Plains GP Holdings' Third-Quarter Results Show False Start on Expectations of Profit Recovery
Plains GP Holdings reported disappointing third-quarter results, with Plains All American generating adjusted EBITDA $25 million below prior guidance of $475 million and well below consensus expectations of $489 million. Management also reduced fourth-quarter EBITDA guidance 2% below the prior midpoint. The company continued its recent performance trend, with improved results from its transportation and facilities segments. However, much of this improvement has come at the expense of the merchan...
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