Last $49.63 USD
Change Today +0.36 / 0.73%
Volume 3.0M
PAA On Other Exchanges
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As of 4:15 PM 03/3/15 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:

States and Canada that are located near NGL storage, pipelines, gas production or propane distribution centers. Its NGL rail facilities have 247 railcar rack spots and 1,135 railcar storage spots and the company has the ability to switch its own rail cars at 6 of these terminals. Supply and Logistics segment This segment’s operations consist of various merchant-related activities, such as the purchase of the U.S. and Canadian crude oil at the wellhead, the bulk purchase of crude oil at pipeline, terminal and rail facilities, and the purchase of cargos at their load port and various other locations in transit; the storage of inventory during contango market conditions and the seasonal storage of NGL; the purchase of NGL from producers, refiners, processors, and other marketers; the resale or exchange of crude oil and NGL at various points along the distribution chain to refiners or other resellers to improve profits; and the transportation of crude oil and NGL on trucks, barges, railcars, pipelines, and ocean-going vessels from various delivery points, market hub locations or directly to end users, such as refineries, processors, and fractionation facilities. In addition to working inventories associated with its merchant activities, as of December 31, 2013, the company’s supply and logistics segment also owned significant volumes of crude oil and NGL classified as long-term assets for linefill or minimum inventory requirements and employs various owned or leased physical assets throughout the United States and Canada, including approximately 12 million barrels of crude oil and NGL linefill in pipelines owned by the company; 4 million barrels of crude oil and NGL linefill in pipelines owned by third parties and other long-term inventory; 843 trucks and 982 trailers; and 7,400 crude oil and NGL railcars. The company sells its crude oil to major integrated oil companies, independent refiners, and other resellers in various types of sale and exchange transactions. It sells NGL primarily to propane and refined product retailers, petrochemical companies and refiners, and limited volumes to other marketers. Customers For the year ended December 31, 2013, the company’s customers included Marathon Petroleum Corporation and its subsidiaries; ExxonMobil Corporation and its subsidiaries; and Phillips 66 and its subsidiaries. Business Strategy The company’s principal business strategy is to provide competitive and efficient midstream transportation, terminalling, storage, processing, fractionation and supply and logistics services to producers, refiners, and other customers. Environmental, Health and Safety Regulation A portion of the company’s petroleum pipelines and its storage tank facilities in the United States are subject to regulation by the Pipeline and Hazardous Materials Safety Administration pursuant to the Hazardous Liquids Pipeline Safety Act of 1979, as amended. In the United States, the company is subject to the requirements of the Occupational Safety and Health Act, as amended (OSHA) and comparable state statutes that regulate the protection of the health and safety of workers. Certain of its facilities are subject to OSHA Process Safety Management regulations, which are designed to prevent or minimize the consequences of catastrophic releases of toxic, reactive, flammable, or explosive chemicals. The company’s United States operations are subject to the United States Clean Air Act, comparable state laws and associated state and federal regulations. Significant Events In October 2014, Plains All American Pipeline, L.P. and Enterprise Products Partners L.P. announced that they are constructing a new condensate gathering system into their three rivers terminal and doubling the mainline capacity on the Eagle Ford Joint Venture (JV) Pipeline from Three Rivers to Corpus Christi. Other Regulation The company’s interstate common carrier liquids pipeline operations are subject to rate regulation by the FERC under the Interstate Commerce Act. Its intrastate liquids pipeline transportation activities are subject to various state laws and regulations, as well as orders of state regulator

 

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Industry Analysis

PAA

Industry Average

Valuation PAA Industry Range
Price/Earnings 21.0x
Price/Sales 0.4x
Price/Book 2.4x
Price/Cash Flow 14.8x
TEV/Sales 0.2x
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