Plains GP (PAGP) Reports Strong Q2 Results

By Tamara Parker • Friday, August 02 15:20 • Permanent Link

Plains All American Pipeline, L.P. and Plains GP Holdings have reported their second-quarter 2024 results, highlighting strong performance and an increase in full-year 2024 adjusted EBITDA guidance. The company reported a net income attributable to PAA of $250 million, along with net cash provided by operating activities of $653 million. Adjusted EBITDA attributable to PAA reached $674 million, and adjusted free cash flow stood at $421 million.

For the second quarter of 2024, the company reported adjusted net income attributable to PAA of $288 million, representing a 19% increase from the same period in 2023. Additionally, adjusted EBITDA for the same period increased by 13% to $674 million.

The company also raised the mid-point of its full-year 2024 adjusted EBITDA guidance by $75 million to a new range of $2.725 * $2.775 billion, while reiterating full-year 2024 adjusted free cash flow guidance of $1.55 billion.

In terms of segment performance, the crude oil segment's adjusted EBITDA for the second quarter of 2024 increased by 9% compared to the same period in 2023, while the NGL segment's adjusted EBITDA saw a significant 52% increase over the same period.

Plains GP Holdings, which owns an indirect non-economic controlling interest in PAA’s general partner and an indirect limited partner interest in PAA, consolidated PAA’s results into its financial statements.

Following these announcements, the company's shares moved -2.6%, and are now trading at a price of $18.49. If you want to know more, read the company's complete 8-K report here.

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