(in millions, except volumes, per unit and per barrel data)
Twelve Months Ended December 31,
2019
2020
2021 (G)
+ / -
Segment Adjusted EBITDA
Transportation
$
1,722
$
1,616
$
1,670
Facilities
705
731
530
Fee-Based
$
2,427
$
2,347
$
2,200
Supply and Logistics
803
210
(25)
Adjusted other income/(expense), net (1)
7
3
-
Adjusted EBITDA (2)
$
3,237
$
2,560
$
2,175
Interest expense, net of certain non-cash items (3)
(407)
(415)
(405)
Maintenance capital
(287)
(216)
(180)
Current income tax expense
(112)
(51)
(15)
Other
(55)
3
(10)
Implied DCF (2)
$
2,376
$
1,881
$
1,565
Preferred unit distributions paid (4)
(198)
(198)
(200)
Implied DCF Available to Common Unitholders
$
2,178
$
1,683
$
1,365
Implied DCF per Common Unit and Common Unit Equivalent (2)
$
2.91
$
2.29
$
1.92
Distributions per Common Unit (5)
$
1.38
$
0.90
$
0.72
Common Unit Distribution Coverage Ratio
2.17x
2.57x
2.64x
Diluted Adjusted Net Income per Common Unit (2)
$
2.51
$
1.55
$
0.92
Operating Data
Transportation
Average daily volumes (MBbls/d)
6,893
6,340
6,250
Segment Adjusted EBITDA per barrel
$
0.68
$
0.70
$
0.73
Facilities
Average capacity (MMBbls/Mo)
125
124
110
Segment Adjusted EBITDA per barrel
$
0.47
$
0.49
$
0.40
Supply and Logistics
Average daily volumes (MBbls/d)
1,369
1,318
1,475
Segment Adjusted EBITDA per barrel
$
1.61
$
0.43
$
(0.05)
Investment Capital
$
1,340
$
921
$
275
(G) 2021 Guidance forecasts are intended to be + / - amounts.
Represents "Other income, net" as reported on our Condensed Consolidated Statements of Operations, adjusted for selected items impacting comparability of $(17) million and $(36) million for the twelve months ended December 31, 2019 and 2020, respectively. See the "Selected Items Impacting Comparability" table for additional information.
- more -
333 Clay Street, Suite 1600
Houston, Texas 77002
713-646-4100 /866-809-1291
Page 5
See the section of this release entitled "Non-GAAP Financial Measures and Selected Items Impacting Comparability" for information regarding non-GAAP financial measures and, for the historical 2019 and 2020 periods, see the Non-GAAP Reconciliation tables attached hereto for a reconciliation of such non-GAAP financial measures to the most directly comparable measures as reported in accordance with GAAP. We do not provide a reconciliation of non-GAAP financial measures to the equivalent GAAP financial measures on a forward-looking basis as it is impractical to forecast certain items that we have defined as "Selected Items Impacting Comparability" without unreasonable effort, due to the uncertainty and inherent difficulty of predicting the occurrence and financial impact of such items and the periods in which such items may be recognized. Thus, a reconciliation of non-GAAP financial measures to the equivalent GAAP financial measures could result in disclosure that could be imprecise or potentially misleading.
Excludes certain non-cash items impacting interest expense such as amortization of debt issuance costs and terminated interest rate swaps.
Cash distributions paid to our preferred unitholders during 2019 and 2020. 2021(G) reflects the current annualized distribution requirement of $2.10 per Series A preferred unit and the current annualized distribution requirement of $61.25 per Series B preferred unit.
Cash distributions per common unit paid during 2019 and 2020. 2021(G) reflects the current annualized distribution rate of $0.72 per common unit.
- more -
333 Clay Street, Suite 1600
Houston, Texas 77002
713-646-4100 /866-809-1291
Attachments
Original document
Permalink
Disclaimer
Plains All American Pipeline LP published this content on 02 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 02 November 2021 20:58:10 UTC.
Plains All American Pipeline, L.P. is a midstream service provider in North America. The Company owns a network of pipeline transportation, terminalling, storage and gathering assets in key crude oil and natural gas liquids (NGL) producing basins (including the Permian Basin) and transportation corridors and at major market hubs in the United States and Canada. It has two segments: Crude Oil and Natural Gas Liquids (NGL). Its Crude Oil segment operations generally consist of gathering and transporting crude oil using pipelines, gathering systems, trucks and at times on barges or railcars, in addition to providing terminalling, storage and other facilities-related services utilizing its integrated assets across the United States and Canada. Its NGL segment operations involve natural gas processing and NGL fractionation, storage, transportation and terminalling. NGL segment is involved in gathering, fractionation, storage, and/or terminalling services to third-party customers.
PLAINS ALL AMERICAN PIPELINE, L.P. 
