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...
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