Plains All American’s Oil Pipeline Volumes Rise 16% From Permian Basin Growth
HOUSTON, May 5 (Reuters) - Plains All American Pipeline said its quarterly crude oil pipeline volumes rose nearly 16% on the back of production growth in the top US shale basin.
The pipeline and storage company is the latest company to benefit from oil production from the Permian Basin, spread across Texas and New Mexico, and said it does not see any material change in expectations to its Permian production estimates amid worries of a slowdown in growth.
The company, which reaffirmed guidance for full-year adjusted earnings before interest, tax, depreciation and amortization of $2.45-$2.55 billion, said volumes on its Permian pipeline grew 20% to average 6.3 million barrels per day MM(bpd).
Overall crude volumes grew to 8.3 MMbpd in the three months to March 31, from 7.2 MMbpd a year earlier.
Net income, excluding items, rose 29% to $344 million, or 41 cents per share.
Rival Enterprise Products Partners' posted higher net income and crude oil pipeline volumes earlier this week helped by Permian production.
Related News
Related News
- Poland Detects Leak in Russia's Druzhba Oil Pipeline
- Energy Transfer to Buy Crestwood in $7.1 Billion Pipeline Deal
- Magellan Midstream Approves $18.8 Billion Sale to ONEOK, Creating Major U.S. Pipeline Player
- DT Midstream Successfully Completes Phase 1 LEAP Expansion Ahead of Schedule
- Equitrans to Begin Construction on Ohio Valley Connector Expansion Project
- Canada Looking to Sell Trans Mountain Pipeline Stake to Indigenous Groups
- Energy Transfer to Buy Crestwood in $7.1 Billion Pipeline Deal
- Criteria to Consider in Selecting Water Transfer Flow Meters
- US Energy Firm Payouts to Oil Investors Top Exploration Spending for First Time
- DT Midstream Successfully Completes Phase 1 LEAP Expansion Ahead of Schedule
Comments