Income Statement Plains All American Pipeline, L.P.

Equities

PAA

US7265031051

Oil & Gas Transportation Services

Real-time Estimate Cboe BZX Other stock markets 03:47:55 2025-01-13 pm EST			5-day change	1st Jan Change
19.03 ^USD	+0.79%		+7.94%	+11.09%

Jan. 10	Sector Update: Energy Stocks Mixed Late Afternoon	MT
Jan. 10	Sector Update: Energy	MT

2972762f706e122ba66e57b1a8aec7.fXlj0CeqO2D_-WbSUmFZRt3Z-LFP1tT63kM1gp4vj1k.LwEXnXXlTS2lig2WNzkPKIm8sf1_sqGTszkYyuxY6h4HHyGlH-dhCqWbPw

Published financial data: PLAINS ALL AMERICAN PIPELINE, L.P.

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2019	2020	2021	2022	2023
Revenues	33.67B	23.29B	42.08B	57.34B	48.71B
Total Revenues	33.67B	23.29B	42.08B	57.34B	48.71B
Cost of Goods Sold, Total	30.74B	21.27B	39.57B	54.49B	45.96B
Gross Profit	2.92B	2.02B	2.51B	2.85B	2.76B
Selling General & Admin Expenses, Total	297M	271M	292M	325M	350M
Depreciation & Amortization - (IS)	601M	653M	774M	965M	1.05B
Other Operating Expenses, Total	898M	924M	1.07B	1.29B	1.4B
Operating Income	2.03B	1.09B	1.44B	1.56B	1.36B
Interest Expense, Total	-425M	-436M	-425M	-405M	-386M
Net Interest Expenses	-425M	-436M	-425M	-405M	-386M
Income (Loss) On Equity Invest.	388M	355M	274M	403M	369M
Currency Exchange Gains (Loss)	15M	13M	3M	-36M	15M
Other Non Operating Income (Expenses)	9M	23M	16M	-183M	87M
EBT, Excl. Unusual Items	2.01B	1.05B	1.31B	1.34B	1.44B
Merger & Related Restructuring Charges	-	-	-	-	-
Impairment of Goodwill	-	-2.52B	-	-	-
Gain (Loss) On Sale Of Investments	271M	-182M	2M	346M	28M
Gain (Loss) On Sale Of Assets	-16M	-178M	106M	61M	152M
Asset Writedown	-23M	-774M	-698M	-330M	-
Other Unusual Items	-	3M	-	-	-
EBT, Incl. Unusual Items	2.25B	-2.6B	721M	1.42B	1.62B
Income Tax Expense	66M	-19M	73M	189M	121M
Earnings From Continuing Operations	2.18B	-2.58B	648M	1.23B	1.5B
Net Income to Company	2.18B	-2.58B	648M	1.23B	1.5B
Minority Interest	-9M	-10M	-55M	-191M	-272M
Net Income - (IS)	2.17B	-2.59B	593M	1.04B	1.23B
Preferred Dividend and Other Adjustments	204M	200M	200M	206M	254M
Net Income to Common Incl Extra Items	1.97B	-2.79B	393M	831M	976M
Net Income to Common Excl. Extra Items	1.97B	-2.79B	393M	831M	976M
Per Share Items
Net EPS - Basic	2.71	-3.83	0.55	1.19	1.4
Basic EPS - Continuing Operations	2.71	-3.83	0.55	1.19	1.4
Basic Weighted Average Shares Outstanding	727M	728M	716M	701M	699M
Net EPS - Diluted	2.65	-3.83	0.55	1.19	1.4
Diluted EPS - Continuing Operations	2.65	-3.83	0.55	1.19	1.4
Diluted Weighted Average Shares Outstanding	800M	728M	716M	701M	699M
Normalized Basic EPS	1.72	0.89	1.07	0.92	0.9
Normalized Diluted EPS	1.56	0.89	1.07	0.92	0.9
Dividend Per Share	1.44	0.72	0.72	0.92	1.12
Payout Ratio	55.37	-32.93	120.57	75.41	80.41
Supplemental Items
EBITDA	2.63B	1.74B	2.22B	2.53B	2.41B
EBITA	2.1B	1.18B	1.56B	1.82B	1.67B
EBIT	2.03B	1.09B	1.44B	1.56B	1.36B
EBITDAR	2.79B	1.89B	2.33B	2.64B	2.51B
Total Revenues (As Reported)	33.67B	23.29B	42.08B	57.34B	48.71B
Effective Tax Rate - (Ratio)	2.94	0.73	10.12	13.34	7.46
Current Domestic Taxes	3M	-	2M	1M	2M
Current Foreign Taxes	109M	51M	48M	83M	143M
Total Current Taxes	112M	51M	50M	84M	145M
Deferred Foreign Taxes	-46M	-70M	23M	105M	-24M
Total Deferred Taxes	-46M	-70M	23M	105M	-24M
Normalized Net Income	1.25B	644M	764M	646M	630M
Distributable Cash	2.18B	1.68B	1.47B	1.6B	1.73B
Interest Capitalized	34M	24M	18M	5M	10M
Supplemental Operating Expense Items
General and Administrative Expenses	297M	271M	292M	325M	350M
Net Rental Expense, Total	160M	142M	115M	109M	101M
Imputed Operating Lease Interest Expense	60.46M	50.19M	40.26M	38.73M	37.82M
Imputed Operating Lease Depreciation	99.54M	91.81M	74.74M	70.27M	63.18M
Stock-Based Comp., COGS (Total)	-	-	-	-	-
Stock-Based Comp., G&A Exp. (Total)	112M	-	-	-	50M
Stock-Based Comp., Other (Total)	-	19M	23M	40M	-
Total Stock-Based Compensation	112M	19M	23M	40M	50M

Fiscal Period: December	2019	2020	2021	2022	2023
Assets
Cash And Equivalents	45M	22M	449M	401M	450M
Trading Asset Securities, Total	-	-	-	75M	51M
Total Cash And Short Term Investments	45M	22M	449M	476M	501M
Accounts Receivable, Total	3.55B	2.37B	4.59B	3.9B	3.76B
Other Receivables	63M	186M	115M	3M	3M
Total Receivables	3.61B	2.55B	4.7B	3.91B	3.76B
Inventory	604M	647M	783M	729M	548M
Restricted Cash	37M	38M	4M	-	-
Other Current Assets, Total	312M	405M	196M	243M	104M
Total Current Assets	4.61B	3.66B	6.14B	5.36B	4.91B
Gross Property Plant And Equipment	19.41B	18.96B	19.65B	20.37B	21.46B
Accumulated Depreciation	-3.59B	-3.97B	-4.35B	-4.77B	-5.36B
Net Property Plant And Equipment	15.82B	14.99B	15.3B	15.6B	16.1B
Long-term Investments	3.68B	3.81B	3.87B	3.13B	2.82B
Goodwill	2.54B	-	-	-	-
Other Intangibles, Total	707M	805M	1.96B	2.14B	1.88B
Deferred Tax Assets Long-Term	2M	2M	2M	-	-
Deferred Charges Long-Term	-	-	-	-	-
Other Long-Term Assets, Total	1.31B	1.23B	1.34B	1.66B	1.65B
Total Assets	28.68B	24.5B	28.61B	27.89B	27.36B
Liabilities
Accounts Payable, Total	3.69B	2.44B	4.81B	4.04B	3.84B
Accrued Expenses, Total	70M	94M	11M	10M	10M
Short-term Borrowings	418M	714M	-	-	433M
Current Portion of Long-Term Debt	112M	106M	810M	1.15B	-
Current Portion of Leases	112M	89M	89M	81M	82M
Unearned Revenue Current, Total	-	361M	-	-	-
Deferred Tax Liability Current	-	-	-	-	-
Other Current Liabilities	619M	452M	512M	607M	634M
Total Current Liabilities	5.02B	4.25B	6.23B	5.89B	5B
Long-Term Debt	9.14B	9.31B	8.34B	7.24B	7.24B
Long-Term Leases	436M	387M	398M	358M	337M
Deferred Tax Liability Non Current	481M	416M	477M	545M	535M
Other Non Current Liabilities	376M	377M	353M	347M	506M
Total Liabilities	15.45B	14.74B	15.8B	14.38B	13.62B
Preferred Stock Redeemable	787M	787M	787M	787M	787M
Preferred Stock Convertible	1.5B	1.5B	1.5B	1.5B	1.51B
Preferred Stock - Others	34M	14M	-	189M	-
Total Preferred Equity	2.33B	2.31B	2.29B	2.48B	2.3B
Common Stock, Total	10.77B	7.3B	7.68B	7.76B	8.13B
Total Common Equity	10.77B	7.3B	7.68B	7.76B	8.13B
Minority Interest	133M	145M	2.84B	3.27B	3.31B
Total Equity	13.23B	9.75B	12.81B	13.51B	13.73B
Total Liabilities And Equity	28.68B	24.5B	28.61B	27.89B	27.36B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	728M	722M	705M	698M	701M
ECS Total Common Shares Outstanding	728M	722M	705M	698M	701M
Book Value / Share	14.79	10.11	10.89	11.12	11.59
Tangible Book Value	7.52B	6.5B	5.72B	5.62B	6.25B
Tangible Book Value Per Share	10.33	8.99	8.11	8.05	8.92
Total Debt	10.22B	10.61B	9.64B	8.82B	8.09B
Net Debt	10.17B	10.59B	9.19B	8.35B	7.59B
Debt Equivalent Oper. Leases	1.28B	1.14B	920M	872M	808M
Minority Interest, Total (Incl. Fin. Div)	133M	145M	2.84B	3.27B	3.31B
Equity Method Investments, Total	3.68B	3.76B	3.8B	3.08B	2.82B
Account Code - Inventory Valuation	6	6	6	6	6
Inventories - Finished Goods, Total	592M	640M	778M	722M	537M
Inventories - Others	12M	7M	5M	7M	11M
Land - (BS)	427M	342M	330M	326M	341M
Machinery, Total	486M	524M	502M	471M	556M
Full Time Employees	5K	4.4K	4.1K	4.1K	4.2K
Accumulated Allowance for Doubtful Accounts (Supple)	3M	-	-	-	-

Fiscal Period: December	2019	2020	2021	2022	2023
Net Income	2.17B	-2.59B	593M	1.04B	1.23B
Depreciation & Amortization - CF	525M	563M	652M	711M	740M
Amortization of Goodwill and Intangible Assets - (CF)	76M	90M	122M	254M	308M
Depreciation & Amortization, Total	601M	653M	774M	965M	1.05B
(Gain) Loss From Sale Of Asset	28M	719M	592M	269M	-152M
(Gain) Loss on Sale of Investments - (CF)	-271M	182M	-2M	-346M	-28M
Asset Writedown & Restructuring Costs	11M	2.75B	-	-	-
(Income) Loss On Equity Investments - (CF)	13M	117M	157M	85M	89M
Stock-Based Compensation (CF)	34M	15M	23M	40M	50M
Other Operating Activities, Total	-71M	-172M	86M	549M	296M
Change In Accounts Receivable	-1.16B	1.43B	-2.18B	649M	213M
Change In Inventories	-5M	-304M	-18M	-10M	223M
Change In Accounts Payable	1.15B	-1.29B	1.97B	-830M	-242M
Cash from Operations	2.5B	1.51B	2B	2.41B	2.73B
Capital Expenditure	-1.26B	-752M	-336M	-455M	-559M
Sale of Property, Plant, and Equipment	77M	429M	881M	60M	328M
Cash Acquisitions	-50M	-310M	-32M	-149M	-425M
Investment in Marketable and Equity Securities, Total	-524M	-461M	-94M	-14M	-33M
Other Investing Activities, Total	-13M	1M	-33M	32M	-13M
Cash from Investing	-1.76B	-1.09B	386M	-526M	-702M
Short Term Debt Issued, Total	418M	456M	-	-	433M
Long-Term Debt Issued, Total	998M	748M	-	-	-
Total Debt Issued	1.42B	1.2B	-	-	433M
Short Term Debt Repaid, Total	-	-160M	-712M	-	-
Long-Term Debt Repaid, Total	-1B	-617M	-200M	-750M	-1.1B
Total Debt Repaid	-1B	-777M	-912M	-750M	-1.1B
Issuance of Common Stock	-	-	-	-	-
Repurchase of Common Stock	-	-50M	-178M	-74M	-
Issuance of Preferred Stock	-	-	-	-	-
Common Dividends Paid	-1B	-655M	-517M	-584M	-748M
Preferred Dividends Paid	-198M	-198M	-198M	-198M	-241M
Common & Preferred Stock Dividends Paid	-1.2B	-853M	-715M	-782M	-989M
Other Financing Activities, Total	66M	41M	-179M	-325M	-320M
Cash from Financing	-720M	-435M	-1.98B	-1.93B	-1.98B
Foreign Exchange Rate Adjustments	-3M	-8M	-5M	-3M	-
Net Change in Cash	16M	-22M	393M	-52M	49M
Supplemental Items
Maintenance CAPEX	287M	216M	168M	211M	231M
Cash Interest Paid	397M	428M	401M	393M	377M
Cash Income Tax Paid (Refund)	136M	111M	76M	112M	69M
Levered Free Cash Flow	345M	223M	1.04B	1.41B	1.44B
Unlevered Free Cash Flow	611M	496M	1.31B	1.66B	1.68B
Change In Net Working Capital	114M	107M	56M	-137M	-294M
Net Debt Issued / Repaid	416M	427M	-912M	-750M	-667M

Fiscal Period: December	2019	2020	2021	2022	2023
Profitability
Return on Assets	4.68	2.57	3.4	3.45	3.07
Return on Total Capital	5.67	3.12	4.21	4.36	3.84
Return On Equity %	17.26	-22.45	5.74	9.33	11.03
Return on Common Equity	19.21	-30.88	5.25	10.76	12.28
Margin Analysis
Gross Profit Margin %	8.69	8.66	5.96	4.97	5.66
SG&A Margin	0.88	1.16	0.69	0.57	0.72
EBITDA Margin %	7.81	7.49	5.27	4.41	4.94
EBITA Margin %	6.25	5.08	3.72	3.17	3.42
EBIT Margin %	6.02	4.69	3.43	2.72	2.79
Income From Continuing Operations Margin %	6.47	-11.08	1.54	2.14	3.08
Net Income Margin %	6.45	-11.12	1.41	1.81	2.52
Net Avail. For Common Margin %	5.84	-11.98	0.93	1.45	2
Normalized Net Income Margin	3.71	2.77	1.82	1.13	1.29
Levered Free Cash Flow Margin	1.03	0.96	2.47	2.46	2.96
Unlevered Free Cash Flow Margin	1.81	2.13	3.11	2.9	3.45
Asset Turnover
Asset Turnover	1.24	0.88	1.58	2.03	1.76
Fixed Assets Turnover	2.2	1.51	2.78	3.71	3.07
Receivables Turnover (Average Receivables)	11.27	7.83	11.79	13.34	12.72
Inventory Turnover (Average Inventory)	49.43	34.01	55.34	72.08	71.97
Short Term Liquidity
Current Ratio	0.92	0.86	0.98	0.91	0.98
Quick Ratio	0.73	0.61	0.83	0.74	0.85
Operating Cash Flow to Current Liabilities	0.5	0.36	0.32	0.41	0.55
Days Sales Outstanding (Average Receivables)	32.4	46.72	30.96	27.37	28.7
Days Outstanding Inventory (Average Inventory)	7.38	10.76	6.6	5.06	5.07
Average Days Payable Outstanding	37.98	52.56	33.31	29.68	31.45
Cash Conversion Cycle (Average Days)	1.81	4.92	4.24	2.75	2.32
Long Term Solvency
Total Debt/Equity	77.22	108.78	75.22	65.3	58.94
Total Debt / Total Capital	43.57	52.1	42.93	39.5	37.08
LT Debt/Equity	72.37	99.46	68.2	56.2	55.19
Long-Term Debt / Total Capital	40.84	47.64	38.92	34	34.72
Total Liabilities / Total Assets	53.87	60.19	55.22	51.55	49.8
EBIT / Interest Expense