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

Core Viewpoint - Plains All American Pipeline, L.P. and Plains GP Holdings reported strong second-quarter 2024 results, raising their full-year 2024 Adjusted EBITDA guidance, reflecting resilience in their business model and market adaptability [1][2]. Financial Performance - Reported net income attributable to PAA was $250 million for Q2 2024, down 15% from $293 million in Q2 2023 [3]. - Adjusted EBITDA attributable to PAA for Q2 2024 was $674 million, an increase of 13% from $597 million in Q2 2023 [4][38]. - Adjusted Free Cash Flow for Q2 2024 was $421 million, excluding changes in assets and liabilities [2][4]. Guidance Update - The mid-point of guidance for full-year 2024 Adjusted EBITDA attributable to PAA was raised by $75 million to a new range of $2.725 - $2.775 billion [2]. - Full-year 2024 Adjusted Free Cash Flow guidance remains at $1.55 billion [2]. Segment Performance - Crude Oil Segment Adjusted EBITDA increased by 9% in Q2 2024 compared to Q2 2023, driven by higher tariff volumes and contributions from acquisitions [8]. - NGL Segment Adjusted EBITDA saw a significant increase of 52% in Q2 2024 compared to the same period in 2023, attributed to improved margins and recovery from prior year turnarounds [9]. Capital Structure - The company successfully priced a public offering of $650 million of unsecured senior notes at 5.7% due in 2034 [2]. - Total assets as of June 30, 2024, were $27.453 billion, with total liabilities at $13.875 billion [26]. Cash Flow and Distributions - Net cash provided by operating activities for Q2 2024 was $653 million, a decrease of 26% from $888 million in Q2 2023 [3][31]. - The distribution per common unit declared for the period was $0.3175, up 19% from $0.2675 in Q2 2023 [3].