Fri, Feb 28, 11:06 AM (17 days ago)
**Plains All American Pipeline, L.P. (PAA) 2024 Summary** In 2024, Plains All American Pipeline reported a net income of $772 million, down 37% from $1.23 billion in 2023, primarily due to increased costs linked to the Line 901 incident, asset impairments, and higher taxes. Total revenues rose 3% to $48.25 billion, driven by higher crude oil sales volumes, while operating expenses increased, notably field costs, which rose 24%. Segment Adjusted EBITDA grew, particularly in the Crude Oil segment, despite lower contributions from the NGL segment. The company maintains a strategic focus on midstream infrastructure, capitalizing on North American crude oil and NGL production, especially from the Permian Basin. Future capital expenditures are projected at $500 million for 2025, with a focus on contracted projects. Key risks include fluctuating commodity prices, regulatory changes, and competition from new infrastructure. The firm holds a substantial debt of $7.7 billion, with a strong liquidity position of $2.6 billion. PAA's common units traded at $17.86 as of June 2024, with a market cap of approximately $8.3 billion. Financial flexibility remains vital, with ongoing evaluations of acquisitions and divestitures supporting long-term strategies.