Plains All American Reports Third-Quarter 2021 Results

Source: 11/2/2021, Location: North America

Plains All American Pipeline, L.P. and Plains GP Holdings reported third-quarter 2021 results and provided the following updates:

• Successfully completed formation of Plains Oryx Permian Basin strategic joint venture (closed October 5th); cashless transaction, debt-free entity, near-term free cash flow accretive to Plains and Oryx, with targeted JV synergies of $50–$100 million or more
• Reported a net loss for the period of $59 million, including the non-cash impact of an approximately $220 million asset impairment charge
• Reported third-quarter Adjusted EBITDA of $519 million and maintained full-year 2021 Adjusted EBITDA guidance of +/- $2.175 billion (includes approximately $40 million impact of Fort Saskatchewan incident and other timing-related items)
• Increased forecasted 2021 Free Cash Flow after Distributions by $50 million to +/- $1.4 billion, or +/- $500 million excluding proceeds from asset sales
• Reduced 2021 capital (investment and maintenance) guidance by an additional $50 million to +/- $455 million, approximately 30% below February guidance
• Reduced total debt by approximately $650 million in the period and by approximately $1 billion since year-end 2020
• Continued utilizing the November 2020 repurchase authorization during the period, bringing total cumulative repurchases to $167 million, or 18.1 million PAA common units

“We delivered third-quarter results that exceeded our expectations, increased our full-year Free Cash Flow outlook and maintained full-year Adjusted EBITDA guidance despite the impact of non-recurring and timing-related items,” stated Willie Chiang, Chairman and CEO of Plains. “Importantly, we continue to execute across multiple key initiatives, all of which are aimed at maximizing free cash flow to reinforce our balance sheet and generate attractive returns for our equity holders. Integration of the Plains Oryx Permian Basin joint venture is well underway, and we are increasingly confident in the synergies the JV is positioned to capture, the value of the operating leverage embedded within our system, and the magnitude of production growth the basin is positioned to deliver over the next several years.”

Third-quarter 2021 Transportation Segment Adjusted EBITDA decreased 4% versus comparable 2020 results primarily due to lower tariffs on certain long-haul volumes partially offset by an overall increase in tariff volumes.

Third-quarter 2021 Facilities Segment Adjusted EBITDA decreased 35% versus comparable 2020 results primarily due to the impact of asset sales and reduced NGL intersegment fees.

Third-quarter 2021 Supply and Logistics Segment Adjusted EBITDA decreased versus comparable 2020 results primarily due to contango margins realized in the third quarter of 2020, partially offset by reduced NGL intersegment fees.

Namibia >>  3/1/2024 - Reconnaissance Energy Africa Ltd. (the "Company" or "ReconAfrica") announces the filing of its financial results for the quarter ended December 31, 20...
South Africa >>  3/1/2024 - Eco (Atlantic) Oil & Gas Ltd., the oil and gas exploration company focused on the offshore Atlantic Margins, is pleased to announce its results for th...

Tanzania >>  3/1/2024 - • Strong operating performance and increased profitability in a lower crude oil price environment
o M&P working interest production up 10% at 2...

Nigeria >>  2/29/2024 - Seplat Energy PLC ("Seplat Energy" or "the Company"), a leading Nigerian independent energy company listed on both the Nigerian Exchange and the Londo...

Gabon >>  2/28/2024 - HIGHLIGHTS
Q4 EBITDA of USD 133.4 million and net profit of USD 80.2 million
Full-year revenue of USD 0.5 billion (+83%) with EBITDA of US...

Mozambique >>  2/26/2024 - Hyve Group must Integrate Africans in its leadership in 2024.

For many African businesses and individuals, involvement in Africa’s oil and ...

Gulf Oil and Gas
Copyright © 2023 ICT All rights reserved. - Terms of Service - Privacy Policy.