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Last $34.17 USD
Change Today -0.65 / -1.87%
Volume 285.2K
PAA On Other Exchanges
Symbol
Exchange
Frankfurt
As of 10:48 AM 09/2/15 All times are local (Market data is delayed by at least 15 minutes).

plains all amer pipeline lp (PAA) Key Developments

Plains All American Pipeline Seeks Acquisitions

Plains All American Pipeline, L.P. (NYSE:PAA) reported that it has completed an underwritten public offering of $1.0 billion aggregate principal amount of 4.65% senior unsecured notes due October 15, 2025, at a public offering price of 99.846% of the face amount of the notes with a yield to maturity of 4.668%. The Partnership intends to use the net proceeds from this offering to repay outstanding borrowings under its commercial paper program and for general partnership purposes. Amounts repaid under the Partnership's commercial paper program may be reborrowed, as necessary, to fund its ongoing expansion capital program or future acquisitions and investments, or for general partnership purposes.

Plains All American Seeks Acquisitions

Plains All American Pipeline, L.P. (NYSE:PAA) has commenced a public offering of senior notes. According to a company release, it intends to use the net proceeds from this offering to repay outstanding borrowings under its commercial paper program and for general partnership purposes. Amounts repaid under the Partnership's commercial paper program may be reborrowed, as necessary, to fund its ongoing expansion capital program or future acquisitions and investments, or for general partnership purposes.

Bernstein Litowitz Berger &Grossmann LLP Files Securities Class Action against Plains All American Pipeline, L.P. and Plains GP Holdings, L.P

Bernstein Litowitz Berger &Grossmann LLP announced that it has filed a securities class action on behalf of the Jacksonville Police and Fire Pension Fund alleging claims under Section 10(b) and 20(a) under the Securities Exchange Act of 1934 on behalf of investors in the Common Units of Plains All American Pipeline, L.P. between February 27, 2013 and August 4, 2015, inclusive, and the Class A Shares of Plains GP Holdings, L.P. between October 16, 2013 and August 4, 2015, inclusive. The Complaint also alleges claims under Sections 11, 12 and 15 of the Securities Act of 1933 on behalf of all persons who purchased or otherwise acquired Plains Holdings Class A Shares pursuant and/or traceable to Plains Holdings' initial public offering conducted on or about October 16, 2013, as well as a registered public offering of Plains Holdings Class A Shares conducted on or about November 10, 2014. The action is captioned Jacksonville Police and Fire Pension Fund v. Plains All American Pipeline, L.P., No. 2:15-cv-06210 (C.D. Cal.). The Complaint alleges that during the Class Period, Plains, Plains Holdings and certain of its senior executives violated provisions of the Exchange Act by issuing false and misleading statements concerning the Company's pipeline monitoring, maintenance and spill response measures, as well as its compliance with federal regulations governing its pipeline operations. Among other things, Plains told investors and regulators that it was in compliance with regulations governing its pipeline operations, and that its Line 901 pipeline and operations off the coast of Santa Barbara, California were "state of the art" and therefore a spill was "extremely unlikely." The complaint also seeks remedies under the Securities Act against Plains Holdings, certain of its senior officers and directors, and certain underwriters of the IPO and November 2014 Offering for material misstatements and omissions contained in materials issued in connection with the Offerings.

Plains All American Pipeline, L.P. Enters into First Amendment to 364-Day Credit Agreement

On August 14, 2015, Plains All American Pipeline, L.P. entered into that certain first amendment to 364-day credit agreement amending the terms of its 364-Day credit agreement dated January 16, 2015, among the partnership, as borrower; Bank of America, N.A., as administrative agent; Citibank, N.A., JPMorgan Chase Bank N.A. and Wells Fargo Bank, National Association, as Co-Syndication agents; DNB Bank ASA, New York Branch and Mizuho Bank Ltd., as co-documentation agents; the other Lenders party thereto; and Merrill Lynch, Pierce, Fenner & Smith Incorporated, Citigroup Global Markets Inc., DNB Markets Inc., J.P. Morgan Securities LLC, Mizuho Bank Ltd. and Wells Fargo Securities, LLC, as joint lead arrangers and joint bookrunners. Pursuant to the 364-Day Amendment, the maturity date of the 364-Day credit facility has been extended to August 12, 2016. Terms used but not defined herein have the meanings assigned to them in the 364-Day Credit Agreement.

Plains All American Pipeline, L.P. Announces Unaudited Consolidated Earnings and Operating Results for the Second Quarter and Six Months Ended June 30, 2015; Provides Earnings Guidance for the Full Year 2015

Plains All American Pipeline, L.P. announced unaudited consolidated earnings and operating results for the second quarter and six months ended June 30, 2015. For the quarter, the company reported net income attributable to the company was $124 million against $287 million a year ago. Diluted net loss per share was $0.06 against income of $0.45 a year ago. EBITDA was $372 million against $492 million a year ago. Adjusted net income attributable to the company was $255 million against $307 million a year ago. Adjusted diluted net income per share was $0.27 against income of $0.50 a year ago. Adjusted EBITDA was $486 million against $512 million a year ago. Revenues were $6,663 million against $11,195 million a year ago. Operating income was $209 million against $365 million a year ago. Income before tax was $157 million against $310 million a year ago. Net cash used in operating activities was $71 million against net cash provided by operating activities of $141 million a year ago. For the six months, the company reported net income attributable to the company was $407 million against $671 million a year ago. Diluted net income per share was $0.29 against income of $1.18 a year ago. EBITDA was $881 million against $1,099 million a year ago. Adjusted net income attributable to the company was $624 million against $660 million a year ago. Adjusted diluted net income per share was $0.83 against income of $1.15 a year ago. Adjusted EBITDA was $1,108 million against $1,079 million a year ago. Revenues were $12,605 million against $22,878 million a year ago. Operating income was $578 million against $857 million a year ago. Income before tax was $457 million against $742 million a year ago. Net cash provided by operating activities was $660 million against $963 million a year ago. For the quarter, the company reported total tariff activities were 4,420,000 barrels per day against 3,804,000 barrels per day a year ago. Crude oil, refined products and NGL terminalling and storage was 99 million of barrels against 94 million of barrels a year ago. Rail load /unload volumes was 233,000 of barrels per day against 224,000 of barrels per day a year ago. Natural gas storage was 97 billion of cubic feet against 97 billion of cubic feet a year ago. NGL fractionation was 103,000 of barrels per day against 86,000 of barrels per day a year ago. Total facilities segment was 126 million of barrels against 120 million of barrels a year ago. For the six months, the company reported total tariff activities were 4,272,000 barrels per day against 3,757,000 barrels per day a year ago. Crude oil, refined products and NGL terminalling and storage was 99 million of barrels against 95 million of barrels a year ago. Rail load /unload volumes was 220,000 of barrels per day against 227,000 of barrels per day a year ago. Natural gas storage was 97 billion of cubic feet against 97 billion of cubic feet a year ago. NGL fractionation was 103,000 of barrels per day against 89,000 of barrels per day a year ago. Total facilities segment was 125 million of barrels against 121 million of barrels a year ago. The company has reduced the midpoint of 2015 full-year guidance for adjusted EBITDA by $50 million. The resulting midpoint guidance of $2.275 billion remains in line with the full-year guidance range provided at the beginning of the year, albeit near the lower end of the initial range.

 

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PAA

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Price/Earnings 24.7x
Price/Sales 0.4x
Price/Book 1.7x
Price/Cash Flow 14.8x
TEV/Sales 0.1x
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