Plains Reports Decent Fourth Quarter; 2018 Guidance Looks Reasonable
Plains All American Pipeline reported a decent fourth quarter, and we don’t expect to make material changes to our wide moat rating or $26 fair value estimate for the Plains LP and GP. 2018 EBITDA guidance of $2.3 billion matches our expectations with as expected minimal contributions from the supply and logistics segment. We think the firm is on track to meet its deleveraging objectives, with debt reduction of $1.5 billion during the quarter and $700 million in asset sales since August 2017. To...
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