Plains' Permian Asset Base Should Continue to Drive Fee-Based Income Going Forward
Plains reported a good fourth quarter, as it benefited from wide differentials in Canada and the Permian Basin, leading to outperformance once again from its supply and logistics (S&L) segment. Its 2019 guidance generally matches our expectations, and as a result, we plan to maintain our $29.50 fair value estimate and wide moat rating. With leverage now at 3.4 times EBITDA, safely within management's targeted range, and distributable cash flow covering distributions by more than 2 times, we ...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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