August 6, 2015 [OPIS] - Plains All American Pipeline, L.P. and subsidiaries today reported adjusted EBITDA of $372 million for the second quarter of 2015, versus $492 million in the same quarter of last year.
Earnings per share were $0.27 for the quarter, versus $0.50 last year.
Net income fell to $124 million from $287 million, as revenue declined to $6.66 billion in this year’s second quarter, as compared to $11.20 billion in the same quarter last year.
A company earnings release highlighted solid results, noting that EBITDA for the quarter was $26 million above the midpoint of its quarterly guidance range, and that quarterly distributions had increased over the same quarter in 2014.
PAA will pay a quarterly distribution of $0.695 per limited partner unit next week; Plains GP Holdings will pay $0.277 per Class A share. The distributions mark a 7.8%, and 23% increase over relative distributions paid in second quarter 2014.
In announcing earnings, Plains said that its outlook for the North American crude oil industry is cautious in the near term, and so it has reduced the midpoint of its full-year guidance for adjusted EBITDA by $50 million to $2.275 billion. That midpoint is at the lower end of initial full-year guidance provided by Plains at the beginning of the year.
