Plains All American Pipeline, L.P.（NASDAQ：PAA）公佈第四季度收入爲124.02億美元，低於市場普遍預期的137.42億美元。 調整後的每股收益爲42美分，與去年同期持平，高於市場預期的40美分。 歸屬於PAA的調整後EBITDA同比下降1％至7.29億美元。由於更高的關稅量、價格上漲和收購的貢獻，原油部門調整後的EBITDA同比增長1％至5.69億美元。 NGL部門調整後的EBITDA同比下降9％至1.54億美元，原因是平均分餾收益率下降。 公司年末的槓桿比率爲3.0倍。PAA全年經營現金流爲24.9億美元，而去年爲27.3億美元。調整後的自由現金流爲12.5億美元。 2025年展望：Plains All American預計歸屬於PAA的調整後EBITDA爲28億至29.5億美元，調整後的自由現金流爲11.5億美元。其中包括因第一季度完成的先前宣佈的附加交易減少約5.8億美元。 如前所述，公司宣佈每單位0.25美元的分紅將於2025年2月14日支付，較2024年的年化分紅整體增長20％，從而使新年度分紅達到每單位1.52美元。 Plains All American預計槓桿比率將在目標範圍3.25x至3.75x的低端或更低。 公司計劃增長資本約爲4億美元和維護資本約爲2.4億美元，淨歸PAA所有。 Plains的董事長兼首席執行官Willie Chiang表示：“我們對進入2025年充滿信心，擁有強勁的運營勢頭，專注於執行高效的增長戰略。我們強勁的表現和積極的展望，加上近期附加收購的貢獻，繼續驅動顯著的現金流，並在保持資本紀律和財務靈活性的同時增加分配給股東的回報。” 投資者可以通過$InfraCap MLP ETF（NYSE：AMZA）和$Alerian MLP ETF（NYSE：AMLP）獲得該股的敞口。 股價走勢：截至上週五的最後一次檢查，PAA股價盤前上漲0.35％至20.08美元。

以上內容來自Benzinga Earnings專欄，原文如下：

Plains All American Pipeline, L.P. (NASDAQ:PAA) reported fourth-quarter revenue of $12.402 billion, missing the consensus of $13.742 billion.

Adjusted EPS was 42 cents, flat year-over-year, beating the consensus of 40 cents.

The adjusted EBITDA attributable to PAA fell 1% Y/Y to $729 million. The Crude Oil Segment Adjusted EBITDA rose 1% Y/Y to $569 million on higher tariff volumes, escalations, and contributions from acquisitions.

NGL segment Adjusted EBITDA fell 9% YoY to $154 million due to lower weighted average frac spreads.

The company ended the year with a 3.0x leverage ratio. PAA’s operating cash flow for the year was $2.49 billion compared to $2.73 billion. Adjusted free cash flow was $1.25 billion in the year.

2025 Outlook: Plains All American sees adjusted EBITDA attributable to PAA of $2.80 billion – $2.95 billion, with adjusted free cash flow of $1.15 billion. This includes a reduction of around $580 million due to previously announced bolt-on transactions completed in the first quarter.

As announced earlier, the company disclosed distribution increase of $0.25 per unit payable February 14, 2025, representing a 20% aggregate increase in the annualized distribution vs.2024 levels, leading to new annual distribution of $1.52 per unit.

Plains All American expects the leverage ratio to be at or below the low end of the leverage target range of 3.25x to 3.75x.

The company targets growth capital of around $400 million and maintenance capital of about $240 million, net to PAA.

Willie Chiang, Chairman and CEO of Plains said, “We remain confident entering 2025, with strong operational momentum and focus on executing our efficient growth strategy. Our strong performance and positive outlook combined with the contribution from recent bolt-on acquisitions continues driving meaningful cash flow and underpins increasing returns to unitholders all while maintaining capital discipline and financial flexibility.”

Investors can gain exposure to the stock via InfraCap MLP ETF (NYSE:AMZA) and Alerian MLP ETF (NYSE:AMLP).

Price Action: PAA shares are up 0.35% at $20.08 premarket at the last check Friday.

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