Plains Is Positioned to Reap the Permian Whirlwind in 2018
We think the Plains entities reported a good first quarter and we do not plan material changes to our fair value estimates or wide moat ratings. Adjusted EBITDA of $593 million was about as expected, with transportation EBITDA up 23% due to a 750 mbpd increase in Permian volumes--and adjusting for asset sales, facilities EBITDA increased 18%. The long-suffering supply and logistics (S&L) segment was able to take advantage of wider spreads in the Permian via margin and arbitrage and boosted E...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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