Plains Completes Deleveraging Plan, Announces 20% Distribution Increase; Remains Undervalued
Plains has announced a number of updates to its financial goals, which generally align with our expectations. Broadly, the plan to lower leverage to a midpoint of 3.25 times debt/EBITDA and retain excess distributions to fund capital spending plans without issuing equity makes sense to us. We plan to maintain our $29.50 fair value estimate and wide moat rating. In our view, Plains continues to be undervalued as investors underappreciate the earnings power of its Permian assets, where we expect s...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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