capital** | $13,483 | $13,325 | [Condensed Consolidated Statements of Operations](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Q1 2023 revenues decreased to **$12.34 billion**, but operating income increased to **$473 million**, doubling net income Q1 2023 vs Q1 2022 Statement of Operations (in millions, except per unit data) | Metric | Q1 2023 | Q1 2022 | | :--- | :--- | :--- | | Total Revenues | $12,341 | $13,694 | | Operating Income | $473 | $293 | | Net Income | $475 | $225 | | Net Income Attributable to PAA | $422 | $187 | | Basic and Diluted Net Income per Common Unit | $0.52 | $0.19 | [Condensed Consolidated Statements of Cash Flows](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Q1 2023 operating cash flow substantially increased to **$743 million**, investing activities provided **$158 million** Q1 2023 vs Q1 2022 Cash Flows (in millions) | Cash Flow Category | Q1 2023 | Q1 2022 | | :--- | :--- | :--- | | Net cash provided by operating activities | $743 | $340 | | Net cash provided by/(used in) investing activities | $158 | $(81) | | Net cash used in financing activities | $(776) | $(597) | | Net increase/(decrease) in cash | $125 | $(335) | [Notes to the Condensed Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) Notes detail accounting policies, revenue disaggregation, debt, derivatives, segment performance, and contingencies [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=34&type=section&id=Item%202.%20MANAGEMENT'S%20DISCUSSION%20AND%20ANALYSIS%20OF%20FINANCIAL%20CONDITION%20AND%20RESULTS%20OF%20OPERATIONS) Management attributes improved Q1 2023 results to favorable NGL margins and crude oil market opportunities, with Adjusted EBITDA attributable to PAA increasing to **$715 million** - The increase in operating results for Q1 2023 was primarily driven by more favorable margins in the NGL segment, increased earnings from crude oil pipelines, and better crude oil market-based opportunities[115](index=115&type=chunk) Adjusted EBITDA Reconciliation (in millions) | Metric | Q1 2023 | Q1 2022 | | :--- | :--- | :--- | | Net income | $475 | $225 | | Adjusted EBITDA | $813 | $690 | | Adjusted EBITDA attributable to PAA | $715 | $614 | - The company projects total investment capital for 2023 to be approximately **$420 million** (**$325 million** net to PAA's interest) and maintenance capital to be **$205 million** (**$195 million** net)[168](index=168&type=chunk) [Results of Operations](index=35&type=section&id=Results%20of%20Operations) Q1 2023 consolidated net income attributable to PAA surged 126% to **$422 million**, boosted by asset sales and mark-to-market gains - Net gains on asset sales in Q1 2023 included a gain of approximately **$140 million** related to the sale of the Keyera Fort Saskatchewan facility[124](index=124&type=chunk) - Other income of **$64 million** in Q1 2023 was primarily driven by a **$58 million** gain on the mark-to-market adjustment of the Preferred Distribution Rate Reset Option embedded derivative[128](index=128&type=chunk) [Liquidity and Capital Resources](index=45&type=section&id=Liquidity%20and%20Capital%20Resources) As of March 31, 2023, the company maintained **$3.1 billion** in total liquidity, redeemed **$400 million** in senior notes, and generated **$823 million** in Free Cash Flow - As of March 31, 2023, the company had approximately **$3.1 billion** of available liquidity[162](index=162&type=chunk) - On January 31, 2023, the company redeemed its 2.85%, **$400 million** senior notes[175](index=175&type=chunk) Free Cash Flow (in millions) | Metric | Q1 2023 | Q1 2022 | | :--- | :--- | :--- | | Net cash provided by operating activities | $743 | $340 | | Free Cash Flow | $823 | $200 | | Free Cash Flow after Distributions | $581 | $36 | [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=52&type=section&id=Item%203.%20QUANTITATIVE%20AND%20QUALITATIVE%20DISCLOSURES%20ABOUT%20MARKET%20RISK) The company manages commodity price and interest rate risks with derivatives; as of March 31, 2023, commodity derivatives were a **$44 million** net asset Commodity Derivative Fair Value Sensitivity (in millions) | Commodity | Fair Value (Mar 31, 2023) | Effect of 10% Price Increase | Effect of 10% Price Decrease | | :--- | :--- | :--- | :--- | | Crude oil | $5 | $(47) | $48 | | Natural gas | $(48) | $11 | $(11) | | NGL and other | $87 | $(32) | $32 | | **Total** | **$44** | | | - The fair value of interest rate derivatives was a net asset of **$115 million** as of March 31, 2023, with a 10% change in the forward LIBOR curve impacting this fair value by approximately **$18 million**[197](index=197&type=chunk) [Item 4. Controls and Procedures](index=53&type=section&id=Item%204.%20CONTROLS%20AND%20PROCEDURES) Management concluded that disclosure controls and procedures were effective as of March 31, 2023, with no material changes to internal control - The Chief Executive Officer and Chief Financial Officer have concluded that the company's disclosure controls and procedures are **effective** as of March 31, 2023[199](index=199&type=chunk) - No material changes to internal control over financial reporting occurred during the first quarter of 2023[200](index=200&type=chunk) PART II. OTHER INFORMATION [Item 1. Legal Proceedings](index=54&type=section&id=Item%201.%20LEGAL%20PROCEEDINGS) Legal proceedings, detailed in Note 9, include the Line 901 incident with estimated total costs of **$740 million** and a remaining **$100 million** gross liability - The company refers to Note 9 of its financial statements for details on legal proceedings[204](index=204&type=chunk) - As of March 31, 2023, the estimated aggregate total cost for the Line 901 incident is approximately **$740 million**, with a remaining undiscounted gross liability of about **$100 million**[99](index=99&type=chunk)[100](index=100&type=chunk) [Item 1A. Risk Factors](index=54&type=section&id=Item%201A.%20RISK%20FACTORS) No material changes to risk factors previously disclosed in the 2022 Annual Report on Form 10-K are reported - The company's risk factors are discussed in Item 1A of its 2022 Annual Report on Form 10-K, and no material changes are reported for the current period[205](index=205&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=54&type=section&id=Item%202.%20UNREGISTERED%20SALES%20OF%20EQUITY%20SECURITIES%20AND%20USE%20OF%20PROCEEDS) No unregistered sales of equity securities or issuer purchases of equity securities occurred in Q1 2023 - There were no unregistered sales of equity securities or issuer purchases of equity securities in the reported period[206](index=206&type=chunk)[207](index=207&type=chunk) [Item 6. Exhibits](index=55&type=section&id=Item%206.%20EXHIBITS) This section lists all exhibits filed with the Form 10-Q, including corporate governance documents, senior note indentures, and officer certifications - The report includes various exhibits, such as amendments to partnership agreements, supplemental indentures for senior notes, and required CEO/CFO certifications[212](index=212&type=chunk)[214](index=214&type=chunk)[215](index=215&type=chunk)