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PLAINS ALL AMERICAN PIPELINE, L.P.

(PAA)
  Report
Delayed Nasdaq  -  04:00 2022-10-03 pm EDT
10.93 USD   +3.90%
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09/06Plains All American Pipeline Lp : Regulation FD Disclosure (form 8-K)
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Pipeline operator Plains All American raises outlook on higher oil volumes

08/03/2022 | 07:09pm EDT

HOUSTON, Aug 3 (Reuters) - Plains All American on Wednesday raised its 2022 profit forecast for the second time this year, and said it expects strong demand on its pipelines carrying U.S. shale oil to the Gulf Coast.

The pipeline operator increased full-year adjusted earnings guidance by $100 million to about $2.38 billion, as it expects higher crude and natural gas liquids volumes.

U.S. crude oil has been in high demand in international markets with West Texas Intermediate crude trading at a discount to globally-traded Brent crude, making purchases attractive to foreign buyers.

U.S. light sweet crude, a bulk of which is produced in the Permian basin of West Texas and New Mexico, also has been snapped up in Europe with buyers looking to replace Russian barrels.

"The marginal demand right now is the international (market)," said Jeremy Goebel, Plain's chief commercial officer. Prices at the Corpus Christi, Texas, export hub are selling at a premium to Houston and other export ports.

"Right now, Corpus (Christi) is the best price with low inventories and high prices," he said.

Plains has two key long-haul pipelines, Cactus and Cactus II, which move oil from the Permian basin to Corpus Christi.

Plain's Chief Executive Officer Willie Chiang also said he expects more volumes to reach its long-haul pipelines as production in the Permian basin ramps up.

Average daily crude oil volumes in the second quarter rose 30% on its Permian basin pipelines, Plains said, with oilfield activity trending about 10% above its initial expectations.

Its shares rose 3.6% in after-hours trading on Wednesday to $11.19.

Larger pipeline rival Magellan Midstream Partners gave a similar view last week, saying Permian volumes on its Longhorn and Bridgetex pipelines to Houston declined as shippers likely moved barrels to the international market.

Plains' adjusted second quarter net income allocated to common unitholders rose 29% to $210 million. (Reporting by Arathy Somasekhar in Houston Editing by Chris Reese)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
LONDON BRENT OIL 1.07% 88.84 Delayed Quote.9.50%
MAGELLAN MIDSTREAM PARTNERS, L.P. 0.40% 47.7 Delayed Quote.2.30%
PLAINS ALL AMERICAN PIPELINE, L.P. 3.90% 10.93 Delayed Quote.12.63%
S&P GSCI BRENT CRUDE INDEX 4.37% 756.2562 Real-time Quote.9.46%
S&P GSCI CRUDE OIL INDEX 5.21% 458.3469 Real-time Quote.5.69%
S&P GSCI NATURAL GAS INDEX -4.37% 302.931 Real-time Quote.81.39%
WTI 1.55% 83.323 Delayed Quote.8.90%
All news about PLAINS ALL AMERICAN PIPELINE, L.P.
09/07Transcript : Plains All American Pipeline, L.P. Presents at Barclays 2022 CEO..
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09/07Plains All American Pipeline L P : 3Q22 Investor Presentation
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09/06Plains All American Pipeline Lp : Regulation FD Disclosure (form 8-K)
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Analyst Recommendations on PLAINS ALL AMERICAN PIPELINE, L.P.
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Financials (USD)
Sales 2022 64 062 M - -
Net income 2022 912 M - -
Net Debt 2022 9 697 M - -
P/E ratio 2022 9,10x
Yield 2022 8,21%
Capitalization 7 342 M 7 342 M -
EV / Sales 2022 0,27x
EV / Sales 2023 0,23x
Nbr of Employees 4 100
Free-Float 58,7%
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Technical analysis trends PLAINS ALL AMERICAN PIPELINE, L.P.
Short TermMid-TermLong Term
TrendsBearishNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 19
Last Close Price 10,52 $
Average target price 14,75 $
Spread / Average Target 40,2%
EPS Revisions
Managers and Directors
Willie C. W. Chiang Chairman & Chief Executive Officer
Harry N. Pefanis President & Non-Independent Director
Alan P. Swanson Chief Financial Officer & Executive Vice President
Alfred A. Lindseth Senior VP-Technology, Process & Risk Management
Chris R. Chandler Chief Operating Officer & Executive VP
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