Plains will manage the oil downturn, but expect cash flow volatility in the crude marketing segment.
Plains All American reported weak first-quarter results well below consensus and below our Street low estimates. The Partnership generated adjusted EBITDA of $512 million, versus consensus expectations of $553 million and our estimate of $535 million. Once again, management maintained earnings performance in its transportation and facilities segments, with its merchant supply and logistics arm left holding the bag, trying to eke out profitability selling barrels purchased from its other segments...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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Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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