333 Clay Street, Suite 1600
|
Houston, Texas 77002
|
713-646-4100 / 866-809-1291
|
Three Months Ended June 30, | % |
Six Months Ended June 30, | % | |||||||||
GAAP Results | 2021 | 2020 | Change | 2021 | 2020 | Change | ||||||
Net income/(loss) attributable to PAA (1)
| $ | (220) | $ | 142 | ** | $ | 202 | $ | (2,705) | ** | ||
Diluted net income/(loss) per common unit | $ | (0.37) | $ | 0.13 | ** | $ | 0.14 | $ | (3.85) | ** | ||
Diluted weighted average common units outstanding | 720 | 728 | (1) | % | 721 | 728 | (1) | % | ||||
Net cash provided by operating activities | $ | 235 | $ | 84 | 180 | % | $ | 1,026 | $ | 974 | 5 | % |
Distribution per common unit declared for the period | $ | 0.18 | $ | 0.18 | - | % | $ | 0.36 | $ | 0.36 | - | % |
Three Months Ended June 30, | % |
Six Months Ended June 30, | % | |||||||||
Non-GAAP Results (1)
| 2021 | 2020 | Change | 2021 | 2020 | Change | ||||||
Adjusted net income attributable to PAA | $ | 213 | $ | 233 | (9) | % | $ | 445 | $ | 688 | (35) | % |
Diluted adjusted net income per common unit | $ | 0.23 | $ | 0.25 | (8) | % | $ | 0.48 | $ | 0.81 | (41) | % |
Adjusted EBITDA | $ | 579 | $ | 524 | 10 | % | $ | 1,125 | $ | 1,319 | (15) | % |
Implied DCF per common unit and common unit equivalent | $ | 0.52 | $ | 0.42 | 24 | % | $ | 1.03 | $ | 1.21 | (15) | % |
Free Cash Flow | $ | 60 | $ | (166) | ** | $ | 738 | $ | 122 | ** | ||
Free Cash Flow after Distributions | $ | (132) | $ | (359) | ** | $ | 379 | $ | (370) | ** |
333 Clay Street, Suite 1600
|
Houston, Texas 77002
|
713-646-4100 / 866-809-1291
|
Segment Adjusted EBITDA | ||||||
Transportation | Facilities | Supply and Logistics | ||||
Three Months Ended June 30, 2021 | $ | 433 | $ | 140 | $ | 5 |
Three Months Ended June 30, 2020 | $ | 346 | $ | 174 | $ | 3 |
Percentage change in Segment Adjusted EBITDA versus 2020 period | 25 | % | (20) | % | ** | |
Percentage change in Segment Adjusted EBITDA versus 2020 period further adjusted for impact of divested assets (1)
| 25 | % | (12) | % | N/A | |
Segment Adjusted EBITDA | ||||||
Transportation | Facilities | Supply and Logistics | ||||
Six Months Ended June 30, 2021 | $ | 821 | $ | 311 | $ | (8) |
Six Months Ended June 30, 2020 | $ | 788 | $ | 384 | $ | 144 |
Percentage change in Segment Adjusted EBITDA versus 2020 period | 4 | % | (19) | % | ** | |
Percentage change in Segment Adjusted EBITDA versus 2020 period further adjusted for impact of divested assets (1)
| 4 | % | (11) | % | N/A |
333 Clay Street, Suite 1600
|
Houston, Texas 77002
|
713-646-4100 / 866-809-1291
|
Twelve Months Ended December 31, | ||||||
2019 | 2020 | 2021 (G) | ||||
+ / - | ||||||
Segment Adjusted EBITDA | ||||||
Transportation
| $ | 1,722 | $ | 1,616 | $ | 1,635 |
Facilities
| 705 | 731 | 540 | |||
Fee-Based
| $ | 2,427 | $ | 2,347 | $ | 2,175 |
Supply and Logistics
| 803 | 210 | - | |||
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 | (25) | |||
Implied DCF (2)
| $ | 2,376 | $ | 1,881 | $ | 1,550 |
Preferred unit distributions paid (4)
| (198) | (198) | (200) | |||
Implied DCF Available to Common Unitholders | $ | 2,178 | $ | 1,683 | $ | 1,350 |
Implied DCF per Common Unit and Common Unit Equivalent (2)
| $ | 2.91 | $ | 2.29 | $ | 1.90 |
Distributions per Common Unit (5)
| $ | 1.38 | $ | 0.90 | $ | 0.72 |
Common Unit Distribution Coverage Ratio | 2.17x | 2.57x | 2.61x | |||
Diluted Adjusted Net Income per Common Unit (2)
| $ | 2.51 | $ | 1.55 | $ | 0.96 |
Operating Data | ||||||
Transportation
| ||||||
Average daily volumes (MBbls/d)
| 6,893 | 6,340 | 6,050 | |||
Segment Adjusted EBITDA per barrel
| $ | 0.68 | $ | 0.70 | $ | 0.74 |
Facilities
| ||||||
Average capacity (MMBbls/Mo)
| 125 | 124 | 110 | |||
Segment Adjusted EBITDA per barrel
| $ | 0.47 | $ | 0.49 | $ | 0.41 |
Supply and Logistics
| ||||||
Average daily volumes (MBbls/d)
| 1,369 | 1,318 | 1,400 | |||
Segment Adjusted EBITDA per barrel
| $ | 1.61 | $ | 0.43 | $ | - |
Investment Capital | $ | 1,340 | $ | 921 | $ | 325 |
Third-Quarter Adjusted EBITDA as a Percentage of Full Year (6)
| 23% | 27% | 22% |
333 Clay Street, Suite 1600
|
Houston, Texas 77002
|
713-646-4100 / 866-809-1291
|
333 Clay Street, Suite 1600
|
Houston, Texas 77002
|
713-646-4100 / 866-809-1291
|
333 Clay Street, Suite 1600
|
Houston, Texas 77002
|
713-646-4100 / 866-809-1291
|
Three Months Ended June 30, |
Six Months Ended June 30, | |||||||
2021 | 2020 | 2021 | 2020 | |||||
REVENUES | $ | 9,930 | $ | 3,225 | $ | 18,313 | $ | 11,494 |
COSTS AND EXPENSES | ||||||||
Purchases and related costs | 9,277 | 2,525 | 16,669 | 9,893 | ||||
Field operating costs | 252 | 253 | 471 | 557 | ||||
General and administrative expenses | 72 | 72 | 139 | 141 | ||||
Depreciation and amortization | 196 | 166 | 374 | 333 | ||||
(Gains)/losses on asset sales and asset impairments, net | 369 | (1) | 370 | 618 | ||||
Goodwill impairment losses | - | - | - | 2,515 | ||||
Total costs and expenses | 10,166 | 3,015 | 18,023 | 14,057 | ||||
OPERATING INCOME/(LOSS) | (236) | 210 | 290 | (2,563) | ||||
OTHER INCOME/(EXPENSE) | ||||||||
Equity earnings in unconsolidated entities | 33 | 81 | 121 | 191 | ||||
Gain on/(impairment of) investments in unconsolidated entities, net | - | (69) | - | (91) | ||||
Interest expense, net | (107) | (108) | (213) | (215) | ||||
Other income/(expense), net | 84 | 18 | 23 | (13) | ||||
INCOME/(LOSS) BEFORE TAX | (226) | 132 | 221 | (2,691) | ||||
Current income tax expense | (1) | (15) | (3) | (22) | ||||
Deferred income tax (expense)/benefit | 11 | 27 | (11) | 12 | ||||
NET INCOME/(LOSS) | (216) | 144 | 207 | (2,701) | ||||
Net income attributable to noncontrolling interests
| (4) | (2) | (5) | (4) | ||||
NET INCOME/(LOSS) ATTRIBUTABLE TO PAA | $ | (220) | $ | 142 | $ | 202 | $ | (2,705) |
NET INCOME/(LOSS) PER COMMON UNIT: | ||||||||
Net income/(loss) allocated to common unitholders - Basic and Diluted | $ | (269) | $ | 92 | $ | 103 | $ | (2,805) |
Basic and diluted weighted average common units outstanding | 720 | 728 | 721 | 728 | ||||
Basic and diluted net income/(loss) per common unit | $ | (0.37) | $ | 0.13 | $ | 0.14 | $ | (3.85) |
333 Clay Street, Suite 1600
|
Houston, Texas 77002
|
713-646-4100 / 866-809-1291
|
June 30, 2021 |
December 31, 2020 | |||
ASSETS | ||||
Current assets (including Cash and cash equivalents of $24 and $22, respectively)
| $ | 5,676 | $ | 3,665 |
Property and equipment, net | 13,451 | 14,611 | ||
Investments in unconsolidated entities | 3,745 | 3,764 | ||
Linefill and base gas | 909 | 982 | ||
Long-term operating lease right-of-use assets, net | 344 | 378 | ||
Long-term inventory | 210 | 130 | ||
Other long-term assets, net | 1,056 | 967 | ||
Total assets
| $ | 25,391 | $ | 24,497 |
LIABILITIES AND PARTNERS' CAPITAL | ||||
Current liabilities | $ | 6,163 | $ | 4,253 |
Senior notes, net | 8,326 | 9,071 | ||
Other long-term debt, net | 63 | 311 | ||
Long-term operating lease liabilities | 289 | 317 | ||
Other long-term liabilities and deferred credits | 910 | 807 | ||
Total liabilities
| 15,751 | 14,759 | ||
Partners' capital excluding noncontrolling interests | 9,495 | 9,593 | ||
Noncontrolling interests | 145 | 145 | ||
Total partners' capital | 9,640 | 9,738 | ||
Total liabilities and partners' capital
| $ | 25,391 | $ | 24,497 |
June 30, 2021 |
December 31, 2020 | |||
Short-term debt | $ | 1,456 | $ | 831 |
Long-term debt | 8,389 | 9,382 | ||
Total debt
| $ | 9,845 | $ | 10,213 |
Long-term debt | $ | 8,389 | $ | 9,382 |
Partners' capital | 9,640 | 9,738 | ||
Total book capitalization
| $ | 18,029 | $ | 19,120 |
Total book capitalization, including short-term debt
| $ | 19,485 | $ | 19,951 |
Long-term debt-to-total book capitalization | 47% | 49% | ||
Total debt-to-total book capitalization, including short-term debt | 51% | 51% |
333 Clay Street, Suite 1600
|
Houston, Texas 77002
|
713-646-4100 / 866-809-1291
|
Three Months Ended June 30, |
Six Months Ended June 30, | |||||||
2021 | 2020 | 2021 | 2020 | |||||
Basic and Diluted Net Income/(Loss) per Common Unit | ||||||||
Net income/(loss) attributable to PAA | $ | (220) | $ | 142 | $ | 202 | $ | (2,705) |
Distributions to Series A preferred unitholders
| (37) | (37) | (74) | (74) | ||||
Distributions to Series B preferred unitholders
| (12) | (12) | (25) | (25) | ||||
Other
| - | (1) | - | (1) | ||||
Net income/(loss) allocated to common unitholders
| $ | (269) | $ | 92 | $ | 103 | $ | (2,805) |
Basic and diluted weighted average common units outstanding (2) (3)
| 720 | 728 | 721 | 728 | ||||
Basic and diluted net income/(loss) per common unit | $ | (0.37) | $ | 0.13 | $ | 0.14 | $ | (3.85) |
333 Clay Street, Suite 1600
|
Houston, Texas 77002
|
713-646-4100 / 866-809-1291
|
Three Months Ended June 30, |
Six Months Ended June 30, | |||||||
2021 | 2020 | 2021 | 2020 | |||||
Basic Adjusted Net Income per Common Unit | ||||||||
Net income/(loss) attributable to PAA | $ | (220) | $ | 142 | $ | 202 | $ | (2,705) |
Selected items impacting comparability - Adjusted net income attributable to PAA (2)
| 433 | 91 | 243 | 3,393 | ||||
Adjusted net income attributable to PAA | $ | 213 | $ | 233 | $ | 445 | $ | 688 |
Distributions to Series A preferred unitholders
| (37) | (37) | (74) | (74) | ||||
Distributions to Series B preferred unitholders
| (12) | (12) | (25) | (25) | ||||
Other
| (1) | (1) | (1) | (1) | ||||
Adjusted net income allocated to common unitholders
| $ | 163 | $ | 183 | $ | 345 | $ | 588 |
Basic weighted average common units outstanding | 720 | 728 | 721 | 728 | ||||
Basic adjusted net income per common unit | $ | 0.23 | $ | 0.25 | $ | 0.48 | $ | 0.81 |
Diluted Adjusted Net Income per Common Unit | ||||||||
Net income/(loss) attributable to PAA | $ | (220) | $ | 142 | $ | 202 | $ | (2,705) |
Selected items impacting comparability - Adjusted net income attributable to PAA (2)
| 433 | 91 | 243 | 3,393 | ||||
Adjusted net income attributable to PAA | $ | 213 | $ | 233 | $ | 445 | $ | 688 |
Distributions to Series A preferred unitholders
| (37) | (37) | (74) | (74) | ||||
Distributions to Series B preferred unitholders
| (12) | (12) | (25) | (25) | ||||
Other
| (1) | (1) | (1) | (1) | ||||
Adjusted net income allocated to common unitholders
| $ | 163 | $ | 183 | $ | 345 | $ | 588 |
Basic weighted average common units outstanding | 720 | 728 | 721 | 728 | ||||
Effect of dilutive securities: | ||||||||
Series A preferred units (3)
| - | - | - | - | ||||
Equity-indexed compensation plan awards (4)
| - | - | - | 1 | ||||
Diluted weighted average common units outstanding | 720 | 728 | 721 | 729 | ||||
Diluted adjusted net income per common unit | $ | 0.23 | $ | 0.25 | $ | 0.48 | $ | 0.81 |
333 Clay Street, Suite 1600
|
Houston, Texas 77002
|
713-646-4100 / 866-809-1291
|
Three Months Ended June 30, |
Six Months Ended June 30, | |||||||
2021 | 2020 | 2021 | 2020 | |||||
Basic net income/(loss) per common unit | $ | (0.37) | $ | 0.13 | $ | 0.14 | $ | (3.85) |
Selected items impacting comparability per common unit (1)
| 0.60 | 0.12 | 0.34 | 4.66 | ||||
Basic adjusted net income per common unit | $ | 0.23 | $ | 0.25 | $ | 0.48 | $ | 0.81 |
Diluted net income/(loss) per common unit | $ | (0.37) | $ | 0.13 | $ | 0.14 | $ | (3.85) |
Selected items impacting comparability per common unit (1)
| 0.60 | 0.12 | 0.34 | 4.66 | ||||
Diluted adjusted net income per common unit | $ | 0.23 | $ | 0.25 | $ | 0.48 | $ | 0.81 |
Twelve Months Ended December 31, | ||||
2020 | 2019 | |||
Basic net income/(loss) per common unit | $ | (3.83) | $ | 2.70 |
Selected items impacting comparability per common unit (1)
| 5.38 | (0.14) | ||
Basic adjusted net income per common unit | $ | 1.55 | $ | 2.56 |
Diluted net income/(loss) per common unit | $ | (3.83) | $ | 2.65 |
Selected items impacting comparability per common unit (1)
| 5.38 | (0.14) | ||
Diluted adjusted net income per common unit | $ | 1.55 | $ | 2.51 |
333 Clay Street, Suite 1600
|
Houston, Texas 77002
|
713-646-4100 / 866-809-1291
|
Three Months Ended June 30, |
Six Months Ended June 30, | |||||||
2021 | 2020 | 2021 | 2020 | |||||
Net Income/(Loss) to Adjusted EBITDA and Implied DCF Reconciliation | ||||||||
Net Income/(Loss) | $ | (216) | $ | 144 | $ | 207 | $ | (2,701) |
Interest expense, net
| 107 | 108 | 213 | 215 | ||||
Income tax expense/(benefit) | (10) | (12) | 14 | 10 | ||||
Depreciation and amortization
| 196 | 166 | 374 | 333 | ||||
(Gains)/losses on asset sales and asset impairments, net
| 369 | (1) | 370 | 618 | ||||
Goodwill impairment losses
| - | - | - | 2,515 | ||||
(Gain on)/impairment of investments in unconsolidated entities, net
| - | 69 | - | 91 | ||||
Depreciation and amortization of unconsolidated entities (1)
| 68 | 16 | 88 | 33 | ||||
Selected items impacting comparability - Adjusted EBITDA (2)
| 65 | 34 | (141) | 205 | ||||
Adjusted EBITDA | $ | 579 | $ | 524 | $ | 1,125 | $ | 1,319 |
Interest expense, net of certain non-cash items (3)
| (101) | (103) | (202) | (206) | ||||
Maintenance capital
| (37) | (54) | (73) | (104) | ||||
Current income tax expense
| (1) | (15) | (3) | (22) | ||||
Distributions from unconsolidated entities in excess of/(less than) adjusted equity earnings (4)
| (5) | 11 | 1 | 9 | ||||
Distributions to noncontrolling interests (5)
| - | (4) | (6) | (4) | ||||
Implied DCF | $ | 435 | $ | 359 | $ | 842 | $ | 992 |
Preferred unit distributions paid (6)
| (62) | (62) | (99) | (99) | ||||
Implied DCF Available to Common Unitholders | $ | 373 | $ | 297 | $ | 743 | $ | 893 |
Weighted Average Common Units Outstanding | 720 | 728 | 721 | 728 | ||||
Weighted Average Common Units and Common Unit Equivalents | 791 | 799 | 792 | 799 | ||||
Implied DCF per Common Unit (7)
| $ | 0.52 | $ | 0.41 | $ | 1.03 | $ | 1.23 |
Implied DCF per Common Unit and Common Unit Equivalent (8)
| $ | 0.52 | $ | 0.42 | $ | 1.03 | $ | 1.21 |
Cash Distribution Paid per Common Unit | $ | 0.18 | $ | 0.18 | $ | 0.36 | $ | 0.54 |
Common Unit Cash Distributions (5)
| $ | 130 | $ | 131 | $ | 260 | $ | 393 |
Common Unit Distribution Coverage Ratio | 2.87x | 2.27x | 2.86x | 2.27x | ||||
Implied DCF Excess | $ | 243 | $ | 166 | $ | 483 | $ | 500 |
333 Clay Street, Suite 1600
|
Houston, Texas 77002
|
713-646-4100 / 866-809-1291
|
Twelve Months Ended December 31, | ||||
2020 | 2019 | |||
Net Income/(Loss) to Adjusted EBITDA and Implied DCF Reconciliation
| ||||
Net Income/(Loss)
| $ | (2,580) | $ | 2,180 |
Interest expense, net
| 436 | 425 | ||
Income tax expense/(benefit)
| (19) | 66 | ||
Depreciation and amortization
| 653 | 601 | ||
(Gains)/losses on asset sales and asset impairments, net
| 719 | 28 | ||
Goodwill impairment losses
| 2,515 | - | ||
(Gain on)/impairment of investments in unconsolidated entities, net
| 182 | (271) | ||
Depreciation and amortization of unconsolidated entities (1)
| 73 | 62 | ||
Selected items impacting comparability - Adjusted EBITDA (2)
| 581 | 146 | ||
Adjusted EBITDA | $ | 2,560 | $ | 3,237 |
Interest expense, net of certain non-cash items (3)
| (415) | (407) | ||
Maintenance capital
| (216) | (287) | ||
Current income tax expense
| (51) | (112) | ||
Distributions from unconsolidated entities in excess of/(less than) adjusted equity earnings (4)
| 13 | (49) | ||
Distributions to noncontrolling interests (5)
| (10) | (6) | ||
Implied DCF | $ | 1,881 | $ | 2,376 |
Preferred unit distributions paid (6)
| (198) | (198) | ||
Implied DCF Available to Common Unitholders | $ | 1,683 | $ | 2,178 |
Weighted Average Common Units Outstanding | 728 | 727 | ||
Weighted Average Common Units and Common Unit Equivalents | 799 | 798 | ||
Implied DCF per Common Unit (7)
| $ | 2.31 | $ | 2.99 |
Implied DCF per Common Unit and Common Unit Equivalent (8)
| $ | 2.29 | $ | 2.91 |
Cash Distribution Paid per Common Unit | $ | 0.90 | $ | 1.38 |
Common Unit Cash Distributions (5)
| $ | 655 | $ | 1,004 |
Common Unit Distribution Coverage Ratio | 2.57x | 2.17x | ||
Implied DCF Excess | $ | 1,028 | $ | 1,174 |
333 Clay Street, Suite 1600
|
Houston, Texas 77002
|
713-646-4100 / 866-809-1291
|
Three Months Ended June 30, |
Six Months Ended June 30, | |||||||
2021 | 2020 | 2021 | 2020 | |||||
Basic net income/(loss) per common unit | $ | (0.37) | $ | 0.13 | $ | 0.14 | $ | (3.85) |
Reconciling items per common unit (1) (2)
| 0.89 | 0.28 | 0.89 | 5.08 | ||||
Implied DCF per common unit | $ | 0.52 | $ | 0.41 | $ | 1.03 | $ | 1.23 |
Basic net income/(loss) per common unit | $ | (0.37) | $ | 0.13 | $ | 0.14 | $ | (3.85) |
Reconciling items per common unit and common unit equivalent (1) (3)
| 0.89 | 0.29 | 0.89 | 5.06 | ||||
Implied DCF per common unit and common unit equivalent | $ | 0.52 | $ | 0.42 | $ | 1.03 | $ | 1.21 |
Twelve Months Ended December 31, | ||||
2020 | 2019 | |||
Basic net income/(loss) per common unit | $ | (3.83) | $ | 2.70 |
Reconciling items per common unit (1) (4)
| 6.14 | 0.29 | ||
Implied DCF per common unit | $ | 2.31 | $ | 2.99 |
Basic net income/(loss) per common unit | $ | (3.83) | $ | 2.70 |
Reconciling items per common unit and common unit equivalent (1) (3)
| 6.12 | 0.21 | ||
Implied DCF per common unit and common unit equivalent | $ | 2.29 | $ | 2.91 |
333 Clay Street, Suite 1600
|
Houston, Texas 77002
|
713-646-4100 / 866-809-1291
|
Three Months Ended June 30, |
Six Months Ended June 30, | |||||||
2021 | 2020 | 2021 | 2020 | |||||
Free Cash Flow and Free Cash Flow after Distributions Reconciliation (1):
| ||||||||
Net cash provided by operating activities | $ | 235 | $ | 84 | $ | 1,026 | $ | 974 |
Adjustments to reconcile net cash provided by operating activities to free cash flow: | ||||||||
Net cash used in investing activities | (175) | (248) | (283) | (858) | ||||
Cash contributions from noncontrolling interests | - | 2 | 1 | 10 | ||||
Cash distributions paid to noncontrolling interests (2)
| - | (4) | (6) | (4) | ||||
Free Cash Flow | $ | 60 | $ | (166) | $ | 738 | $ | 122 |
Cash distributions (3)
| (192) | (193) | (359) | (492) | ||||
Free Cash Flow after Distributions | $ | (132) | $ | (359) | $ | 379 | $ | (370) |
333 Clay Street, Suite 1600
|
Houston, Texas 77002
|
713-646-4100 / 866-809-1291
|
Three Months Ended June 30, |
Six Months Ended June 30, | |||||||
2021 | 2020 | 2021 | 2020 | |||||
Selected Items Impacting Comparability: (1)
| ||||||||
Gains/(losses) from derivative activities and inventory valuation adjustments (2)
| $ | (86) | $ | (99) | $ | 44 | $ | (104) |
Long-term inventory costing adjustments (3)
| 27 | 51 | 68 | (64) | ||||
Deficiencies under minimum volume commitments, net (4)
| (6) | (7) | 26 | (6) | ||||
Equity-indexed compensation expense (5)
| (4) | (5) | (9) | (8) | ||||
Net gain/(loss) on foreign currency revaluation (6)
| 7 | 23 | 15 | (23) | ||||
Significant transaction-related expenses (7)
| (3) | - | (3) | (3) | ||||
Net gain on early repayment of senior notes (8)
| - | 3 | - | 3 | ||||
Selected items impacting comparability - Adjusted EBITDA
| $ | (65) | $ | (34) | $ | 141 | $ | (205) |
Gain on/(impairment of) investments in unconsolidated entities, net | - | (69) | - | (91) | ||||
Gains/(losses) on asset sales and asset impairments, net | (369) | 1 | (370) | (618) | ||||
Goodwill impairment losses | - | - | - | (2,515) | ||||
Tax effect on selected items impacting comparability | 1 | 11 | (14) | 36 | ||||
Selected items impacting comparability - Adjusted net income attributable to PAA
| $ | (433) | $ | (91) | $ | (243) | $ | (3,393) |
333 Clay Street, Suite 1600
|
Houston, Texas 77002
|
713-646-4100 / 866-809-1291
|
Twelve Months Ended December 31, | ||||
2020 | 2019 | |||
Selected Items Impacting Comparability: (1)
| ||||
Losses from derivative activities and inventory valuation adjustments (2)
| $ | (460) | $ | (158) |
Long-term inventory costing adjustments (3)
| (44) | 20 | ||
Deficiencies under minimum volume commitments, net (4)
| (74) | 18 | ||
Equity-indexed compensation expense (5)
| (19) | (17) | ||
Net gain on foreign currency revaluation (6)
| 16 | 1 | ||
Line 901 incident (7)
| - | (10) | ||
Significant transaction-related expenses (8)
| (3) | - | ||
Net gain on early repayment of senior notes (9)
| 3 | - | ||
Selected items impacting comparability - Adjusted EBITDA
| $ | (581) | $ | (146) |
Losses from derivative activities (2)
| - | (1) | ||
Gain on/(impairment of) investments in unconsolidated entities, net | (182) | 271 | ||
Gains/(losses) on asset sales and asset impairments, net | (719) | (28) | ||
Goodwill impairment losses | (2,515) | - | ||
Tax effect on selected items impacting comparability | 76 | 12 | ||
Selected items impacting comparability - Adjusted net income attributable to PAA
| $ | (3,921) | $ | 108 |
333 Clay Street, Suite 1600
|
Houston, Texas 77002
|
713-646-4100 / 866-809-1291
|
Three Months Ended June 30, 2021 |
Three Months Ended June 30, 2020 | |||||||||||
Transportation | Facilities | Supply and Logistics | Transportation | Facilities | Supply and Logistics | |||||||
Revenues (1)
| $ | 553 | $ | 244 | $ | 9,623 | $ | 457 | $ | 276 | $ | 2,925 |
Purchases and related costs (1)
| (60) | (3) | (9,700) | (44) | (7) | (2,903) | ||||||
Field operating costs (1) (2)
| (140) | (74) | (42) | (140) | (72) | (45) | ||||||
Segment general and administrative expenses (2) (3)
| (28) | (21) | (23) | (24) | (27) | (21) | ||||||
Equity earnings in unconsolidated entities
| 31 | 2 | - | 81 | - | - | ||||||
Adjustments: (4)
| ||||||||||||
Depreciation and amortization of unconsolidated entities
| 67 | 1 | - | 15 | 1 | - | ||||||
(Gains)/losses from derivative activities and inventory valuation adjustments | (1) | (9) | 173 | (6) | (1) | 97 | ||||||
Long-term inventory costing adjustments
| - | - | (27) | - | - | (51) | ||||||
Deficiencies under minimum volume commitments, net
| 7 | (1) | - | 4 | 3 | - | ||||||
Equity-indexed compensation expense
| 2 | 1 | 1 | 3 | 1 | 1 | ||||||
Net gain on foreign currency revaluation | - | - | (1) | - | - | - | ||||||
Significant transaction-related expenses | 2 | - | 1 | - | - | - | ||||||
Segment Adjusted EBITDA
| $ | 433 | $ | 140 | $ | 5 | $ | 346 | $ | 174 | $ | 3 |
Maintenance capital
| $ | 20 | $ | 14 | $ | 3 | $ | 31 | $ | 15 | $ | 8 |
333 Clay Street, Suite 1600
|
Houston, Texas 77002
|
713-646-4100 / 866-809-1291
|
Six Months Ended June 30, 2021 |
Six Months Ended June 30, 2020 | |||||||||||
Transportation | Facilities | Supply and Logistics | Transportation | Facilities | Supply and Logistics | |||||||
Revenues (1)
| $ | 1,039 | $ | 515 | $ | 17,707 | $ | 1,036 | $ | 589 | $ | 10,834 |
Purchases and related costs (1)
| (106) | (6) | (17,497) | (124) | (10) | (10,717) | ||||||
Field operating costs (1) (2)
| (245) | (151) | (83) | (302) | (159) | (103) | ||||||
Segment general and administrative expenses (2) (3)
| (54) | (41) | (44) | (51) | (46) | (44) | ||||||
Equity earnings in unconsolidated entities
| 117 | 4 | - | 189 | 2 | - | ||||||
Adjustments: (4)
| ||||||||||||
Depreciation and amortization of unconsolidated entities
| 87 | 1 | - | 32 | 1 | - | ||||||
(Gains)/losses from derivative activities and inventory valuation adjustments | (1) | (10) | (24) | - | - | 121 | ||||||
Long-term inventory costing adjustments
| - | - | (68) | - | - | 64 | ||||||
Deficiencies under minimum volume commitments, net
| (23) | (3) | - | - | 6 | - | ||||||
Equity-indexed compensation expense
| 5 | 2 | 2 | 5 | 1 | 2 | ||||||
Net gain on foreign currency revaluation | - | - | (2) | - | - | (13) | ||||||
Significant transaction-related expenses | 2 | - | 1 | 3 | - | - | ||||||
Segment Adjusted EBITDA
| $ | 821 | $ | 311 | $ | (8) | $ | 788 | $ | 384 | $ | 144 |
Maintenance capital
| $ | 47 | $ | 20 | $ | 6 | $ | 64 | $ | 29 | $ | 11 |
333 Clay Street, Suite 1600
|
Houston, Texas 77002
|
713-646-4100 / 866-809-1291
|
Three Months Ended June 30, |
Six Months Ended June 30, | |||
2021 | 2020 | 2021 | 2020 | |
Transportation segment (average daily volumes in thousands of barrels per day): | ||||
Tariff activities volumes | ||||
Crude oil pipelines (by region): | ||||
Permian Basin (2)
| 4,189 | 4,161 | 3,972 | 4,663 |
South Texas / Eagle Ford (2)
| 314 | 321 | 317 | 389 |
Central (2)
| 467 | 355 | 420 | 380 |
Gulf Coast | 159 | 118 | 152 | 131 |
Rocky Mountain (2)
| 327 | 244 | 307 | 258 |
Western | 256 | 215 | 246 | 209 |
Canada | 294 | 242 | 305 | 285 |
Crude oil pipelines | 6,006 | 5,656 | 5,719 | 6,315 |
NGL pipelines | 181 | 194 | 182 | 190 |
Tariff activities total volumes | 6,187 | 5,850 | 5,901 | 6,505 |
Trucking volumes | 61 | 64 | 65 | 80 |
Transportation segment total volumes | 6,248 | 5,914 | 5,966 | 6,585 |
Facilities segment (average monthly volumes): | ||||
Liquids storage (average monthly capacity in millions of barrels) (3)
| 100 | 109 | 100 | 110 |
Natural gas storage (average monthly working capacity in billions of cubic feet) | 70 | 67 | 69 | 65 |
NGL fractionation (average volumes in thousands of barrels per day) | 129 | 122 | 136 | 138 |
Facilities segment total volumes (average monthly volumes in millions of barrels) (4)
| 115 | 124 | 115 | 125 |
Supply and Logistics segment (average daily volumes in thousands of barrels per day): | ||||
Crude oil lease gathering purchases | 1,352 | 1,077 | 1,264 | 1,198 |
NGL sales | 112 | 94 | 165 | 156 |
Supply and Logistics segment total volumes | 1,464 | 1,171 | 1,429 | 1,354 |
333 Clay Street, Suite 1600
|
Houston, Texas 77002
|
713-646-4100 / 866-809-1291
|
Three Months Ended June 30, |
Six Months Ended June 30, | |||||||
2021 | 2020 | 2021 | 2020 | |||||
Transportation Segment Adjusted EBITDA | $ | 433 | $ | 346 | $ | 821 | $ | 788 |
Facilities Segment Adjusted EBITDA | 140 | 174 | 311 | 384 | ||||
Fee-based Segment Adjusted EBITDA | $ | 573 | $ | 520 | $ | 1,132 | $ | 1,172 |
Supply and Logistics Segment Adjusted EBITDA | 5 | 3 | (8) | 144 | ||||
Adjusted other income/(expense), net (1)
| 1 | 1 | 1 | 3 | ||||
Adjusted EBITDA (2)
| $ | 579 | $ | 524 | $ | 1,125 | $ | 1,319 |
Three Months Ended June 30, 2021 |
Three Months Ended June 30, 2020 | |||||||||||
Transportation | Facilities | Supply and Logistics | Transportation | Facilities | Supply and Logistics | |||||||
Segment Adjusted EBITDA | $ | 433 | $ | 140 | $ | 5 | $ | 346 | $ | 174 | $ | 3 |
Impact of divested assets (1)
| - | - | - | - | (15) | - | ||||||
Segment Adjusted EBITDA further adjusted for impact of divested assets
| $ | 433 | $ | 140 | $ | 5 | $ | 346 | $ | 159 | $ | 3 |
Six Months Ended June 30, 2021 |
Six Months Ended June 30, 2020 | |||||||||||
Transportation | Facilities | Supply and Logistics | Transportation | Facilities | Supply and Logistics | |||||||
Segment Adjusted EBITDA | $ | 821 | $ | 311 | $ | (8) | $ | 788 | $ | 384 | $ | 144 |
Impact of divested assets (1)
| - | - | - | (1) | (33) | - | ||||||
Segment Adjusted EBITDA further adjusted for impact of divested assets
| $ | 821 | $ | 311 | $ | (8) | $ | 787 | $ | 351 | $ | 144 |
333 Clay Street, Suite 1600
|
Houston, Texas 77002
|
713-646-4100 / 866-809-1291
|
Three Months Ended June 30, 2021 |
Three Months Ended June 30, 2020 | |||||||||||
Consolidating | Consolidating | |||||||||||
PAA |
Adjustments (1)
| PAGP | PAA |
Adjustments (1)
| PAGP | |||||||
REVENUES
| $ | 9,930 | $ | - | $ | 9,930 | $ | 3,225 | $ | - | $ | 3,225 |
COSTS AND EXPENSES
| ||||||||||||
Purchases and related costs
| 9,277 | - | 9,277 | 2,525 | - | 2,525 | ||||||
Field operating costs
| 252 | - | 252 | 253 | - | 253 | ||||||
General and administrative expenses
| 72 | 2 | 74 | 72 | 2 | 74 | ||||||
Depreciation and amortization
| 196 | 1 | 197 | 166 | - | 166 | ||||||
(Gains)/losses on asset sales and asset impairments, net
| 369 | - | 369 | (1) | - | (1) | ||||||
Total costs and expenses
| 10,166 | 3 | 10,169 | 3,015 | 2 | 3,017 | ||||||
OPERATING INCOME/(LOSS) | (236) | (3) | (239) | 210 | (2) | 208 | ||||||
OTHER INCOME/(EXPENSE) | ||||||||||||
Equity earnings in unconsolidated entities
| 33 | - | 33 | 81 | - | 81 | ||||||
Gain on/(impairment of) investments in unconsolidated entities, net
| - | - | - | (69) | - | (69) | ||||||
Interest expense, net
| (107) | - | (107) | (108) | - | (108) | ||||||
Other income/(expense), net | 84 | - | 84 | 18 | - | 18 | ||||||
INCOME/(LOSS) BEFORE TAX | (226) | (3) | (229) | 132 | (2) | 130 | ||||||
Current income tax expense | (1) | - | (1) | (15) | - | (15) | ||||||
Deferred income tax benefit | 11 | 7 | 18 | 27 | (5) | 22 | ||||||
NET INCOME/(LOSS) | (216) | 4 | (212) | 144 | (7) | 137 | ||||||
Net (income)/loss attributable to noncontrolling interests | (4) | 147 | 143 | (2) | (119) | (121) | ||||||
NET INCOME/(LOSS) ATTRIBUTABLE TO PAGP | $ | (220) | $ | 151 | $ | (69) | $ | 142 | $ | (126) | $ | 16 |
BASIC AND DILUTED NET INCOME/(LOSS) PER CLASS A SHARE | $ | (0.35) | $ | 0.09 | ||||||||
BASIC AND DILUTED WEIGHTED AVERAGE CLASS A SHARES OUTSTANDING | 194 | 184 |
333 Clay Street, Suite 1600
|
Houston, Texas 77002
|
713-646-4100 / 866-809-1291
|
Six Months Ended June 30, 2021 |
Six Months Ended June 30, 2020 | |||||||||||
Consolidating | Consolidating | |||||||||||
PAA |
Adjustments (1)
| PAGP | PAA |
Adjustments (1)
| PAGP | |||||||
REVENUES
| $ | 18,313 | $ | - | $ | 18,313 | $ | 11,494 | $ | - | $ | 11,494 |
COSTS AND EXPENSES
| ||||||||||||
Purchases and related costs
| 16,669 | - | 16,669 | 9,893 | - | 9,893 | ||||||
Field operating costs
| 471 | - | 471 | 557 | - | 557 | ||||||
General and administrative expenses
| 139 | 3 | 142 | 141 | 3 | 144 | ||||||
Depreciation and amortization
| 374 | 1 | 375 | 333 | 2 | 335 | ||||||
(Gains)/losses on asset sales and asset impairments, net
| 370 | - | 370 | 618 | - | 618 | ||||||
Goodwill impairment losses
| - | - | - | 2,515 | - | 2,515 | ||||||
Total costs and expenses
| 18,023 | 4 | 18,027 | 14,057 | 5 | 14,062 | ||||||
OPERATING INCOME/(LOSS) | 290 | (4) | 286 | (2,563) | (5) | (2,568) | ||||||
OTHER INCOME/(EXPENSE) | ||||||||||||
Equity earnings in unconsolidated entities
| 121 | - | 121 | 191 | - | 191 | ||||||
Gain on/(impairment of) investments in unconsolidated entities, net
| - | - | - | (91) | - | (91) | ||||||
Interest expense, net
| (213) | - | (213) | (215) | - | (215) | ||||||
Other expense, net | 23 | - | 23 | (13) | - | (13) | ||||||
INCOME/(LOSS) BEFORE TAX | 221 | (4) | 217 | (2,691) | (5) | (2,696) | ||||||
Current income tax expense | (3) | - | (3) | (22) | - | (22) | ||||||
Deferred income tax (expense)/benefit | (11) | (22) | (33) | 12 | 150 | 162 | ||||||
NET INCOME/(LOSS) | 207 | (26) | 181 | (2,701) | 145 | (2,556) | ||||||
Net (income)/loss attributable to noncontrolling interests | (5) | (175) | (180) | (4) | 1,995 | 1,991 | ||||||
NET INCOME/(LOSS) ATTRIBUTABLE TO PAGP | $ | 202 | $ | (201) | $ | 1 | $ | (2,705) | $ | 2,140 | $ | (565) |
BASIC AND DILUTED NET INCOME/(LOSS) PER CLASS A SHARE | $ | - | $ | (3.08) | ||||||||
BASIC AND DILUTED WEIGHTED AVERAGE CLASS A SHARES OUTSTANDING | 194 | 183 |
333 Clay Street, Suite 1600
|
Houston, Texas 77002
|
713-646-4100 / 866-809-1291
|
June 30, 2021 | December 31, 2020 | |||||||||||
Consolidating | Consolidating | |||||||||||
PAA |
Adjustments (1)
| PAGP | PAA |
Adjustments (1)
| PAGP | |||||||
ASSETS
| ||||||||||||
Current assets
| $ | 5,676 | $ | 2 | $ | 5,678 | $ | 3,665 | $ | 3 | $ | 3,668 |
Property and equipment, net
| 13,451 | 7 | 13,458 | 14,611 | 9 | 14,620 | ||||||
Investments in unconsolidated entities
| 3,745 | - | 3,745 | 3,764 | - | 3,764 | ||||||
Deferred tax asset
| - | 1,414 | 1,414 | - | 1,444 | 1,444 | ||||||
Linefill and base gas
| 909 | - | 909 | 982 | - | 982 | ||||||
Long-term operating lease right-of-use assets, net
| 344 | - | 344 | 378 | - | 378 | ||||||
Long-term inventory | 210 | - | 210 | 130 | - | 130 | ||||||
Other long-term assets, net
| 1,056 | (2) | 1,054 | 967 | (2) | 965 | ||||||
Total assets
| $ | 25,391 | $ | 1,421 | $ | 26,812 | $ | 24,497 | $ | 1,454 | $ | 25,951 |
LIABILITIES AND PARTNERS' CAPITAL
| ||||||||||||
Current liabilities
| $ | 6,163 | $ | - | $ | 6,163 | $ | 4,253 | $ | 2 | $ | 4,255 |
Senior notes, net
| 8,326 | - | 8,326 | 9,071 | - | 9,071 | ||||||
Other long-term debt, net
| 63 | - | 63 | 311 | - | 311 | ||||||
Long-term operating lease liabilities
| 289 | - | 289 | 317 | - | 317 | ||||||
Other long-term liabilities and deferred credits
| 910 | - | 910 | 807 | - | 807 | ||||||
Total liabilities
| 15,751 | - | 15,751 | 14,759 | 2 | 14,761 | ||||||
Partners' capital excluding noncontrolling interests
| 9,495 | (8,074) | 1,421 | 9,593 | (8,129) | 1,464 | ||||||
Noncontrolling interests
| 145 | 9,495 | 9,640 | 145 | 9,581 | 9,726 | ||||||
Total partners' capital
| 9,640 | 1,421 | 11,061 | 9,738 | 1,452 | 11,190 | ||||||
Total liabilities and partners' capital
| $ | 25,391 | $ | 1,421 | $ | 26,812 | $ | 24,497 | $ | 1,454 | $ | 25,951 |
333 Clay Street, Suite 1600
|
Houston, Texas 77002
|
713-646-4100 / 866-809-1291
|
Three Months Ended June 30, |
Six Months Ended June 30, | |||||||
2021 | 2020 | 2021 | 2020 | |||||
Basic and Diluted Net Income/(Loss) per Class A Share | ||||||||
Net income/(loss) attributable to PAGP | $ | (69) | $ | 16 | $ | 1 | $ | (565) |
Basic and diluted weighted average Class A shares outstanding | 194 | 184 | 194 | 183 | ||||
Basic and diluted net income/(loss) per Class A share | $ | (0.35) | $ | 0.09 | $ | - | $ | (3.08) |
333 Clay Street, Suite 1600
|
Houston, Texas 77002
|
713-646-4100 / 866-809-1291
|
333 Clay Street, Suite 1600
|
Houston, Texas 77002
|
713-646-4100 / 866-809-1291
|
Roy Lamoreaux |
Vice President, Investor Relations, Communications and Government Relations |
(866) 809-1291 |
Brett Magill |
Director, Investor Relations |
(866) 809-1291 |
333 Clay Street, Suite 1600
|
Houston, Texas 77002
|
713-646-4100 / 866-809-1291
|
Attachments
- Original document
- Permalink
Disclaimer
Plains GP Holdings LP published this content on 03 August 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 03 August 2021 21:32:08 UTC.