Plains Recovery on Track With 3Q; CEO Armstrong to Retire at End of 2018
Plains reported third-quarter results that indicated its recovery was on track, while announcing that CEO Greg Armstrong plans to step down at the end of 2018. We plan to maintain our $26 fair value estimates and wide moats for both Plains entities. Broadly, the results reflect ongoing strength at the transportation and facilities segments driven by the Permian somewhat offset by continued and expected seasonal weakness at the struggling supply and logistics segment. Segment EBITDA for the trans...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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