May 04, 2016 |
Plains All American Pipeline, L.P. and Plains GP Holdings Report First-Quarter 2016 Results |
Plains All American Pipeline, L.P. (NYSE: PAA)
and Plains GP Holdings (NYSE: PAGP)
today reported first-quarter 2016 results.
|
| |
| |
| | Plains All American Pipeline, L.P. | | | | | | | | | | | | |
| Summary Financial Information
(1) (unaudited)
| | | | | | |
(in millions, except per unit data)
| | | | | | | | | Three Months Ended | | | | | March 31, | | |
| | 2016 | | 2015 | | % Change | Net income attributable to PAA | |
$
|
202
| |
$
|
283
| |
(29
|
)%
| Diluted net income per common unit | |
$
|
0.07
| |
$
|
0.35
| |
(80
|
)%
| Diluted weighted average common units outstanding | | |
399
| | |
385
| |
4
|
%
| EBITDA | |
$
|
448
| |
$
|
509
| |
(12
|
)%
| | | | | | |
| | | | | | |
| | | Three Months Ended | | | | | March 31, | | |
| | 2016 | | 2015 | | % Change | Adjusted net income attributable to PAA | |
$
|
355
| |
$
|
369
| |
(4
|
)%
| Diluted adjusted net income per common unit | |
$
|
0.45
| |
$
|
0.57
| |
(21
|
)%
| Adjusted EBITDA | |
$
|
621
| |
$
|
622
| |
-
|
%
| Distribution per common unit declared for the period | |
$
|
0.700
| |
$
|
0.685
| |
2.2
|
%
|
|
| | (1) | |
PAA's reported results include the impact of items that affect
comparability between reporting periods. The impact of certain of
these items is excluded from adjusted results. See the section of
this release entitled "Non-GAAP Financial Measures and Selected
Items Impacting Comparability" and the tables attached hereto for
information regarding certain selected items that PAA believes
impact comparability of financial results between reporting
periods, as well as for information regarding non-GAAP financial
measures (such as adjusted EBITDA) and their reconciliation to the
most directly comparable measures as reported in accordance with
GAAP.
| | |
|
"PAA reported first-quarter adjusted EBITDA of $621 million, which was
approximately $51 million or 9% above the midpoint of our first-quarter
guidance," said Greg Armstrong, Chairman and CEO of Plains All American.
"PAA's results reflect a combination of performance above expectations,
the inclusion of deficiency amounts for ship or pay obligations that
have been billed or collected, and some timing related items expected to
reverse later in the year."
Armstrong added, "We are cautious over the near term as recent drilling
and completion activity is meaningfully below levels of just a few
months ago and what we anticipated in our initial 2016 guidance. These
lower activity levels are starting to impact U.S. oil production and,
accordingly, we are revising our full-year 2016 midpoint guidance for
adjusted EBITDA downward by approximately 4% to $2.175 billion.
Importantly, PAA ended the first quarter of 2016 with $3.8 billion of
committed liquidity and an improved balance sheet as a result of the
$1.6 billion preferred equity offering completed in January. We believe
PAA is well positioned to manage through near-term challenges and to
prosper over the intermediate to long term as the industry recovers."
The following table summarizes selected PAA financial information by
segment for the first quarter of 2016:
|
|
|
| |
| |
| |
|
| |
| |
| | Summary of Selected Financial Data by
Segment (1) (unaudited)
| | | | | | | | | | | | | | | |
(in millions)
| | | | | | | | | | | | | | | | | | | | Three Months Ended | | | Three Months Ended | | | | | March 31, 2016 | | | March 31, 2015 | | | | | Transportation | | Facilities | | Supply and Logistics | | | Transportation | | Facilities | | Supply and Logistics |
Reported segment profit
| | | |
$
|
247
| | |
$
|
159
| | |
$
|
37
| | | |
$
|
241
| |
$
|
142
| |
$
|
130
|
Selected items impacting comparability of segment profit (2) | | | |
|
22
|
| |
|
8
|
| |
|
147
|
| | |
|
5
| |
|
2
| |
|
101
| Adjusted segment profit | | | | $ | 269 |
| | $ | 167 |
| | $ | 184 |
| | | $ | 246 | | $ | 144 | | $ | 231 | Percentage change in adjusted segment profit versus 2015 period | | | |
| 9 | % | |
| 16 | % | |
| (20 | )% |
| | | | | | |
|
| | (1) | |
PAA's reported results include the impact of items that affect
comparability between reporting periods. The impact of certain of
these items is excluded from adjusted results. See the section of
this release entitled "Non-GAAP Financial Measures and Selected
Items Impacting Comparability" and the tables attached hereto for
information regarding certain selected items that PAA believes
impact comparability of financial results between reporting
periods.
| (2) | |
Certain of our non-GAAP financial measures may not be impacted by
each of the selected items impacting comparability.
| | |
|
First-quarter 2016 Transportation adjusted segment profit increased 9%
over comparable 2015 results. This increase was primarily driven by
higher crude oil pipeline volumes associated with our Cactus pipeline,
which was placed into service in April 2015, and the expansion of our
pipeline system in the Delaware Basin. Such increases were partially
offset by lower pipeline loss allowance revenues.
First-quarter 2016 Facilities adjusted segment profit increased by 16%
over comparable 2015 results. This increase was primarily due to an
increase in capacity and higher utilization of our crude oil storage
facilities and lower operating expenses.
First-quarter 2016 Supply and Logistics adjusted segment profit
decreased by 20% as compared to 2015 results. This decrease was
primarily driven by lower volumes and margins associated with our U.S.
crude oil lease gathering due to crude oil production declines in
certain basins and the resulting increase in competitive pressures for
lease gathered barrels as well as lower margins from our NGL sales
activities. Such decreases were partially offset by the benefit of
contango storage opportunities.
Plains GP Holdings
PAGP's sole assets are its ownership interest in PAA's general partner
and incentive distribution rights. As the control entity of PAA, PAGP
consolidates PAA's results into its financial statements, which is
reflected in the condensed consolidating balance sheet and income
statement tables included at the end of this release. Information
regarding PAGP's distributions is reflected below:
|
|
|
| |
|
|
| |
|
|
| | | | | | Q1 2016 | | | | Q4 2015 | | | | Q1 2015 | Distribution per Class A share declared for the period | | | |
$
|
0.231
| | | |
$
|
0.231
|
| | | |
$
|
0.222
|
| Q1 2016 distribution percentage growth from prior periods | | | | | | | |
|
-
|
%
| | | |
|
4.1
|
%
| | | | | | | | | | | | |
|
Conference Call
PAA and PAGP will hold a conference call on May 5, 2016 (see details
below). Prior to this conference call, PAA will furnish a current report
on Form 8-K, which will include material in this news release as well as
PAA's financial and operational guidance for the second quarter and full
year of 2016. A copy of the Form 8-K will be available at www.plainsallamerican.com,
where PAA and PAGP routinely post important information.
The PAA and PAGP conference call will be held at 11:00 a.m. ET on
Thursday, May 5, 2016 to discuss the following items:
1. PAA's first-quarter 2016 performance;
2. The status of major expansion projects;
3. Capitalization and liquidity;
4. Financial and operating guidance for the second quarter and full year
of 2016; and
5. PAA and PAGP's outlook for the future.
Conference Call Access Instructions
To access the Internet webcast of the conference call, please go to www.plainsallamerican.com,
under the "Investor Relations" section of the website (Navigate to:
Investor Relations / either "PAA" or "PAGP" / News & Events / Quarterly
Earnings). Following the live webcast, an audio replay in MP3 format
will be available on the website within two hours after the end of the
call and will be accessible for a period of 365 days.
Non-GAAP Financial Measures and Selected Items Impacting
Comparability
To supplement our financial information presented in accordance with
GAAP, management uses additional measures that are known as "non-GAAP
financial measures" (such as adjusted EBITDA and implied distributable
cash flow ("DCF")) in its evaluation of past performance and prospects
for the future. Management believes that the presentation of such
additional financial measures provides useful information to investors
regarding our performance and results of operations because these
measures, when used in conjunction with related GAAP financial measures,
(i) provide additional information about our core operating performance
and ability to generate and distribute cash flow, (ii) provide investors
with the financial analytical framework upon which management bases
financial, operational, compensation and planning decisions and (iii)
present measurements that investors, rating agencies and debt holders
have indicated are useful in assessing us and our results of operations.
These measures may exclude, for example, (i) charges for obligations
that are expected to be settled with the issuance of equity instruments,
(ii) the mark-to-market of derivative instruments that are related to
underlying activities in another period (or the reversal of such
adjustments from a prior period), gains and losses on derivatives that
are related to investing activities (such as the purchase of linefill)
and inventory valuation adjustments, as applicable, (iii) long–term
inventory costing adjustments, (iv) items that are not indicative of our
core operating results and business outlook and/or (v) other items that
we believe should be excluded in understanding our core operating
performance. These measures may further be adjusted to include amounts
related to deficiencies associated with minimum volume commitments
whereby we have billed the counterparties for their deficiency
obligation and such amounts are recognized as deferred revenue in
"Accounts payable and accrued liabilities" in our Condensed Consolidated
Financial Statements. Such amounts are presented net of applicable
amounts subsequently recognized into revenue. We have defined all such
items as "Selected Items Impacting Comparability." Due to the nature of
the selected items, certain selected items impacting comparability may
impact certain non-GAAP financial measures, referred to as adjusted
results, but not impact other non-GAAP financial measures. We consider
an understanding of these selected items impacting comparability to be
material to the evaluation of our operating results and prospects.
Although we present selected items that we consider in evaluating our
performance, you should also be aware that the items presented do not
represent all items that affect comparability between the periods
presented. Variations in our operating results are also caused by
changes in volumes, prices, exchange rates, mechanical interruptions,
acquisitions and numerous other factors. These types of variations are
not separately identified in this release, but will be discussed, as
applicable, in management's discussion and analysis of operating results
in our Quarterly Report on Form 10-Q.
Adjusted EBITDA and other non-GAAP financial measures are reconciled to
the most comparable measures as reported in accordance with GAAP for the
periods presented in the tables attached to this release, and should be
viewed in addition to, and not in lieu of, our Condensed Consolidated
Financial Statements and notes thereto. In addition, PAA maintains on
its website (www.plainsallamerican.com)
a reconciliation of adjusted EBITDA and certain commonly used non-GAAP
financial information to the most comparable GAAP measures. To access
the information, investors should click on "PAA" under the "Investor
Relations" tab on the home page, select the "Financial Information" tab
and navigate to the "Non-GAAP Reconciliations" link.
Forward Looking Statements
Except for the historical information contained herein, the matters
discussed in this release consist of forward-looking statements that
involve certain risks and uncertainties that could cause actual results
or outcomes to differ materially from results or outcomes anticipated in
the forward-looking statements. These risks and uncertainties include,
among other things, declines in the volume of crude oil, refined product
and NGL shipped, processed, purchased, stored, fractionated and/or
gathered at or through the use of our assets, whether due to declines in
production from existing oil and gas reserves, failure to develop or
slowdown in the development of additional oil and gas reserves, whether
from reduced cash flow to fund drilling or the inability to access
capital, or other factors; the effects of competition; failure to
implement or capitalize, or delays in implementing or capitalizing, on
expansion projects; unanticipated changes in crude oil market structure,
grade differentials and volatility (or lack thereof); environmental
liabilities or events that are not covered by an indemnity, insurance or
existing reserves; fluctuations in refinery capacity in areas supplied
by our mainlines and other factors affecting demand for various grades
of crude oil, refined products and natural gas and resulting changes in
pricing conditions or transportation throughput requirements; the
occurrence of a natural disaster, catastrophe, terrorist attack or other
event, including attacks on our electronic and computer systems;
maintenance of our credit rating and ability to receive open credit from
our suppliers and trade counterparties; tightened capital markets or
other factors that increase our cost of capital or limit our ability to
obtain debt or equity financing on satisfactory terms to fund additional
acquisitions, expansion projects, working capital requirements and the
repayment or refinancing of indebtedness; the currency exchange rate of
the Canadian dollar; continued creditworthiness of, and performance by,
our counterparties, including financial institutions and trading
companies with which we do business; inability to recognize current
revenue attributable to deficiency payments received from customers who
fail to ship or move more than minimum contracted volumes until the
related credits expire or are used; non-utilization of our assets and
facilities; increased costs, or lack of availability, of insurance;
weather interference with business operations or project construction,
including the impact of extreme weather events or conditions; the
availability of, and our ability to consummate, acquisition or
combination opportunities; the successful integration and future
performance of acquired assets or businesses and the risks associated
with operating in lines of business that are distinct and separate from
our historical operations; the effectiveness of our risk management
activities; shortages or cost increases of supplies, materials or labor;
the impact of current and future laws, rulings, governmental
regulations, accounting standards and statements and related
interpretations; fluctuations in the debt and equity markets, including
the price of our units at the time of vesting under our long-term
incentive plans; risks related to the development and operation of our
assets, including our ability to satisfy our contractual obligations to
our customers; factors affecting demand for natural gas and natural gas
storage services and rates; general economic, market or business
conditions and the amplification of other risks caused by volatile
financial markets, capital constraints and pervasive liquidity concerns;
and other factors and uncertainties inherent in the transportation,
storage, terminalling and marketing of crude oil and refined products,
as well as in the storage of natural gas and the processing,
transportation, fractionation, storage and marketing of natural gas
liquids as discussed in the Partnerships' filings with the Securities
and Exchange Commission.
Plains All American Pipeline, L.P. is a publicly traded master limited
partnership that owns and operates midstream energy infrastructure and
provides logistics services for crude oil, natural gas liquids ("NGL"),
natural gas and refined products. PAA owns an extensive network of
pipeline transportation, terminalling, storage and gathering assets in
key crude oil and NGL producing basins and transportation corridors and
at major market hubs in the United States and Canada. On average, PAA
handles over 4.6 million barrels per day of crude oil and NGL in its
Transportation segment. PAA is headquartered in Houston, Texas.
Plains GP Holdings is a publicly traded entity that owns an interest in
the general partner and incentive distribution rights of Plains All
American Pipeline, L.P., one of the largest energy infrastructure and
logistics companies in North America. PAGP is headquartered in Houston,
Texas.
|
|
| |
|
|
| | PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES | FINANCIAL SUMMARY (unaudited)
|
|
|
|
|
|
|
| | | | | | | |
| CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS(1) | | | | | | | |
(in millions, except per unit data)
| | | | | | | | | | | Three Months Ended | | | | March 31, | | | | 2016 | | | | 2015 | | | | | | | |
| REVENUES | | |
$
|
4,111
| | | | |
$
|
5,942
| | | | | | | | |
| COSTS AND EXPENSES | | | | | | | |
Purchases and related costs
| | | |
3,348
| | | | | |
5,042
| |
Field operating costs
| | | |
300
| | | | | |
346
| |
General and administrative expenses
| | | |
67
| | | | | |
78
| |
Depreciation and amortization
| | |
|
114
|
| | | |
|
104
|
|
Total costs and expenses
| | | |
3,829
| | | | | |
5,570
| | | | | | | | |
| OPERATING INCOME | | | |
282
| | | | | |
372
| | | | | | | | |
| OTHER INCOME/(EXPENSE) | | | | | | | |
Equity earnings in unconsolidated entities
| | | |
47
| | | | | |
37
| |
Interest expense, net
| | | |
(112
|
)
| | | | |
(105
|
)
|
Other income/(expense), net
| | |
|
5
|
| | | |
|
(4
|
)
| | | | | | | |
| INCOME BEFORE TAX | | | |
222
| | | | | |
300
| |
Current income tax expense
| | | |
(31
|
)
| | | | |
(42
|
)
|
Deferred income tax benefit
| | |
|
12
|
| | | |
|
26
|
| | | | | | | |
| NET INCOME | | | |
203
| | | | | |
284
| |
Net income attributable to noncontrolling interests
| | |
|
(1
|
)
| | | |
|
(1
|
)
| NET INCOME ATTRIBUTABLE TO PAA | | |
$
|
202
|
| | | |
$
|
283
|
| | | | | | | |
| NET INCOME PER COMMON UNIT: | | | | | | | |
Net income attributable to common unitholders -- Basic
| | |
$
|
28
| | | | |
$
|
136
| |
Basic weighted average common units outstanding
| | | |
398
| | | | | |
383
| |
Basic net income per common unit
| | |
$
|
0.07
|
| | | |
$
|
0.36
|
| | | | | | | |
|
Net income attributable to common unitholders -- Diluted
| | |
$
|
28
| | | | |
$
|
136
| |
Diluted weighted average common units outstanding
| | | |
399
| | | | | |
385
| |
Diluted net income per common unit
| | |
$
|
0.07
|
| | | |
$
|
0.35
|
| | | | | | | |
| (1) The 2015 periods have been retroactively adjusted
to reflect the reclassification of the amortization of debt
issuance costs from "Depreciation and amortization" to "Interest
expense, net" as a result of our adoption of revised debt issuance
costs guidance issued by the FASB.
|
|
|
|
|
|
|
|
| ADJUSTED RESULTS | | | | | | | |
(in millions, except per unit data)
| | | Three Months Ended | | | | March 31, | | | | 2016 | | | | 2015 | | | | | | | |
| ADJUSTED NET INCOME ATTRIBUTABLE TO PAA | | |
$
|
355
|
| | | |
$
|
369
|
| | | | | | | |
| DILUTED ADJUSTED NET INCOME PER COMMON UNIT | | |
$
|
0.45
|
| | | |
$
|
0.57
|
| | | | | | | |
| ADJUSTED EBITDA | | |
$
|
621
|
| | | |
$
|
622
|
|
|
|
| |
|
|
| | PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES | | | | | | | | FINANCIAL SUMMARY (unaudited)
|
|
|
|
|
|
|
| | | | | | | |
| CONDENSED CONSOLIDATED BALANCE SHEET DATA | | | | | | | |
(in millions)
| | | | | | | | | | | March 31, | | | | December 31, | | | | 2016 | | | | 2015 | ASSETS | | | | | | | |
Current assets
| | |
$
|
2,780
| | | | |
$
|
2,969
| |
Property and equipment, net
| | | |
13,670
| | | | | |
13,474
| |
Goodwill
| | | |
2,405
| | | | | |
2,405
| |
Investments in unconsolidated entities
| | | |
2,097
| | | | | |
2,027
| |
Linefill and base gas
| | | |
899
| | | | | |
898
| |
Long-term inventory
| | | |
112
| | | | | |
129
| |
Other long-term assets, net
| | |
|
334
|
| | | |
|
386
|
|
Total assets
| | |
$
|
22,297
|
| | | |
$
|
22,288
|
| | | | | | | |
| LIABILITIES AND PARTNERS' CAPITAL | | | | | | | |
Current liabilities
| | |
$
|
3,063
| | | | |
$
|
3,407
| |
Senior notes, net of unamortized discounts and debt issuance costs
| | | |
9,126
| | | | | |
9,698
| |
Other long-term debt
| | | |
27
| | | | | |
677
| |
Other long-term liabilities and deferred credits
| | |
|
710
|
| | | |
|
567
|
|
Total liabilities
| | | |
12,926
| | | | | |
14,349
| | | | | | | | |
|
Partners' capital excluding noncontrolling interests
| | | |
9,313
| | | | | |
7,881
| |
Noncontrolling interests
| | |
|
58
|
| | | |
|
58
|
|
Total partners' capital
| | |
|
9,371
|
| | | |
|
7,939
|
|
Total liabilities and partners' capital
| | |
$
|
22,297
|
| | | |
$
|
22,288
|
| | | | | | | |
| DEBT CAPITALIZATION RATIOS | | | | | | | |
(in millions)
| | | | | | | | | | | March 31, | | | | December 31, | | | | 2016 | | | | 2015 |
Short-term debt
| | |
$
|
715
| | | | |
$
|
999
| |
Long-term debt
| | |
|
9,153
|
| | | |
|
10,375
|
|
Total debt
| | |
$
|
9,868
|
| | | |
$
|
11,374
|
| | | | | | | |
|
Long-term debt
| | |
$
|
9,153
| | | | |
$
|
10,375
| |
Partners' capital
| | |
|
9,371
|
| | | |
|
7,939
|
|
Total book capitalization
| | |
$
|
18,524
|
| | | |
$
|
18,314
|
|
Total book capitalization, including short-term debt
| | |
$
|
19,239
|
| | | |
$
|
19,313
|
| | | | | | | |
|
Long-term debt-to-total book capitalization
| | | |
49
|
%
| | | | |
57
|
%
|
Total debt-to-total book capitalization, including short-term debt
| | | |
51
|
%
| | | | |
59
|
%
|
|
|
| |
|
| |
|
| |
|
| |
|
| |
|
| | PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES | | | | | | | | | | | | | | | | | | | FINANCIAL SUMMARY (unaudited)
| | | | | | | | | | | | | | | | | | |
| SELECTED FINANCIAL DATA BY SEGMENT | | | | | | | | | | | | | | | | | | |
(in millions)
| | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | | Three Months Ended | | | | March 31, 2016 | | | March 31, 2015 | | | | | | | | | | Supply and | | | | | | | | | Supply and | | | | Transportation | | | Facilities | | | Logistics | | | Transportation | | | Facilities | | | Logistics |
Revenues (1) | | |
$
|
383
| | | |
$
|
265
| | | |
$
|
3,821
| | | |
$
|
400
| | | |
$
|
257
| | | |
$
|
5,634
| |
Purchases and related costs (1) | | | |
(21
|
)
| | | |
(5
|
)
| | | |
(3,677
|
)
| | | |
(30
|
)
| | | |
(4
|
)
| | | |
(5,353
|
)
|
Field operating costs (1) (2) | | | |
(137
|
)
| | | |
(85
|
)
| | | |
(81
|
)
| | | |
(136
|
)
| | | |
(91
|
)
| | | |
(118
|
)
|
Equity-indexed compensation expense - operations
| | | |
-
| | | | |
-
| | | | |
-
| | | | |
(3
|
)
| | | |
(1
|
)
| | | |
(1
|
)
|
Segment general and administrative expenses (2) (3) | | | |
(23
|
)
| | | |
(15
|
)
| | | |
(25
|
)
| | | |
(22
|
)
| | | |
(15
|
)
| | | |
(27
|
)
|
Equity-indexed compensation expense - general and administrative
| | | |
(2
|
)
| | | |
(1
|
)
| | | |
(1
|
)
| | | |
(5
|
)
| | | |
(4
|
)
| | | |
(5
|
)
|
Equity earnings in unconsolidated entities
| | |
|
47
|
| | |
|
-
|
| | |
|
-
|
| | |
|
37
|
| | |
|
-
|
| | |
|
-
|
|
Reported segment profit
| | |
$
|
247
| | | |
$
|
159
| | | |
$
|
37
| | | | |
241
| | | | |
142
| | | | |
130
| |
Selected items impacting comparability of segment profit (4) | | |
|
22
|
| | |
|
8
|
| | |
|
147
|
| | |
|
5
|
| | |
|
2
|
| | |
|
101
|
|
Adjusted segment profit
| | |
$
|
269
|
| | |
$
|
167
|
| | |
$
|
184
|
| | |
$
|
246
|
| | |
$
|
144
|
| | |
$
|
231
|
| | | | | | | | | | | | | | | | | | |
|
Maintenance capital
| | |
$
|
35
|
| | |
$
|
9
|
| | |
$
|
3
|
| | |
$
|
33
|
| | |
$
|
15
|
| | |
$
|
2
|
|
|
| | (1) | |
Includes intersegment amounts.
| (2) | |
Field operating costs and Segment general and administrative
expenses exclude equity-indexed compensation expense, which is
presented separately in the table above.
| (3) | |
Segment general and administrative expenses reflect direct costs
attributable to each segment and an allocation of other expenses
to the segments. The proportional allocations by segment require
judgment by management and are based on the business activities
that exist during each period.
| (4) | |
Certain of our non-GAAP financial measures may not be impacted by
each of the selected items impacting comparability.
|
|
|
| |
|
|
| | PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES | | | | | | | | FINANCIAL SUMMARY (unaudited)
| | | | | | | |
| OPERATING DATA(1) | | | | | | | | | | | Three Months Ended | | | | March 31, | | | | 2016 | | | | 2015 | | | | | | | |
| Transportation segment (average daily volumes in thousands of
barrels per day): | | | | | | | |
Volumes from tariff activities
| | | | | | | |
Crude oil pipelines (by region):
| | | | | | | |
Permian Basin (2) | | |
2,045
| | | |
1,658
|
South Texas / Eagle Ford (2) | | |
313
| | | |
263
|
Western
| | |
175
| | | |
268
|
Rocky Mountain (2) | | |
437
| | | |
453
|
Gulf Coast
| | |
581
| | | |
441
|
Central
| | |
379
| | | |
435
|
Canada
| | |
394
| | | |
414
|
Crude oil pipelines
| | |
4,324
| | | |
3,932
|
NGL pipelines
| | |
178
| | | |
191
|
Total volumes from tariff activities
| | |
4,502
| | | |
4,123
|
Trucking
| | |
106
| | | |
121
|
Transportation segment total volumes
| | |
4,608
| | | |
4,244
| | | | | | | |
| Facilities segment (average monthly volumes): | | | | | | | |
Crude oil, refined products and NGL terminalling and storage
| | | | | | | |
(average monthly capacity in millions of barrels)
| | |
105
| | | |
99
|
Rail load / unload volumes
| | | | | | | |
(average volumes in thousands of barrels per day)
| | |
91
| | | |
206
|
Natural gas storage
| | | | | | | |
(average monthly working capacity in billions of cubic feet)
| | |
97
| | | |
97
|
NGL fractionation
| | | | | | | |
(average volumes in thousands of barrels per day)
| | |
115
| | | |
102
|
Facilities segment total volumes
| | | | | | | |
(average monthly volumes in millions of barrels) ((3))
| | |
127
| | | |
124
| | | | | | | |
| Supply and Logistics segment (average daily volumes in thousands
of barrels per day): | | | | | | | |
Crude oil lease gathering purchases
| | |
913
| | | |
981
|
NGL sales
| | |
308
| | | |
286
|
Waterborne cargos
| | |
7
| | | |
-
|
Supply and Logistics segment total volumes
| | |
1,228
| | | |
1,267
|
|
| | (1) | |
Average volumes are calculated as total volumes for the period
(attributable to our interest) divided by the number of days or
months in the period.
| (2) | |
Region includes volumes (attributable to our interest) from
pipelines owned by unconsolidated entities.
| (3) | |
Facilities segment total is calculated as the sum of: (i) crude
oil, refined products and NGL terminalling and storage capacity;
(ii) rail load and unload volumes multiplied by the number of days
in the period and divided by the number of months in the period;
(iii) natural gas storage working capacity divided by 6 to account
for the 6:1 mcf of natural gas to crude Btu equivalent ratio and
further divided by 1,000 to convert to monthly volumes in
millions; and (iv) NGL fractionation volumes multiplied by the
number of days in the period and divided by the number of months
in the period.
|
|
|
|
| |
|
|
| | PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES | | | | | | | | | FINANCIAL SUMMARY (unaudited)
|
|
|
|
|
|
|
|
| | | | | | | | |
| COMPUTATION OF BASIC AND DILUTED NET
INCOME PER COMMON UNIT | | | | | | | | |
(in millions, except per unit data)
| | | | | | | | | | | | | Three Months Ended | | | | | March 31, | | | | | 2016 | | | | 2015 | Basic Net Income per Common Unit | | | | | | | | |
Net income attributable to PAA
| | | |
$
|
202
| | | | |
$
|
283
| |
Less: Distributions to Series A preferred units (1) | | | | |
(23
|
)
| | | | |
-
| |
Less: Distributions to general partner (1) | | | | |
(155
|
)
| | | | |
(148
|
)
|
Less: Distributions to participating securities (1) | | | | |
(1
|
)
| | | | |
(2
|
)
|
Less: Undistributed loss allocated to general partner (1) | | | |
|
5
|
| | | |
|
3
|
|
Net income attributable to common unitholders in accordance with
application of the two-class method for MLPs
| | | |
$
|
28
|
| | | |
$
|
136
|
| | | | | | | | |
|
Basic weighted average common units outstanding
| | | | |
398
| | | | | |
383
| | | | | | | | | |
|
Basic net income per common unit
| | | |
$
|
0.07
|
| | | |
$
|
0.36
|
| | | | | | | | |
| Diluted Net Income per Common Unit | | | | | | | | |
Net income attributable to PAA
| | | |
$
|
202
| | | | |
$
|
283
| |
Less: Distributions to Series A preferred units (1) | | | | |
(23
|
)
| | | | |
-
| |
Less: Distributions to general partner (1) | | | | |
(155
|
)
| | | | |
(148
|
)
|
Less: Distributions to participating securities (1) | | | | |
(1
|
)
| | | | |
(2
|
)
|
Less: Undistributed loss allocated to general partner (1) | | | |
|
5
|
| | | |
|
3
|
|
Net income attributable to common unitholders in accordance with
application of the two-class method for MLPs
| | | |
$
|
28
|
| | | |
$
|
136
|
| | | | | | | | |
|
Basic weighted average common units outstanding
| | | | |
398
| | | | | |
383
| |
Effect of dilutive securities: Weighted average LTIP units (2) | | | |
|
1
|
| | | |
|
2
|
|
Diluted weighted average common units outstanding
| | | |
|
399
|
| | | |
|
385
|
| | | | | | | | |
|
Diluted net income per common unit (3) | | | |
$
|
0.07
|
| | | |
$
|
0.35
|
|
|
| | (1) | |
We calculate net income attributable to common unitholders based
on the distributions pertaining to the current period's net
income. After adjusting for the appropriate period's
distributions, the remaining undistributed earnings or excess
distributions over earnings, if any, are allocated to the general
partner, common unitholders and participating securities in
accordance with the contractual terms of the partnership agreement
and as further prescribed under the two-class method.
| (2) | |
Our Long-term Incentive Plan ("LTIP") awards that contemplate the
issuance of common units are considered dilutive unless (i)
vesting occurs only upon the satisfaction of a performance
condition and (ii) that performance condition has yet to be
satisfied. LTIP awards that are deemed to be dilutive are reduced
by a hypothetical unit repurchase based on the remaining
unamortized fair value, as prescribed by the treasury stock method
in guidance issued by the FASB.
| (3) | |
The Series A preferred units were excluded from the calculation of
diluted net income per common unit as the effect was antidilutive.
|
|
| |
| | PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES | | | | | FINANCIAL SUMMARY (unaudited)
|
|
|
|
| | | | |
| SELECTED ITEMS IMPACTING COMPARABILITY | | | | |
(in millions, except per unit data)
| | | | | | | Three Months Ended | | | March 31, | | | 2016 | | 2015 | Selected Items Impacting Comparability(1): | | | | |
Gains/(losses) from derivative activities net of inventory valuation
adjustments (2) | |
$
|
(122
|
)
| |
$
|
(91
|
)
|
Deficiencies under minimum volume commitments, net (3) | | |
(27
|
)
| | |
-
| |
Long-term inventory costing adjustments (4) | | |
(23
|
)
| | |
(38
|
)
|
Equity-indexed compensation expense (5) | | |
(4
|
)
| | |
(11
|
)
|
Net gain on foreign currency revaluation
| | |
3
| | | |
27
| |
Tax effect on selected items impacting comparability
| |
|
20
|
| |
|
27
|
|
Selected items impacting comparability of net income attributable to
PAA
| |
$
|
(153
|
)
| |
$
|
(86
|
)
| | | | |
|
Impact to basic net income per common unit
| |
$
|
(0.38
|
)
| |
$
|
(0.22
|
)
|
Impact to diluted net income per common unit
| |
$
|
(0.38
|
)
| |
$
|
(0.22
|
)
| | | | | | | | |
|
(1) |
|
Certain of our non-GAAP financial measures may not be impacted by
each of the selected items impacting comparability.
| (2) | |
Includes mark-to-market and other gains and losses resulting from
derivative instruments that are related to underlying activities
in another period (or the reversal of mark-to-market gains
and losses from a prior period), gains and losses on derivatives
that are related to investing activities (such as the purchase of
linefill) and inventory valuation adjustments, as applicable.
| (3) | |
Includes the impact of amounts billed to counterparties for their
deficiency obligation under agreements with minimum volume
commitments, net of applicable amounts subsequently
recognized into revenue.
| (4) | |
Includes the impact of changes in the average cost of long-term
inventory that result from fluctuations in market prices and
writedowns of such inventory that result from price declines.
Long-term inventory consists of minimum working inventory
requirements in third-party assets and other working inventory
needed for our commercial operations. We consider this
inventory necessary to conduct our operations and we intend to
carry this inventory for the foreseeable future. Therefore, we
classify this inventory as long-term on our balance sheet and
do not hedge the inventory with derivative instruments (similar to
linefill in our own assets).
| (5) | |
Includes equity-indexed compensation expense associated with LTIP
awards that will or may be settled in units, as the dilutive
impact of these outstanding awards is included in our diluted
net income per unit calculation and the majority of these awards
are expected to be settled in units.
|
|
| |
| | PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES | | | | | FINANCIAL SUMMARY (unaudited)
|
|
|
|
| | | | |
| COMPUTATION OF ADJUSTED BASIC AND DILUTED
NET INCOME PER COMMON UNIT | | | | |
(in millions, except per unit data)
| | | | | | | Three Months Ended | | | March 31, | | | 2016 | | 2015 | Basic Adjusted Net Income per Common Unit | | | | |
Net income attributable to PAA
| |
$
|
202
| | |
$
|
283
| |
Selected items impacting comparability of net income attributable to
PAA (1) | |
|
153
|
| |
|
86
|
|
Adjusted net income attributable to PAA
| | |
355
| | | |
369
| |
Less: Distributions to Series A preferred units (2) | | |
(23
|
)
| | |
-
| |
Less: Distributions to general partner (2) | | |
(155
|
)
| | |
(148
|
)
|
Less: Distributions to participating securities (2) | | |
(1
|
)
| | |
(2
|
)
|
Less: Undistributed loss allocated to general partner (2) | |
|
3
|
| |
|
1
|
|
Adjusted net income attributable to common unitholders in accordance
with application of the two-class method for MLPs
| |
$
|
179
|
| |
$
|
220
|
| | | | |
|
Basic weighted average common units outstanding
| | |
398
| | | |
383
| | | | | |
|
Basic adjusted net income per common unit
| |
$
|
0.45
|
| |
$
|
0.58
|
| | | | |
| Diluted Adjusted Net Income per Common Unit | | | | |
Net income attributable to PAA
| |
$
|
202
| | |
$
|
283
| |
Selected items impacting comparability of net income attributable to
PAA (1) | |
|
153
|
| |
|
86
|
|
Adjusted net income attributable to PAA
| | |
355
| | | |
369
| |
Less: Distributions to Series A preferred units (2) | | |
(23
|
)
| | |
-
| |
Less: Distributions to general partner (2) | | |
(155
|
)
| | |
(148
|
)
|
Less: Distributions to participating securities (2) | | |
(1
|
)
| | |
(2
|
)
|
Less: Undistributed loss allocated to general partner (2) | |
|
3
|
| |
|
1
|
|
Adjusted net income attributable to common unitholders in accordance
with application of the two-class method for MLPs
| |
$
|
179
|
| |
$
|
220
|
| | | | |
|
Diluted weighted average common units outstanding
| | |
399
| | | |
385
| | | | | |
|
Diluted adjusted net income per common unit (3) | |
$
|
0.45
|
| |
$
|
0.57
|
| | | | | | | | |
|
(1) |
|
Certain of our non-GAAP financial measures may not be impacted by
each of the selected items impacting comparability.
| (2) | |
We calculate adjusted net income attributable to common
unitholders based on the distributions pertaining to the current
period's net income. After adjusting for the appropriate period's
distributions, the
remaining undistributed earnings or excess distributions over
earnings, if any, are allocated to the general partner, common
unitholders and participating securities in accordance with the
contractual terms of
the partnership agreement and as further prescribed under the
two-class method.
| (3) | |
The Series A preferred units were excluded from the calculation of
diluted net income per common unit as the effect was antidilutive.
|
| PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES | FINANCIAL SUMMARY (unaudited)
| |
| |
| | FINANCIAL DATA RECONCILIATIONS | | | | |
(in millions)
| | Three Months Ended | | | March 31, | | | 2016 | | 2015 | Net Income to Earnings Before Interest, Taxes, Depreciation and
Amortization ("EBITDA") and | Excluding Selected Items Impacting Comparability ("Adjusted
EBITDA") Reconciliations |
Net Income
| |
$
|
203
| | |
$
|
284
| |
Add: Interest expense, net
| | |
112
| | | |
105
| |
Add: Income tax expense
| | |
19
| | | |
16
| |
Add: Depreciation and amortization
| |
|
114
|
| |
|
104
|
|
EBITDA
| | |
448
| | | |
509
| |
Selected items impacting comparability of EBITDA (1) | |
|
173
|
| |
|
113
|
|
Adjusted EBITDA
| |
$
|
621
|
| |
$
|
622
|
| | | | |
| (1) Certain of our non-GAAP financial measures may not be
impacted by each of the selected items impacting comparability.
| | | | | | |
| | | Three Months Ended | | | March 31, | | | 2016 | | 2015 | Adjusted EBITDA to Implied Distributable Cash Flow ("DCF")
Reconciliation | | | | |
Adjusted EBITDA
| |
$
|
621
| | |
$
|
622
| |
Interest expense, net (1) | | |
(108
|
)
| | |
(101
|
)
|
Maintenance capital
| | |
(47
|
)
| | |
(50
|
)
|
Current income tax expense
| | |
(31
|
)
| | |
(42
|
)
|
Equity earnings in unconsolidated entities, net of distributions
| | |
5
| | | |
17
| |
Distributions to noncontrolling interests (2) | |
|
(1
|
)
| |
|
(1
|
)
|
Implied DCF
| |
$
|
439
|
| |
$
|
445
|
| | | | |
| (1) Excludes certain non-cash items impacting interest
expense such as amortization of debt issuance costs and terminated
interest rate swaps.
| (2) Includes distributions that pertain to the current
period's net income, which are paid in the subsequent period.
| | | | | | | | |
| | | Three Months Ended | | | March 31, | | | 2016 | | 2015 | Net Cash Provided by Operating Activities Reconciliation | | | | |
EBITDA
| |
$
|
448
| | |
$
|
509
| |
Current income tax expense
| | |
(31
|
)
| | |
(42
|
)
|
Interest expense, net (1) | | |
(108
|
)
| | |
(101
|
)
|
Net change in assets and liabilities, net of acquisitions
| | |
322
| | | |
347
| |
Other items to reconcile to net cash provided by operating
activities:
| | | | |
Equity-indexed compensation expense
| |
|
4
|
| |
|
19
|
|
Net cash provided by operating activities
| |
$
|
635
|
| |
$
|
732
|
| | | | |
| (1) Excludes certain non-cash items impacting interest
expense such as amortization of debt issuance costs and terminated
interest rate swaps.
|
|
| PLAINS GP HOLDINGS AND SUBSIDIARIES | FINANCIAL SUMMARY (unaudited)
| |
| |
| |
| |
|
| |
| |
| | CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS
(1) | | | | | | | | | |
(in millions, except per share data)
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Three Months Ended | | | Three Months Ended | | | March 31, 2016 | | | March 31, 2015 | | | PAA | | Consolidating Adjustments (2) | | PAGP | | | PAA | | Consolidating Adjustments (2) | | PAGP | | | | | | | | | | | | | |
| REVENUES | |
$
|
4,111
| | |
$
|
-
| | |
$
|
4,111
| | | |
$
|
5,942
| | |
$
|
-
| | |
$
|
5,942
| | | | | | | | | | | | | | |
| COSTS AND EXPENSES | | | | | | | | | | | | | |
Purchases and related costs
| | |
3,348
| | | |
-
| | | |
3,348
| | | | |
5,042
| | | |
-
| | | |
5,042
| |
Field operating costs
| | |
300
| | | |
-
| | | |
300
| | | | |
346
| | | |
-
| | | |
346
| |
General and administrative expenses
| | |
67
| | | |
1
| | | |
68
| | | | |
78
| | | |
1
| | | |
79
| |
Depreciation and amortization
| |
|
114
|
| |
|
-
|
| |
|
114
|
| | |
|
104
|
| |
|
1
|
| |
|
105
|
|
Total costs and expenses
| | |
3,829
| | | |
1
| | | |
3,830
| | | | |
5,570
| | | |
2
| | | |
5,572
| | | | | | | | | | | | | | |
| OPERATING INCOME | | |
282
| | | |
(1
|
)
| | |
281
| | | | |
372
| | | |
(2
|
)
| | |
370
| | | | | | | | | | | | | | |
| OTHER INCOME/(EXPENSE) | | | | | | | | | | | | | |
Equity earnings in unconsolidated entities
| | |
47
| | | |
-
| | | |
47
| | | | |
37
| | | |
-
| | | |
37
| |
Interest expense, net
| | |
(112
|
)
| | |
(4
|
)
| | |
(116
|
)
| | | |
(105
|
)
| | |
(2
|
)
| | |
(107
|
)
|
Other income/(expense), net
| |
|
5
|
| |
|
-
|
| |
|
5
|
| | |
|
(4
|
)
| |
|
-
|
| |
|
(4
|
)
| | | | | | | | | | | | | |
| INCOME BEFORE TAX | | |
222
| | | |
(5
|
)
| | |
217
| | | | |
300
| | | |
(4
|
)
| | |
296
| |
Current income tax expense
| | |
(31
|
)
| | |
-
| | | |
(31
|
)
| | | |
(42
|
)
| | |
-
| | | |
(42
|
)
|
Deferred income tax (expense)/benefit
| |
|
12
|
| |
|
(21
|
)
| |
|
(9
|
)
| | |
|
26
|
| |
|
(18
|
)
| |
|
8
|
| | | | | | | | | | | | | |
| NET INCOME | | |
203
| | | |
(26
|
)
| | |
177
| | | | |
284
| | | |
(22
|
)
| | |
262
| |
Net income attributable to noncontrolling interests
| |
|
(1
|
)
| |
|
(140
|
)
| |
|
(141
|
)
| | |
|
(1
|
)
| |
|
(230
|
)
| |
|
(231
|
)
| NET INCOME ATTRIBUTABLE TO PAGP | |
$
|
202
|
| |
$
|
(166
|
)
| |
$
|
36
|
| | |
$
|
283
|
| |
$
|
(252
|
)
| |
$
|
31
|
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| BASIC AND DILUTED NET INCOME PER CLASS A SHARE | | | |
$
|
0.14
|
| | | | | | |
$
|
0.14
|
| | | | | | | | | | | | | |
| BASIC AND DILUTED WEIGHTED AVERAGE CLASS A SHARES OUTSTANDING | |
|
253
|
| | | | | | |
|
212
|
| | | | | | | | | | | | | |
|
(1) |
|
The 2015 periods have been retroactively adjusted to reflect the
reclassification of the amortization of debt issuance costs from
"Depreciation and amortization" to "Interest expense, net" as a
result of our adoption of revised debt issuance costs guidance
issued by the FASB.
| (2) | |
Represents the aggregate consolidating adjustments necessary to
produce consolidated financial statements for PAGP.
|
| |
|
| |
| |
| | PLAINS GP HOLDINGS AND SUBSIDIARIES | | | | | | | | | FINANCIAL SUMMARY (unaudited) |
|
|
|
|
|
|
|
| | | | | | | | |
| CONDENSED CONSOLIDATING BALANCE SHEET DATA | | | | | | | | |
(in millions)
|
| |
| |
| | | | | | | | | | | March 31, 2016 | | | December 31, 2015 | | | PAA | | Consolidating Adjustments (1) | | PAGP | | | PAA | | Consolidating Adjustments (2) | | PAGP | ASSETS | | | | | | | | | | | | | |
Current assets
| |
$
|
2,780
| |
$
|
4
| | |
$
|
2,784
| | |
$
|
2,969
| |
$
|
3
| | |
$
|
2,972
|
Property and equipment, net
| | |
13,670
| | |
19
| | | |
13,689
| | | |
13,474
| | |
19
| | | |
13,493
|
Goodwill
| | |
2,405
| | |
-
| | | |
2,405
| | | |
2,405
| | |
-
| | | |
2,405
|
Investments in unconsolidated entities
| | |
2,097
| | |
-
| | | |
2,097
| | | |
2,027
| | |
-
| | | |
2,027
|
Deferred tax asset
| | |
-
| | |
1,907
| | | |
1,907
| | | |
-
| | |
1,835
| | | |
1,835
|
Linefill and base gas
| | |
899
| | |
-
| | | |
899
| | | |
898
| | |
-
| | | |
898
|
Long-term inventory
| | |
112
| | |
-
| | | |
112
| | | |
129
| | |
-
| | | |
129
|
Other long-term assets, net
| |
|
334
| |
|
(2
|
)
| |
|
332
| | |
|
386
| |
|
(3
|
)
| |
|
383
|
Total assets
| |
$
|
22,297
| |
$
|
1,928
|
| |
$
|
24,225
| | |
$
|
22,288
| |
$
|
1,854
|
| |
$
|
24,142
| | | | | | | | | | | | | |
| LIABILITIES AND PARTNERS' CAPITAL | | | | | | | | | | | | | |
Current liabilities
| |
$
|
3,063
| |
$
|
3
| | |
$
|
3,066
| | |
$
|
3,407
| |
$
|
2
| | |
$
|
3,409
|
Senior notes, net of unamortized discounts and debt issuance costs
| | |
9,126
| | |
-
| | | |
9,126
| | | |
9,698
| | |
-
| | | |
9,698
|
Other long-term debt, net of unamortized debt issuance costs
| | |
27
| | |
591
| | | |
618
| | | |
677
| | |
557
| | | |
1,234
|
Other long-term liabilities and deferred credits
| |
|
710
| |
|
-
|
| |
|
710
| | |
|
567
| |
|
-
|
| |
|
567
|
Total liabilities
| | |
12,926
| | |
594
| | | |
13,520
| | | |
14,349
| | |
559
| | | |
14,908
| | | | | | | | | | | | | |
|
Partners' capital excluding noncontrolling interests
| | |
9,313
| | |
(7,492
|
)
| | |
1,821
| | | |
7,881
| | |
(6,119
|
)
| | |
1,762
|
Noncontrolling interests
| |
|
58
| |
|
8,826
|
| |
|
8,884
| | |
|
58
| |
|
7,414
|
| |
|
7,472
|
Total partners' capital
| |
|
9,371
| |
|
1,334
|
| |
|
10,705
| | |
|
7,939
| |
|
1,295
|
| |
|
9,234
|
Total liabilities and partners' capital
| |
$
|
22,297
| |
$
|
1,928
|
| |
$
|
24,225
| | |
$
|
22,288
| |
$
|
1,854
|
| |
$
|
24,142
| | | | | | | | | | | | | | | | | | | | | |
|
(1) |
|
Represents the aggregate consolidating adjustments necessary to
produce consolidated financial statements for PAGP.
|
|
| | PLAINS GP HOLDINGS AND SUBSIDIARIES | | | DISTRIBUTION SUMMARY (unaudited)
|
|
| | |
| Q1 2016 PAGP DISTRIBUTION SUMMARY | | |
(in millions, except per unit and per share data)
| | | | |
| | | Q1 2016 (1) |
PAA Distribution/Common Unit
| |
$
|
0.7000
| |
GP Distribution/Common Unit
| |
$
|
0.3885
|
|
Total Distribution/Common Unit
| |
$
|
1.0885
|
| | |
|
PAA Common Units Outstanding at 4/29/16
| | |
398
| | | |
|
Gross GP Distribution
| |
$
|
160
| |
Less: IDR Reduction
| |
|
(5
|
)
|
Net Distribution from PAA to AAP (2) | |
$
|
155
| |
Less: Debt Service
| | |
(3
|
)
|
Less: G&A Expense
| |
|
(1
|
)
|
Cash Available for Distribution by AAP
| |
$
|
150
|
| | |
| Distributions to AAP Partners | | |
Direct AAP Owners & AAP Management (59% economic interest)
| |
$
|
89
| |
PAGP (41% economic interest)
| |
|
61
|
|
Total distributions to AAP Partners
| |
$
|
150
|
| | |
|
Distribution to PAGP Investors
| |
$
|
62
|
|
PAGP Class A Shares Outstanding at 4/29/16
| |
|
267
|
|
PAGP Distribution/Class A Share
| |
$
|
0.231
|
| | | | |
|
(1) |
|
Amounts may not recalculate due to rounding.
| (2) | |
Plains AAP, L.P. ("AAP") is the general partner of PAA.
|
|
| |
| | PLAINS GP HOLDINGS AND SUBSIDIARIES | | | | | FINANCIAL SUMMARY (unaudited)
|
|
|
|
| | | | |
| COMPUTATION OF BASIC AND DILUTED NET INCOME PER CLASS A
SHARE | | | | |
(in millions, except per share data)
| | | | | | | Three Months Ended | | | March 31, | | | 2016 | | 2015 | Basic and Diluted Net Income per Class A Share (1) | | | | |
Net income attributable to PAGP
| |
$
|
36
| |
$
|
31
|
Basic and diluted weighted average Class A shares outstanding
| | |
253
| | |
212
| | | | |
|
Basic and diluted net income per Class A share
| |
$
|
0.14
| |
$
|
0.14
| | | | | | |
|
(1) |
|
Assumed exchanges of AAP units and AAP Management Units were
excluded from the calculation of diluted net income per Class A
share as the effect was not dilutive.
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20160504006747/en/
Plains All American Pipeline, L.P. and Plains GP Holdings Ryan
Smith, (866) 809-1291 Director, Investor Relations or Al
Swanson, (800) 564-3036 Executive Vice President, CFO
|
|