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Last $40.20 USD
Change Today -0.90 / -2.19%
Volume 1.6M
PAA On Other Exchanges
Symbol
Exchange
Frankfurt
As of 6:40 PM 08/4/15 All times are local (Market data is delayed by at least 15 minutes).
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Company Description

Contact Info

333 Clay Street

Suite 1600

Houston, TX 77002

United States

Phone: 713-646-4100

Fax:

ction of this 82-mile crude oil pipeline was completed during 2014. The Sunrise pipeline was placed in service in December 2014, with an initial capacity of 250,000 barrels per day. BridgeTex Pipeline: In 2014, the company acquired a 50% interest in BridgeTex, which is the entity that owns the BridgeTex pipeline, a newly constructed 20-inch crude oil pipeline with a capacity of 300,000 barrels per day that extends 408 miles from Colorado City in west Texas to East Houston. At Colorado City, the BridgeTex pipeline is connected to the company’s Basin and Sunrise pipeline systems. Magellan Midstream Partners, L.P. (MMP) owns the remaining 50% interest in BridgeTex and serves as the operator of the BridgeTex pipeline. BridgeTex has entered into a long term capacity lease agreement with MMP whereby its shippers would have access to capacity on the Texas City Leg, the section of the pipeline system that runs from Houston to Texas City, and the related Houston area refinery complex. Permian Basin Area Systems: The company operates wholly owned systems of 2,838 miles that aggregate receipts from wellhead gathering lines and bulk truck injection locations into a combination of 4- to 16-inch diameter trunk lines for transportation and delivery into the Basin system at Jal, Wink and Midland, as well as its terminal facilities in Midland. During 2014, the company completed the construction of various projects servicing the South Spraberry area, including a new 20-inch, 62-mile crude oil pipeline with approximately 200,000 barrels of takeaway capacity from the South Midland Basin to source crude oil to the Longhorn pipeline at Crane. This line would also connect to its Cactus pipeline at McCamey when the Cactus pipeline is placed into service in 2015. For 2014, combined throughput on the Permian Basin area systems totaled an average of 765,000 barrels per day. In January 2015, the company placed into service 40 miles of pipeline with 100,000 barrels per day of pipeline capacity from Monahans to Crane, Texas to supply volumes to the Longhorn pipeline, as well as its Cactus pipeline when it is placed into service in 2015. The company’s Cactus pipeline would be a new 310-mile crude oil pipeline extending from McCamey to Gardendale, Texas and is expected to initially provide approximately 250,000 barrels per day of additional takeaway capacity from the Permian Basin. South Texas/Eagle Ford Area Eagle Ford Area Systems: The company owns a 100% interest in and is the operator of various gathering systems that feed into its Gardendale Station. The company also owns a 50% interest in and is the operator of the Eagle Ford joint venture pipeline. These Eagle Ford Area Systems consist of 470 miles of pipeline that service increasing production in the Eagle Ford shale play of south Texas and include approximately 2 million barrels of operational storage capacity across the system. The system serves the Three Rivers and Corpus Christi, Texas refineries and other markets through marine terminal facilities at Corpus Christi, as well as the Houston market through Enterprise Products Partners L.P.’s (Enterprise) connection at Lyssy in Wilson County, Texas. For 2014, total average throughput on its Eagle Ford Area Systems was 227,000 barrels per day (attributable to the company’s interest). In 2013, the company and Enterprise announced an expansion of the Eagle Ford joint venture pipeline. This project would increase the pipeline’s capacity to 470,000 barrels per day by constructing a new 20-inch pipeline between Gardendale (where it would connect to its Cactus pipeline) and Three Rivers, Texas. This expansion also includes the construction of an additional 2 million barrels of operational storage capacity across the system. Additionally, in 2014, the company announced the construction of a 70 mile, 20-inch pipeline from Three Rivers to Corpus Christi, and the expansion of pumping capabilities at Three Rivers. Combined, these projects would loop the entire Eagle Ford joint venture pipeline from Gardendale to Corpus Christi, and increase the total system capacity to approximately 600,000 barrels per day. These expansions are supported

 

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Industry Analysis

PAA

Industry Average

Valuation PAA Industry Range
Price/Earnings 20.6x
Price/Sales 0.4x
Price/Book 1.9x
Price/Cash Flow 14.2x
TEV/Sales 0.2x
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