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Dec 31, 2024
Plains All American Q4 2024 Earnings Report
Key Takeaways
Plains All American Pipeline (PAA) reported a significant decline in net income for Q4 2024 due to non-cash charges and insurance-related write-offs. Despite this, the company delivered strong Adjusted EBITDA and cash flow, exceeding guidance. Revenue declined slightly year-over-year.
Revenue by Segment
Forward Guidance
PAA expects stable financial performance in 2025, driven by strong cash flow generation, disciplined capital investments, and a focus on bolt-on acquisitions.
Positive Outlook
- Projected Adjusted EBITDA for 2025 between $2.80B - $2.95B
- 20% increase in annualized distribution to $1.52 per unit
- Successful issuance of $1B in unsecured notes at 5.95% interest
- Leverage ratio expected to remain at the lower end of the target range
- Anticipates generating $1.15B in Adjusted Free Cash Flow
Challenges Ahead
- Expected capital expenditures of ~$400M in growth investments
- Maintenance capital projected at ~$240M
- Potential impact of macroeconomic volatility on oil and gas markets
- Continued competition in midstream sector affecting tariff rates
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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