We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Plains All American (PAA) Q3 Earnings Top Estimates, Sales Lag
Read MoreHide Full Article
Plains All American Pipeline, L.P. (PAA - Free Report) reported third-quarter 2023 adjusted earnings of 35 cents per unit, which surpassed the Zacks Consensus Estimate of 24 cents by 45.8%. The bottom line improved 6.1% from the year-ago quarter’s 33 cents.
The company reported GAAP earnings of 20 cents per unit compared with 48 cents in the year-ago period.
Total Revenues
Net sales of $12,071 million missed the Zacks Consensus Estimate of $15,418 million by 21.7%. The top line also declined 15.8% from the year-ago quarter figure of $14,336 million.
Plains All American Pipeline, L.P. Price, Consensus and EPS Surprise
Total costs and expenses amounted to $11,837 million, down 13.7% year over year. The decrease was primarily due to a decline in purchases and related costs.
Net interest expenses totaled $97 million, down 3.2% from the prior-year quarter.
Segmental Performance
The Crude Oil segment’s adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) were $553 million, up 3.2% from $536 million in the year-ago quarter. This increase was due to higher tariff volumes and contributions from acquired assets.
Adjusted EBITDA for the NGL segment came in at $99 million, up 15.1% from the prior-year period’s $86 million. The increase was due to favorable NGL basis differentials and spot opportunities, partially offset by lower propane sales volumes
Q3 Development
Permian JV completed the acquisition of Rattler Midstream's Southern Delaware Basin crude oil gathering system and LM Energy's Northern Delaware Basin Touchdown crude oil gathering system.
Financial Update
As of Sep 30, 2023, cash and cash equivalents were $260 million compared with $401 million as of Dec 31, 2022.
As of Sep 30, 2023, total long-term debt was $7,296 million compared with $7,287 million as of Dec 31, 2022.
As of Sep 30, 2023, long-term debt-to-total book capitalization was 41% compared with 42% on Dec 31, 2022.
Guidance
For 2023, Plains All American raised the adjusted EBITDA to $2,600-$2,650 million from $2,450-$2,550 million. Free cash flow is anticipated to be $1,600 million.
Enterprise Products Partners LP’s (EPD - Free Report) third-quarter 2023 adjusted earnings per limited partner unit of 60 cents missed the Zacks Consensus Estimate of 63 cents. The bottom line also declined from the year-ago quarter’s level of 63 cents.
The Zacks Consensus Estimate for EPD’s 2023 earnings stands at $2.51 per share, implying a year-over-year decrease of 0.4%. The stock delivered an average earnings surprise of 0.85% in the last four quarters.
Murphy Oil Corporation (MUR - Free Report) delivered third-quarter 2023 adjusted net earnings of $1.59 per share, beating the Zacks Consensus Estimate of $1.34 by 18.7%. The bottom line declined 13.6% from the year-ago quarter’s earnings of $1.84.
The Zacks Consensus Estimate for MUR’s 2023 earnings stands at $4.89 per share, implying a year-over-year decrease of 12.5%. The stock delivered an average earnings surprise of 14.04% in the last four quarters.
CNX Resources Corporation (CNX - Free Report) reported third-quarter 2023 operating earnings of 35 cents per share, which beat the Zacks Consensus Estimate of 26 cents by 34.6%. In the year-ago quarter, the company reported a loss of 54 cents per share.
The Zacks Consensus Estimate for CNX’s 2023 earnings stands at $1.53 per share, implying a year-over-year decrease of 45.6%. The stock delivered an average earnings surprise of 67.61% in the last four quarters.
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Bigstock
Plains All American (PAA) Q3 Earnings Top Estimates, Sales Lag
Plains All American Pipeline, L.P. (PAA - Free Report) reported third-quarter 2023 adjusted earnings of 35 cents per unit, which surpassed the Zacks Consensus Estimate of 24 cents by 45.8%. The bottom line improved 6.1% from the year-ago quarter’s 33 cents.
The company reported GAAP earnings of 20 cents per unit compared with 48 cents in the year-ago period.
Total Revenues
Net sales of $12,071 million missed the Zacks Consensus Estimate of $15,418 million by 21.7%. The top line also declined 15.8% from the year-ago quarter figure of $14,336 million.
Plains All American Pipeline, L.P. Price, Consensus and EPS Surprise
Plains All American Pipeline, L.P. price-consensus-eps-surprise-chart | Plains All American Pipeline, L.P. Quote
Highlights of the Release
Total costs and expenses amounted to $11,837 million, down 13.7% year over year. The decrease was primarily due to a decline in purchases and related costs.
Net interest expenses totaled $97 million, down 3.2% from the prior-year quarter.
Segmental Performance
The Crude Oil segment’s adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) were $553 million, up 3.2% from $536 million in the year-ago quarter. This increase was due to higher tariff volumes and contributions from acquired assets.
Adjusted EBITDA for the NGL segment came in at $99 million, up 15.1% from the prior-year period’s $86 million. The increase was due to favorable NGL basis differentials and spot opportunities, partially offset by lower propane sales volumes
Q3 Development
Permian JV completed the acquisition of Rattler Midstream's Southern Delaware Basin crude oil gathering system and LM Energy's Northern Delaware Basin Touchdown crude oil gathering system.
Financial Update
As of Sep 30, 2023, cash and cash equivalents were $260 million compared with $401 million as of Dec 31, 2022.
As of Sep 30, 2023, total long-term debt was $7,296 million compared with $7,287 million as of Dec 31, 2022.
As of Sep 30, 2023, long-term debt-to-total book capitalization was 41% compared with 42% on Dec 31, 2022.
Guidance
For 2023, Plains All American raised the adjusted EBITDA to $2,600-$2,650 million from $2,450-$2,550 million. Free cash flow is anticipated to be $1,600 million.
Zacks Rank
PAA currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Recent Releases
Enterprise Products Partners LP’s (EPD - Free Report) third-quarter 2023 adjusted earnings per limited partner unit of 60 cents missed the Zacks Consensus Estimate of 63 cents. The bottom line also declined from the year-ago quarter’s level of 63 cents.
The Zacks Consensus Estimate for EPD’s 2023 earnings stands at $2.51 per share, implying a year-over-year decrease of 0.4%. The stock delivered an average earnings surprise of 0.85% in the last four quarters.
Murphy Oil Corporation (MUR - Free Report) delivered third-quarter 2023 adjusted net earnings of $1.59 per share, beating the Zacks Consensus Estimate of $1.34 by 18.7%. The bottom line declined 13.6% from the year-ago quarter’s earnings of $1.84.
The Zacks Consensus Estimate for MUR’s 2023 earnings stands at $4.89 per share, implying a year-over-year decrease of 12.5%. The stock delivered an average earnings surprise of 14.04% in the last four quarters.
CNX Resources Corporation (CNX - Free Report) reported third-quarter 2023 operating earnings of 35 cents per share, which beat the Zacks Consensus Estimate of 26 cents by 34.6%. In the year-ago quarter, the company reported a loss of 54 cents per share.
The Zacks Consensus Estimate for CNX’s 2023 earnings stands at $1.53 per share, implying a year-over-year decrease of 45.6%. The stock delivered an average earnings surprise of 67.61% in the last four quarters.