Plains All American Pipeline, L.P. (PAA - Free Report) reported first-quarter 2024 adjusted earnings of 41 cents per unit, which surpassed the Zacks Consensus Estimate of 39 cents by 5.1%. The bottom line remained flat year over year.
The company reported GAAP earnings of 29 cents per unit compared with 52 cents in the year-ago period.
Total Revenues
Net sales of $12 billion missed the Zacks Consensus Estimate of $13.2 billion by 8.8%. The top line also declined 2.8% from the year-ago quarter’s figure of $12.3 billion.
Highlights of the Release
Total costs and expenses amounted to $11.6 billion, down 2% year over year. The decrease was primarily due to a decline in purchases and related costs.
Net interest expenses totaled $95 million, down 3.1% from the prior-year quarter’s level.
Segmental Performance
The Crude Oil segment’s adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) were $553 million, up 7% from the year-ago quarter’s figure. This increase was due to higher tariff volumes on its pipelines, tariff escalations and contributions from acquisitions.
Adjusted EBITDA for the NGL segment came in at $159 million, down 17% from the prior-year period’s figure. The decrease was due to lower realized frac spreads.
Financial Update
As of Mar 31, 2024, cash and cash equivalents were $331 million compared with $450 million as of Dec 31, 2023.
As of Mar 31, 2024, long-term debt was $7.308 billion compared with $7.305 billion as of Dec 31, 2023.
As of Mar 31, 2024, long-term debt-to-total book capitalization was 41%, which remained unchanged from the figure recorded as of Dec 31, 2023.
Guidance
For 2024, Plains All American expects adjusted EBITDA in the range of $2.625-$2.725 billion. Adjusted free cash flow is anticipated to be $1.55 billion (excluding changes in assets and liabilities).
PAA remains focused on disciplined capital investments, anticipating full-year 2024 investment and maintenance capital of $375 million and $230 million, respectively.
Zacks Rank
The company currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
Other Releases
Murphy Oil Corporation (MUR - Free Report) delivered first-quarter 2024 adjusted net earnings of 85 cents per share, which outpaced the Zacks Consensus Estimate of 82 cents by 3.7%.
The company delivered an average earnings surprise of 10% in the last four quarters. The Zacks Consensus Estimate for 2024 earnings is pegged at $4.68 per share.
TotalEnergies SE (TTE - Free Report) reported first-quarter 2024 operating earnings of $2.14 (€1.97) per share, which surpassed the Zacks Consensus Estimate of $1.96 by 9.2%.
TTE’s long-term (three to five years) earnings growth rate is 4.4%. The Zacks Consensus Estimate for 2024 earnings is pegged at $9.18 per share.
ONEOK, Inc. (OKE - Free Report) reported first-quarter 2024 operating earnings per share of $1.09, which missed the Zacks Consensus Estimate of $1.13 by 3.5%.
OKE’s long-term earnings growth rate is 3.3%. The Zacks Consensus Estimate for 2024 earnings is pegged at $4.98 per share.
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Plains All American Pipeline, L.P. (PAA - Free Report) reported first-quarter 2024 adjusted earnings of 41 cents per unit, which surpassed the Zacks Consensus Estimate of 39 cents by 5.1%. The bottom line remained flat year over year.
The company reported GAAP earnings of 29 cents per unit compared with 52 cents in the year-ago period.
Total Revenues
Net sales of $12 billion missed the Zacks Consensus Estimate of $13.2 billion by 8.8%. The top line also declined 2.8% from the year-ago quarter’s figure of $12.3 billion.
Highlights of the Release
Total costs and expenses amounted to $11.6 billion, down 2% year over year. The decrease was primarily due to a decline in purchases and related costs.
Net interest expenses totaled $95 million, down 3.1% from the prior-year quarter’s level.
Segmental Performance
The Crude Oil segment’s adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) were $553 million, up 7% from the year-ago quarter’s figure. This increase was due to higher tariff volumes on its pipelines, tariff escalations and contributions from acquisitions.
Adjusted EBITDA for the NGL segment came in at $159 million, down 17% from the prior-year period’s figure. The decrease was due to lower realized frac spreads.
Financial Update
As of Mar 31, 2024, cash and cash equivalents were $331 million compared with $450 million as of Dec 31, 2023.
As of Mar 31, 2024, long-term debt was $7.308 billion compared with $7.305 billion as of Dec 31, 2023.
As of Mar 31, 2024, long-term debt-to-total book capitalization was 41%, which remained unchanged from the figure recorded as of Dec 31, 2023.
Guidance
For 2024, Plains All American expects adjusted EBITDA in the range of $2.625-$2.725 billion. Adjusted free cash flow is anticipated to be $1.55 billion (excluding changes in assets and liabilities).
PAA remains focused on disciplined capital investments, anticipating full-year 2024 investment and maintenance capital of $375 million and $230 million, respectively.
Zacks Rank
The company currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
Other Releases
Murphy Oil Corporation (MUR - Free Report) delivered first-quarter 2024 adjusted net earnings of 85 cents per share, which outpaced the Zacks Consensus Estimate of 82 cents by 3.7%.
The company delivered an average earnings surprise of 10% in the last four quarters. The Zacks Consensus Estimate for 2024 earnings is pegged at $4.68 per share.
TotalEnergies SE (TTE - Free Report) reported first-quarter 2024 operating earnings of $2.14 (€1.97) per share, which surpassed the Zacks Consensus Estimate of $1.96 by 9.2%.
TTE’s long-term (three to five years) earnings growth rate is 4.4%. The Zacks Consensus Estimate for 2024 earnings is pegged at $9.18 per share.
ONEOK, Inc. (OKE - Free Report) reported first-quarter 2024 operating earnings per share of $1.09, which missed the Zacks Consensus Estimate of $1.13 by 3.5%.
OKE’s long-term earnings growth rate is 3.3%. The Zacks Consensus Estimate for 2024 earnings is pegged at $4.98 per share.
Highest Returns for Any Asset Class
It’s not even close. Despite ups and downs, Bitcoin has been more profitable for investors than any other decentralized, borderless form of money.
No guarantees for the future, but in the past three presidential election years, Bitcoin’s returns were as follows: 2012 +272.4%, 2016 +161.1%, and 2020 +302.8%. Zacks predicts another significant surge in months to come.
Hurry, Download Special Report – It’s FREE >>
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