Plains Meets Expectations in 1Q; Raises 2019 Guidance Modestly Due to Unsustainable S&L Performance
Plains reported first-quarter results that largely met our expectations, and we plan to maintain our $29.50 fair value estimate and wide moat rating. Plains bumped up its 2019 adjusted EBITDA guidance by $100 million, to $2.85 billion, with the entirety of the outperformance due to the supply and logistics segment, which is taking advantage of regional differentials in the natural gas liquids and crude oil businesses. We agree with Plains that this type of performance is unsustainable, as S&...
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