Financial Performance - Fourth-quarter 2024 net income attributable to Plains All American was $36 million, a decrease of 88% compared to $312 million in Q4 2023[4] - Full-year 2024 net income attributable to Plains All American was $772 million, down 37% from $1.23 billion in 2023[4] - Fourth-quarter 2024 adjusted EBITDA attributable to Plains All American was $729 million, slightly below the $737 million in Q4 2023, representing a 1% decrease[5] - Full-year 2024 adjusted EBITDA attributable to Plains All American was $2.78 billion, a 3% increase from $2.71 billion in 2023[5] - The company generated approximately $1.17 billion in adjusted free cash flow for the full year 2024, a decrease of 31% compared to $1.8 billion in 2023[5] - Revenues for Q4 2024 were $12,402 million, a decrease of 2.3% from $12,698 million in Q4 2023; total revenues for the year increased by 2.8% to $50,073 million from $48,712 million[23] - Operating income for Q4 2024 was $87 million, down 79.6% from $426 million in Q4 2023; total operating income for the year decreased by 22.0% to $1,178 million from $1,510 million[23] - Net income attributable to Plains All American Pipeline (PAA) for Q4 2024 was $36 million, a significant drop of 88.5% compared to $312 million in Q4 2023; total net income for the year decreased by 37.1% to $772 million from $1,230 million[23] Cash Flow and Distributions - Adjusted Free Cash Flow after Distributions for the year was impacted by cash distributions paid to preferred and common unitholders, which totaled $175 million for Series A and $78 million for Series B preferred unitholders[28] - Cash and cash equivalents at the end of 2024 were $348 million, down from $450 million at the end of 2023, reflecting a net decrease in cash flow[30] - The company reported net cash provided by operating activities of $2,490 million for the year, a decrease from $2,727 million in 2023[30] - The company experienced a net cash outflow of $1,504 million from investing activities, significantly higher than the $702 million outflow in 2023, indicating increased capital expenditures or investments[30] - Cash distribution paid per common unit increased to $0.3175 in Q4 2024 from $0.2675 in Q4 2023, marking a rise of 18.7%[36] - Total cash distributions for the year were $1,145 million, an increase from $989 million in 2023[40] Assets and Liabilities - Total assets decreased to $26,562 million in 2024 from $27,355 million in 2023, primarily due to reductions in property and equipment and intangible assets[24] - Total liabilities decreased slightly to $13,466 million in 2024 from $13,623 million in 2023, with total debt also decreasing to $7,621 million from $7,751 million[25] - Long-term debt-to-total book capitalization increased to 42% in 2024 from 41% in 2023, indicating a slight increase in leverage[25] - Total adjusted net income for the twelve months ended December 31, 2024, was $1.318 billion, compared to $1.250 billion in 2023, reflecting a growth of 5.4%[33] Segment Performance - Revenues from crude oil segment for Q4 2024 were $11,959 million, while NGL segment revenues were $535 million, compared to $12,187 million and $623 million respectively in Q4 2023[44] - Segment Adjusted EBITDA for crude oil was $569 million in Q4 2024, slightly up from $563 million in Q4 2023, while NGL segment Adjusted EBITDA decreased to $154 million from $169 million[44] - Crude Oil segment revenues for the twelve months ended December 31, 2024, were $48,720 million, an increase from $47,174 million in 2023, representing a growth of 3.3%[46] - NGL segment revenues decreased to $1,724 million in 2024 from $1,935 million in 2023, a decline of 10.9%[46] - Segment Adjusted EBITDA for the Crude Oil segment was $2,276 million in 2024, up from $2,163 million in 2023, reflecting a growth of 5.2%[46] Strategic Initiatives and Future Outlook - Plains All American expects full-year 2025 adjusted EBITDA attributable to be in the range of $2.80 billion to $2.95 billion[4] - The company announced a distribution increase of $0.25 per unit, representing a 20% increase in annualized distribution compared to 2024 levels[4] - The company plans to retain excess Adjusted Free Cash Flow after distributions for future capital expenditures and debt reduction[40] - The company is focused on strategic opportunities including acquisitions and joint ventures to enhance operational capabilities and market presence[57] Risks and Challenges - The company highlighted potential risks including fluctuations in crude oil prices and competition in the midstream services market, which could impact future performance[57] - PAA is impacted by various risks including weather interference, regulatory changes, and production level fluctuations in the Permian Basin[59] - The company faces challenges related to customer performance under contracts, which may affect revenue recognition[59] - The effectiveness of risk management activities is crucial for PAA's operational stability[59] - The company is exposed to fluctuations in debt and equity markets, which can affect its long-term incentive plans[59] - PAA's ability to attract and retain key personnel is essential for maintaining operational efficiency[59] Company Overview - The company is headquartered in Houston, Texas, and is publicly traded as a master limited partnership[61] - Plains All American Pipeline (PAA) and Plains GP Holdings (PAGP) are significant players in the North American energy infrastructure and logistics sector[61]

Core Viewpoint - Momentum investing focuses on "buying high and selling higher," contrasting with traditional strategies of "buying low and selling high" [1] Group 1: Momentum Investing Strategy - Momentum investing can be risky as stocks may lose momentum if their valuations exceed future growth potential [1] - Identifying the right entry point for momentum stocks is challenging, leading to potential losses if the stock price does not continue to rise [1] Group 2: Bargain Momentum Stocks - Investing in bargain stocks that have recently shown price momentum may be a safer strategy [2] - The Zacks Momentum Style Score is useful for identifying strong momentum stocks, while the 'Fast-Paced Momentum at a Bargain' screen helps find attractively priced fast-moving stocks [2] Group 3: Plains GP Holdings (PAGP) Analysis - Plains GP Holdings (PAGP) has shown significant price momentum with a four-week price change of 19.1% [3] - Over the past 12 weeks, PAGP's stock gained 19.3%, indicating strong long-term momentum [4] - PAGP has a beta of 1.58, suggesting it moves 58% more than the market in either direction [4] - The stock has a Momentum Score of B, indicating a favorable time to invest [5] - PAGP has a Zacks Rank 2 (Buy) due to upward revisions in earnings estimates, which attract more investors [6] - The stock is trading at a low Price-to-Sales ratio of 0.09, meaning investors pay only 9 cents for each dollar of sales, indicating a reasonable valuation [6] Group 4: Additional Investment Opportunities - Besides PAGP, there are other stocks that meet the criteria of the 'Fast-Paced Momentum at a Bargain' screen, presenting further investment opportunities [7] - Zacks offers over 45 Premium Screens tailored to different investing styles, which can help identify winning stock picks [8]

Company Overview - Plains Group (PAGP) is currently rated with a Zacks Rank of 2 (Buy) and has an A grade for Value [4][6] - The stock is trading at a P/E ratio of 12.85, significantly lower than the industry average P/E of 18.46 [4] - Over the past year, PAGP's Forward P/E has fluctuated between a high of 18.70 and a low of 10.11, with a median of 12.25 [4] Financial Metrics - PAGP has a P/CF ratio of 3.50, indicating strong operating cash flow and suggesting the stock may be undervalued compared to its industry's average P/CF of 11.09 [5] - The P/CF ratio for PAGP has ranged from a high of 3.58 to a low of 2.50 over the past year, with a median of 3.01 [5] Investment Potential - The combination of PAGP's strong earnings outlook and attractive valuation metrics suggests that it is likely undervalued at the moment, making it an impressive value stock [6]

Core Viewpoint - The article emphasizes the importance of value investing and highlights Plains Group (PAGP) as a strong value stock based on its financial metrics and Zacks Rank [1][5]. Financial Metrics - Plains Group (PAGP) holds a Zacks Rank of 2 (Buy) and a Value grade of A, indicating strong potential for value investors [3]. - The stock has a Forward P/E ratio of 12.05, significantly lower than the industry's average Forward P/E of 18.42, suggesting it may be undervalued [3]. - Over the past year, PAGP's Forward P/E has fluctuated between a high of 18.70 and a low of 10, with a median of 12.13 [3]. - PAGP's P/CF ratio stands at 3.25, which is attractive compared to the industry's average P/CF of 11.08, indicating strong operating cash flow [4]. - The P/CF ratio for PAGP has ranged from a high of 3.26 to a low of 2.50 over the past 52 weeks, with a median of 2.99 [4]. Investment Outlook - The combination of PAGP's favorable financial metrics and strong earnings outlook positions it as one of the market's strongest value stocks [5].

Core Viewpoint - Momentum investing focuses on "buying high and selling higher" rather than traditional "buying low and selling high" strategies, aiming for quicker profits [1] Group 1: Momentum Investing Characteristics - Momentum investing can be risky as stocks may lose momentum if their valuations exceed future growth potential, leading to potential losses for investors [2] - A safer approach involves investing in bargain stocks that exhibit recent price momentum, utilizing tools like the Zacks Momentum Style Score to identify such opportunities [3] Group 2: Plains GP Holdings (PAGP) Analysis - Plains GP Holdings (PAGP) has shown a four-week price change of 4.6%, indicating growing investor interest [4] - Over the past 12 weeks, PAGP's stock has gained 8.7%, with a beta of 1.58, suggesting it moves 58% more than the market [5] - PAGP has a Momentum Score of A, indicating a favorable time to invest based on its momentum characteristics [6] Group 3: Earnings Estimates and Valuation - An upward trend in earnings estimate revisions has contributed to PAGP's Zacks Rank 2 (Buy), as increased analyst interest typically drives stock prices higher [7] - PAGP is currently trading at a Price-to-Sales ratio of 0.08, suggesting it is undervalued at 8 cents for each dollar of sales, providing significant upside potential [7] Group 4: Additional Investment Opportunities - Besides PAGP, there are other stocks that meet the criteria of the 'Fast-Paced Momentum at a Bargain' screen, presenting further investment opportunities [8] - Investors can explore over 45 Zacks Premium Screens tailored to different investing styles to identify potential winning stocks [9]

Group 1 - Plains GP Holdings (PAGP) shares increased by 6.1% to close at $19.93, following a notable trading volume compared to typical sessions, contrasting with a 1.6% loss over the past four weeks [1] - The surge in shares is attributed to sustained demand for Plains GP's midstream services, supported by a favorable crude price environment and expected rising demand for crude products in the U.S. [2] - Plains GP has announced three new acquisitions, enhancing its presence in key crude-producing regions such as the Permian, Eagle Ford, and Mid-Con basins, which is a significant growth driver for the company [2] Group 2 - The company is expected to report quarterly earnings of $0.28 per share, reflecting a year-over-year increase of 3.7%, with revenues projected at $13.16 billion, also up 3.7% from the previous year [3] - The consensus EPS estimate for Plains GP has remained unchanged over the last 30 days, indicating that stock price movements may not continue without trends in earnings estimate revisions [4] - Plains GP is part of the Zacks Oil and Gas - Production and Pipelines industry, with a current Zacks Rank of 3 (Hold) [4]

Financial Performance - Reported net income attributable to Plains All American of $220 million for Q3 2024, an 8% increase from $203 million in Q3 2023[2] - Adjusted EBITDA attributable to Plains All American was $659 million for Q3 2024, remaining stable compared to $662 million in Q3 2023[2] - Revenues for the three months ended September 30, 2024, increased to $12,743 million, up 5.6% from $12,071 million in the same period of 2023[13] - Operating income rose to $347 million for the three months ended September 30, 2024, compared to $234 million in the prior year, reflecting a 48.3% increase[13] - Net income for the three months ended September 30, 2024, was $312 million, compared to $279 million for the same period in 2023, representing an increase of 11.8%[20] - For the nine months ended September 30, 2024, revenues were $37,671 million, up from $36,014 million in the same period of 2023, marking a growth of 4.6%[33] - Operating income for the nine months ended September 30, 2024, was $1,090 million, consistent with the previous year's figure of $1,085 million[33] - Net income attributable to PAGP for the nine months ended September 30, 2024, was $736 million, compared to $918 million for the same period in 2023, indicating a decrease of 19.8%[33] Cash Flow and Liquidity - Net cash provided by operating activities was $692 million in Q3 2024, compared to $85 million in Q3 2023[2] - Adjusted Free Cash Flow for 2024 is anticipated to be approximately $1.45 billion, excluding changes in Assets & Liabilities[1] - Adjusted Free Cash Flow for the three months ended September 30, 2024, was $401 million, compared to a negative $386 million in the same period of 2023[23] - Cash and cash equivalents increased to $640 million as of September 30, 2024, from $450 million at the end of 2023[14] - The company reported a net cash used in financing activities of $330 million for the nine months ended September 30, 2024, a decrease from $1,409 million in the same period of 2023, indicating improved cash management[16] Segment Performance - The Crude Oil Segment Adjusted EBITDA increased by 4% to $577 million in Q3 2024, driven by higher tariff volumes and contributions from acquisitions[3] - The NGL Segment Adjusted EBITDA decreased by 26% to $73 million in Q3 2024, primarily due to lower weighted average frac spreads[4] - Revenues for Crude Oil segment reached $12,444 million for the three months ended September 30, 2024, up from $11,934 million in the same period of 2023, indicating a year-over-year increase of approximately 4.3%[26] - Adjusted EBITDA for the crude oil segment was $1,707 million for the nine months ended September 30, 2024, compared to $1,600 million for the same period in 2023, reflecting a growth of 6.7%[29] Capital Expenditures and Investments - Total investment capital expenditures for the nine months ended September 30, 2024, were $232 million, up from $221 million in the same period of 2023, indicating an increase of approximately 5%[17] - Maintenance capital expenditures for the nine months ended September 30, 2024, were $135 million, compared to $107 million for the same period in 2023, indicating a 26.2% increase[27] - Maintenance capital expenditures for the three months ended September 30, 2024, were $69 million, compared to $60 million in the same period of 2023, indicating a rise of 15%[20] Debt and Leverage - Plains All American exited Q3 2024 with a leverage ratio of 3.0x, below the target range of 3.25x – 3.75x[1] - The company reported a total debt of $7,977 million as of September 30, 2024, up from $7,751 million at the end of 2023[14] - Long-term debt-to-total book capitalization ratio was 41% as of September 30, 2024, consistent with the ratio from December 31, 2023[14] Market and Economic Outlook - The company faces risks including fluctuations in crude oil prices, which could significantly impact its operational margins and commercial opportunities[36] - Future outlook includes potential impacts from economic conditions, supply chain issues, and regulatory changes affecting the energy sector[36] - The company is focused on maintaining its competitive position amidst market pressures and potential declines in crude oil demand[37] Credit Rating and Financial Stability - Moody's upgraded Plains All American's credit rating from Baa3 to Baa2 with a stable outlook, reflecting improved financial stability[1]

2Q24 Earnings Call August 2, 2024 Forward-Looking Statements & Non-GAAP Financial Measures Disclosure 2 This presentation contains forward-looking statements, including, in particular, statements about the performance, plans, strategies and objectives for future operations of Plains All American Pipeline, L.P. ("PAA") and Plains GP Holdings, L.P. ("PAGP"). These forward-looking statements are based on PAA's current views with respect to future events, based on what we believe to be reasonable assumptions. P ...

Plains GP Holdings, L.P. Class A Shares (NASDAQ:PAGP) Q2 2024 Earnings Conference Call August 2, 2024 10:00 AM ET Company Participants Blake Fernandez - Vice President, Investment Relations Willie Chiang - Chairman and CEO Al Swanson - Executive Vice President and CFO Jeremy Goebel - Chief Commercial Officer Chris Chandler - Chief Operating Officer Conference Call Participants Tristan Richardson - Scotiabank Michael Blum - Wells Fargo Jeremy Tonet - JPMorgan Securities Manav Gupta - UBS Keith Stanley - Wolf ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ________________________________________________________________ Delaware 90-1005472 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 333 Clay Street, Suite 1600 FORM 10-Q ________________________________________________________________________________________________________________________________ ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES E ...