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

Core Insights - Plains All American Pipeline, L.P. and Plains GP Holdings reported strong second-quarter 2024 results and raised full-year 2024 Adjusted EBITDA guidance [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][11]. - Net cash provided by operating activities was $653 million, a decrease of 26% from $888 million in Q2 2023 [3][30]. - Adjusted EBITDA attributable to PAA reached $674 million, reflecting a 13% increase from $597 million in Q2 2023 [2][37]. - Adjusted Free Cash Flow was $421 million, excluding changes in Assets & Liabilities [2][8]. 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][12]. - Full-year 2024 Adjusted Free Cash Flow guidance remains at $1.55 billion [2]. Segment Performance - Crude Oil Segment Adjusted EBITDA increased by 9% to $576 million in Q2 2024, driven by higher tariff volumes and tariff escalations [11][12]. - NGL Segment Adjusted EBITDA surged by 52% to $94 million, primarily due to improved margins from iso-to-normal butane spread benefits [12][11]. Capital Structure - Successfully priced a public offering of $650 million of unsecured senior notes at 5.7% due 2034 [2]. - Total debt as of June 30, 2024, was $7.976 billion, with a long-term debt-to-total book capitalization ratio of 41% [26][25]. Distribution Information - Distribution per common unit declared for the period was $0.3175, a 19% increase from $0.2675 in Q2 2023 [3][2].