Plains All American's Second Quarter Beats Guidance; Full-Year Guidance Unchanged
Plains All American Pipeline reported second-quarter adjusted EBITDA of $461 million, versus $486 million in the second quarter of 2015. This exceeded the midpoint of the guidance by 5%. Distributable cash flow was $314 million, up 2% versus $444 million in the year-ago quarter. Results were due to a combination of better performance (year-on-year increases in segment profits for the transportation and facilities segments, offset by declines in the supply and logistics segment), inclusion of def...Plains All American Pipeline is a holding company. Through its subsidiaries, the company owns and operates midstream energy infrastructure and provides logistics services for crude oil, natural gas liquids (NGL) and natural gas. The company has three operating segments: Transportation, which provides activities associated with transporting crude oil and NGL on pipelines, gathering systems, trucks and barges; Facilities, which provides storage, terminalling and throughput services for crude oil, NGL and natural gas, as well as NGL fractionation and isomerization services and natural gas and condensate processing services; and Supply and Logistics, which provides merchant-related activities.
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