Plains All American raises profit view on higher pipeline volumes, deals

Plains All American Pipeline LP

03/11/2023 14:55

HOUSTON, Nov 3 (Reuters) - Plains All American Pipeline
 PAA.O  on Friday raised its full year profit forecast after
posting better-than-expected third quarter earnings, as the
pipelines and storage company moved higher volumes of crude and
natural gas liquids. 
    Full-year adjusted earnings before interest, tax,
depreciation and amortization are likely to fall between $2.60
billion and $2.65 billion, the company said, above the prior
forecast of $2.45 billion to $2.55 billion. 
    The increase was helped in part by acquisitions in the
Permian basin. A Plain's joint venture acquired crude oil
gathering systems in West Texas for about $205 million in recent
months. 
    Profit from its crude oil business segment increased 3%,
primarily due to higher tariff volumes, tariff escalations and
contributions from the acquisitions, the company said. 
    Natural gas liquids segment earnings rose 15% due to
favorable pricing and spot opportunities.            
    Adjusted net income rose 10% to $308 million, or 35 cents
per share, above analysts' estimate of 26 cents per share. 

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