May 04, 2024 (MENAFN via COMTEX) --
(MENAFN - Baystreet) From Glut to Growth: Charting the Path of the Rising Lithium Market
Biotech's Developments in Race Against Rising Cancer Rates Revealed
Cheniere Subsides on Quarterly Figures
Haoxi Picks on Ad Contract
Amgen Scraps Weight-Loss Pill Previous Articles Subscribe to Get Small Cap News & Alerts Baystreet Staff - Friday, May 3, 2024
Plains Flat on Earnings
Houston-based Plains All American Pipeline, L.P. (NASDAQ: PAA) shares just broke even Friday, on reporting first-quarter 2024 results and reaffirming full-year 2024 Adjusted EBITDA guidance. Plains also provided updates on Permian long-haul contracting and announced two bolt-on acquisitions.
First-Quarter Net income attributable to PAA proved to be $266 million and Net cash provided by operating activities of $419 million. Delivered Adjusted EBITDA attributable to PAA of $718 million; on-track to meet full-year guidance of $2.625 - $2.725 billion.
Generated Adjusted Free Cash Flow of $262 million, and increased annualized common distribution by $0.20 to $1.27 per unit (~19% increase, paid in February)
Plains also increased contracted volumes and extended the term of certain contracts such that the weighted average contract duration of our Permian long-haul portfolio is approximately five years, through 2028, including new contracts or extensions on Cactus I, Cactus II and Basin/Sunrise. Expect underlying growth in the business and contributions from efficient growth investments to offset lower contracted rates resulting in broadly flat Adj. EBITDA in 2026 as compared to 2024 guidance for the Crude Oil segment.
Plains acquired an additional 10% interest in Saddlehorn Pipeline Company and a Mid-Con terminal asset for aggregate cash consideration of approximately $110 million enhancing Plains' position in the Rockies and Mid-Con.
PAA shares acquired eight cents to $17.32.
About Us Contact Us Advertise License Our Content Jobs Disclaimer Privacy Policy
Copyright 1998 - 2024 Baystreet Media Corp. All rights reserved. Nasdaq Stocks: Information delayed 15 minutes. Non-Nasdaq Stocks: Information delayed 20 minutes. Bid and Ask quotation information for NYSE and AMEX securities is only available on a real time basis. Market Data is provided by QuoteMedia. Earnings by Zacks. Analyst Ratings by Zacks
MENAFN03052024000212011056ID1108171908
COMTEX_451870805/2604/2024-05-04T05:30:10
