Tough End to 2016 for Plains All American Pipeline Not Much Better in 2017; Remains a Show-Me Story
Plains All American Pipeline finished its tough 2016 with another quarter of disappointing results. The Partnership reported quarterly and annual adjusted EBITDA in line with our below-Street estimates but below management’s previously lowered guidance. Volumes remained a challenge as the Partnership has yet to see an uptick from increased U.S. shale drilling activity. Its full-year average daily volume of 4.6 mmbpd was roughly in line with our expectations. Management flagged 2017 as a year of ...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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