Plains GP (US:PAGP)2021-05-05 07:26Financial Performance & Outlook - Q1 2021 Adjusted EBITDA reached $546 million, exceeding Q1 implied guidance by $50 million[5] - Free Cash Flow after Distributions (FCFaD) for Q1 2021 was approximately $511 million[5] - The company increased its 2021 forecasted FCFaD by $100 million to +/-$400 million, or $1.15 billion including targeted asset sales[5] - The company maintained Adjusted EBITDA guidance of +/-$2.15 billion for 2021, with Fee-Based increasing by $25 million and S&L decreasing by $25 million[5] - Further reduced 2021 Investment & Maintenance Capital by $65 million (-10%)[5] Capital Allocation & Debt Reduction - Short-term debt was reduced by approximately $575 million in Q1 2021[5, 20] - The company plans to allocate Free Cash Flow after Distributions in a balanced manner, with more emphasis on debt reduction in the near term and a shift towards equity holders in the longer term[7] - Up to 25% of 2021 FCFaD may be allocated to equity repurchases, with at least 75% allocated to debt reduction[28] Capital Investment & Asset Sales - The company further reduced 2021 Investment & Maintenance Capital by $65 million (10%) compared to February guidance[5, 13] - Targeted 2021 asset sales remain at +/-$750 million[23] - 2022+ Investment Capital is projected to be approximately $200-$300 million[13] - 2022+ Maintenance Capital is expected to be less than $200 million[13] Segment Performance - Transportation segment Adj EBITDA was $388 million in 1Q21[17] - Facilities segment Adj EBITDA was $171 million in 1Q21[17]