Plains All American Raises Stake Saddlehorn Pipeline JV, Surpasses Q1 Profit Estimates
(Reuters) — Pipeline and storage operator Plains All American raised its stake in the Saddlehorn Pipeline Company joint venture and a mid-Continent basin terminal asset by 10% for about $110 million in cash.
Plains already held 30% interest in the Saddlehorn Pipeline joint venture, according to its 2023 year-end filing.
The company also said it has extended the duration of its Permian basin long-haul portfolio, including the Cactus I crude oil pipeline.
The move would provide greater clarity on the outlook for Plains' long-haul assets, bolstering investor confidence in the outlook for the business and its ability to continue generating cash flow in the long term, said CEO Willie Chiang.
Separately, Plains beat Wall Street estimates for first-quarter profit on Friday, helped by higher crude oil pipeline tariff volumes.
Quarterly crude oil volumes rose to 8.6 million barrels per day (bpd), nearly 4% higher as compared to 8.3 million bpd last year.
The crude oil unit reported a 7% higher adjusted core profit for the quarter at $553 million compared with the previous year.
On an adjusted basis, the firm reported a profit of 41 cents per share, above the average analysts' estimate of 39 cents per share.
Related News
Related News
- Enbridge Plans 86-Mile Pipeline Expansion, Bringing 850 Workers to Northern B.C.
- Intensity, Rainbow Energy to Build 344-Mile Gas Pipeline Across North Dakota
- U.S. Moves to Block Enterprise Products’ Exports to China Over Security Risk
- Strike Pioneers First-of-Its-Kind Pipe-in-Pipe Installation on Gulf Coast with Enbridge
- 208-Mile Mississippi-to-Alabama Gas Pipeline Moves Into FERC Review
- U.S. Pipeline Expansion to Add 99 Bcf/d, Mostly for LNG Export, Report Finds
- A Systematic Approach To Ensuring Pipeline Integrity
- 275-Mile Texas-to-Oklahoma Gas Pipeline Enters Open Season
- LNG Canada Start-Up Fails to Lift Gas Prices Amid Supply Glut
- Strike Pioneers First-of-Its-Kind Pipe-in-Pipe Installation on Gulf Coast with Enbridge
Comments