February 8, 2019 [Chron] - Permian Basin pipeline projects that came online during the fourth quarter are being credited with pushing Plains All American Pipeline LP's profits to $2.2 billion in 2018.
In a statement released after the stock market on Tuesday, the Houston pipeline and storage terminal operator report a $1.1 billion profit on nearly $8.8 billion of revenue during the fourth quarter.
Plains All American closed 2018 with a $2.2 billion profit on nearly $34.1 billion of revenue. The company attributed the healthy figures to pipeline projects that came online during the fourth quarter.
“Our fourth-quarter and full-year 2018 results exceeded our guidance and reflect solid execution of our business plan,” Plains All American Pipeline CEO Willie Chiang said in a statement. “Looking forward, we believe we are well positioned with a strategic asset base and business model and improved financial flexibility.“
Plains All American Pipeline brought its Sunrise II Pipeline into service during the fourth quarter. The project was built to move crude oil from the Permian Basin of West Texas to storage terminals in Cushing, Oklahoma.
Increased volumes along the Diamond Pipeline also contributed to higher profits. A joint venture with San Antonio refining company Valero, the Diamond Pipeline moves crude oil from Plains All American’s storage terminals in Cushing to Valero’s refinery in Memphis.
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