Plains' Dominance in the Permian Continues to Pay Off
In a market where NGL, oil, and gas differentials have widened, Plains has reaped the whirlwind, with a great third quarter. Still, as we expect differentials to normalize in 2019, and the segment's performance to return to more long-term (lower) assumptions, we're maintaining our $29.50 fair value estimate and wide moat ratings. The entities' fee-based transportation and facilities segments met our expectations after adjusting for asset sales, with EBITDA up 12% and down 1% from last year, resp...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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