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Plains All American Pipeline, L.P. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in product sales revenues to $12,282 million from $11,581 million in the same quarter the previous year. This increase is attributed to higher crude oil sales volumes.
Services revenues decreased to $461 million from $490 million, primarily due to timing of revenue recognition in the previous year.
Purchases and related costs for the quarter were $11,557 million, compared to $11,106 million in the previous year. This increase is due to higher crude oil sales volumes.
The company reported a net income of $312 million for the quarter, compared to $279 million in the previous year. The increase is attributed to higher tariff volumes and contributions from acquisitions.
Net income attributable to Plains All American Pipeline, L.P. was $220 million, up from $203 million in the previous year.
Adjusted EBITDA for the quarter was $805 million, compared to $779 million in the previous year, reflecting higher volumes and tariff escalations.
Cash provided by operating activities was $1,763 million, while cash used in investing activities was $1,240 million.
Plains had a working capital of $33 million as of September 30, 2024. The company maintains a strong liquidity position with approximately $3.3 billion of available liquidity.
The filing details various financial activities, including the issuance of $650 million in senior notes and net repayments under the commercial paper program.
Plains continues to focus on its core operations, with investment capital for the year projected to be approximately $455 million, primarily in the Permian JV assets.
The company also reported on the status of ongoing legal proceedings related to the Line 901 incident, with total estimated costs of approximately $870 million.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Plains All American Pipeline L.P. quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.