Plains All American Pipeline: results Q2 2014

Plains All American Pipeline, L.P. (PAA) and Plains GP Holdings have reported Q2 2014 results, with PAA’s results exceeding the midpoint of its quarterly guidance range by 13%. PAA’s Q2 2014 results exceeded the midpoint of quarterly guidance in all three of PAA’s segments.

“PAA delivered solid second-quarter results, exceeding the high-end of our initial guidance range and slightly ahead of our updated outlook provided in June,” stated Greg L. Armstrong, Chairman and CEO of Plains All American. “These results were driven by over performance in our Transportation and Supply and Logistics segments.”

Armstrong added, “PAA remains on track to achieve its distribution growth objective of 10% for 2014, while maintaining attractive distribution coverage. PAA’s quarterly distribution of US$ 0.6450 per unit, to be paid next week, represents a 9.8% increase over the quarterly distribution paid in August 2013. Given PAA’s trajectory, PAGP also remains on track to achieve its distribution growth objective of 25% for 2014. PAGP’s quarterly distribution of US$ 0.1834 per share represents a 7.5% increase over the quarterly distribution paid in May of 2014 and a 23.1% increase over the initial quarterly distribution included in PAGP’s October 2013 initial public offering prospectus.

As a result of PAA’s first half performance and our outlook for near baseline performance for the remainder of the year, we have increased our full-year adjusted EBITDA guidance by US$ 25 million to a mid-point of US$ 2.175 billion,” said Armstrong. “Our 2014 capital expansion programme is proceeding well as we continue to advance a number of attractive projects included in our multi-billion dollar project portfolio. Furthermore, we are well positioned financially, ending the second quarter with a strong balance sheet, credit metrics favorable to PAA’s targeted credit profile and approximately US$ 2.2 billion of committed liquidity.”

Edited from source by Elizabeth Corner

Read the article online at: https://www.worldpipelines.com/business-news/07082014/plains-all-american-pipeline-results-q2-2014/