Plains All American Pipeline Reports 2013 Results
OREANDA-NEWS. February 11, 2014. Plains All American Pipeline, L.P. (NYSE: PAA) and Plains GP Holdings (NYSE: PAGP) reported fourth-quarter and full-year 2013 results.
The Partnership’s reported results include the impact of items that affect comparability between reporting periods. The impact of certain of these items is excluded from adjusted results. See the section of this release entitled "Non-GAAP Financial Measures and Selected Items Impacting Comparability" and the tables attached hereto for information regarding certain selected items that the Partnership believes impact comparability of financial results between reporting periods, as well as for information regarding non-GAAP financial measures (such as adjusted EBITDA) and their reconciliation to the most directly comparable GAAP measures.
“PAA ended the year on another strong note, delivering adjusted EBITDA that exceeded the midpoint of our fourth-quarter guidance by \\$50 million and the mid-point of our 2013 beginning-of-the-year guidance by over \\$265 million,” stated Greg L. Armstrong, Chairman and CEO of Plains All American Pipeline. “These results were underpinned by solid performance in our fee-based Facilities segment and above baseline performance in our Supply and Logistics segment.”
“PAA’s 2013 results and our 2014 guidance for our fee-based Transportation and Facilities segments continue to reflect the benefits of our ongoing expansion capital program. Aggregate adjusted segment profit from our Transportation and Facilities segments increased 12% in 2013 over 2012 results, and the midpoint of our guidance range anticipates a year-to-year increase of approximately 15% in 2014,” said Armstrong. “Guidance for our Supply and Logistics segment incorporates a return to baseline-type performance; however, as in prior years, the partnership remains well positioned to outperform guidance if market conditions remain favorable.”
“We have targeted to grow PAA’s distributions per unit by approximately 10% in 2014, while continuing to maintain solid distribution coverage.” Armstrong stated that the partnership’s 2014 expansion capital program increased to USD1.7 billion, which reflects a USD 300 million increase from PAA’s preliminary targeted range. Armstrong also noted that PAA is well positioned financially to both execute its expansion capital program as well as capitalize on potential acquisition opportunities.
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