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Company Description

Contact Info

333 Clay Street

Suite 1600

Houston, TX 77002

United States

Phone: 713-646-4100

Fax:

Plains All American Pipeline, L.P., through its subsidiaries, owns and operates midstream energy infrastructure and provides logistics services for crude oil, natural gas liquids (NGL), natural gas, and refined products. Segments The company operates through three segments, including Transportation, Facilities, and Supply and Logistics. Transportation segment This segment’s operations consist of fee-based activities associated with transporting crude oil and NGL on pipelines, gathering systems, trucks and barges. This segment also includes equity earnings from the company’s investments in entities that own the BridgeTex (BridgeTex Pipeline Company, LLC), Eagle Ford (Eagle Ford Pipeline LLC), White Cliffs (White Cliffs Pipeline LLC), Frontier (Frontier Pipeline Company), and Butte (Butte Pipe Line Company) pipeline systems, as well as Settoon Towing (Settoon Towing, LLC), in which the company owns interests ranging from 22% to 50%. As of December 31, 2015, the company employed various owned or, to a much lesser extent, leased long-term physical assets throughout the United States and Canada in this segment, including approximately 18,100 miles of active crude oil and NGL pipelines and gathering systems; 30 million barrels of active, above-ground tank capacity used primarily to facilitate pipeline throughput; 830 trailers (primarily in Canada); and 142 transport and storage barges and 64 transport tugs through its interest in Settoon Towing. The United States Pipelines Permian Basin Basin Pipeline System: The company owns an 87% undivided joint interest in and is the operator of the Basin pipeline system. The Basin system is a primary route for transporting crude oil from the Permian Basin (in west Texas and southern New Mexico) to Cushing, Oklahoma, for further delivery to Mid-Continent and Midwest refining centers. Basin pipeline also serves as the initial movement for transporting crude oil from the Permian Basin to the Gulf Coast through connections to other carriers at Colorado City, Texas and Wichita Falls, Texas. The Basin system is an approximate 530-mile mainline, telescoping crude oil system with a system capacity ranging from approximately 240,000 barrels per day to 450,000 barrels per day (approximately 208,800 barrels per day to 392,000 barrels per day attributable to the company’s interest) depending on the segment. The pipeline also includes approximately 6 million barrels of storage tankage. In 2015, the company placed into service a 24-inch pipeline loop of Basin pipeline from Wink to Midland. In addition, it placed into service Phase I of the new Wink South terminal which would handle crude oil from the Delaware Basin and New Mexico, and expects that Phase II of the project would be in service in the second half of 2016. The completion of these projects along with reactivation of a 20-inch pipeline from Wink to Midland during the first half of 2016 would provide 550,000 barrels per day of capacity from Wink to Midland. Mesa Pipeline System: The company owns a 63% undivided interest in and is the operator of the Mesa pipeline system, which transports crude oil from Midland to a refinery at Big Spring, Texas and to connecting carriers at Colorado City. Mesa pipeline is an 80-mile mainline with capacity of up to 400,000 barrels per day (approximately 252,000 barrels per day attributable to its interest). Sunrise Pipeline: The company owns and operates the Sunrise pipeline, which extends from Midland to connecting carriers at Colorado City. The 84-mile Sunrise pipeline was placed in service in December 2014, with a capacity of 250,000 barrels per day. BridgeTex Pipeline: The company owns a 50% interest in BridgeTex, which is the entity that owns the BridgeTex pipeline, a 20-inch crude oil pipeline with a capacity of 300,000 barrels per day that extends from Colorado City to East Houston. At Colorado City, the BridgeTex pipeline is connected to its Basin and Sunrise pipelines. Magellan Midstream Partners, L.P. (MMP) owns the remaining 50% interest and serves as the operator of the BridgeTex pipeline. BridgeTex has entered into a long-term capacity lease agreement with MMP

 

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Valuation PAA Industry Range
Price/Earnings 71.9x
Price/Sales 0.6x
Price/Book 1.6x
Price/Cash Flow 18.1x
TEV/Sales NM Not Meaningful
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