Supply and Logistics Disappoints for Plains Again in 2Q; Firm Resets Guidance Lower
Plains All American reported another disappointing quarter as its supply and logistics segment underwhelmed again after disappointing in the first quarter, we think because of tough competition and tight differentials. The partnership ended up reducing its 2017 and 2018 EBITDA outlook and also guided to a distribution cut to around $0.40-$0.45 for the third quarter compared with $0.55 in the second quarter. We’re still skeptical of Plains, given its recent poor performance; we believe the partne...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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