Company Summary
Founded in 1998, Houston, TX-based Plains All American Pipeline, L.P., a master limited partnership (MLP), is involved in the transportation, storage, terminalling and marketing of crude oil, natural gas, natural gas liquids (NGL) and refined products in the U.S. and Canada. The partnership has operations in the Permian Basin, South Texas/Eagle Ford area, Rocky Mountain and Gulf Coast in the U.S., and Manito, South Saskatchewan, Rainbow in Canada.
The firm reorganized the historical operating segments — namely Transportation, Facilities and Supply and Logistics — into two operating segments: Crude Oil and Natural gas liquids (NGL). ...
Founded in 1998, Houston, TX-based Plains All American Pipeline, L.P., a master limited partnership (MLP), is involved in the transportation, storage, terminalling and marketing of crude oil, natural gas, natural gas liquids (NGL) and refined products in the U.S. and Canada. The partnership has operations in the Permian Basin, South Texas/Eagle Ford area, Rocky Mountain and Gulf Coast in the U.S., and Manito, South Saskatchewan, Rainbow in Canada.
The firm reorganized the historical operating segments — namely Transportation, Facilities and Supply and Logistics — into two operating segments: Crude Oil and Natural gas liquids (NGL). The reorganization of segments were done due to several reasons including a multi-year transition in the midstream energy industry driven by increased competition that has reduced stand-alone earnings opportunities of the firm’s supply and logistics activities as well as internal changes regarding the oversight and reporting of its assets and related results of operations. The new segments will provide better visibility and transparency into the drivers of the firm’s overall business and reduce inter-segment activity.
Crude Oil segment assets include pipelines, storage, terminalling and trucks. This segment generates revenues from long-term minimum volume commitments, acreage dedications, leased capacity & spot utilization. The Crude Oil segment will be driven by an increase in production volumes and rise in volume throughput.
NGL segment asset include fractionation, straddle, pipelines, storage, terminalling & rail capacity. This segment generates revenues from leased capacity, throughput, processing agreements & spot utilization. The segment’s growth will be driven by Frac spread, supply volumes and regional pricing differentials.
In 2023, the Crude Oil and NGL segment contributed 96.1% and 3.9%, respectively, to total revenues. In 2022, the segments contributed 95.2% and 4.8%, respectively, to total revenues.