Plains All American's oil pipeline volumes rise 16% on Permian production growth

Plains All American Pipeline LP

05/05/2023 15:54

HOUSTON, May 5 (Reuters) - Plains All American Pipeline
 PAA.O  said its quarterly crude oil pipeline volumes rose
nearly 16% on the back of production growth in the top U.S.
shale basin.
    The pipeline and storage company is the latest company to
benefit from oil production from the Permian Basin, spread
across Texas and New Mexico, and said it does not see any
material change in expectations to its Permian production
estimates amid worries of a slow down in growth. 
    The company, which reaffirmed guidance for full-year
adjusted earnings before interest, tax, depreciation and
amortization of $2.45-$2.55 billion, said volumes on its Permian
pipeline grew 20% to average 6.3 million barrels per day (bpd). 
    Overall crude volumes grew to 8.3 million bpd in the three
months to March 31, from 7.2 million bpd a year earlier. 
    Net income, excluding items, rose 29% to $344 million, or 41
cents per share.
    Rival Enterprise Products Partners'  EPD.N  posted higher
net income and crude oil pipeline volumes earlier this week
helped by Permian production.     

 (Reporting by Arathy Somasekhar in Houston
Editing by Mark Potter)
 ((arathy.s@thomsonreuters.com; +1 832 610 7346; Twitter:
@ArathySom;))