(Reuters) - Plains All American Pipeline LP’s (PAA.N) quarterly profit missed analysts’ estimates by a cent on higher costs even as demand for transporting crude oil rose.
The company’s net income rose to $378 million, or $1.85 per unit, for the second quarter, from $225 million, or $1.13 per unit, a year earlier.
Excluding one-time items, the company earned $1.64 per share.
Revenue rose 11 percent to $9.79 billion.
Analysts had expected a profit of $1.65 per share on revenue of $10.62 billion, according to Thomson Reuters I/B/E/S.
Plains, whose buyout bid was rebuffed by smaller rival SemGroup Corp (SEMG.N) in May, said field operating costs at its largest segment, supply and logistics, rose 43 percent.
The company is a major crude oil storage operator in Oklahoma’s Cushing, which has witnessed growing volumes of crude flow into the landlocked midcontinent region from prolific oil fields in Canada and shale oil deposits in the northern U.S. plains.
Shares of the company closed at $87.35 on Monday on the New York Stock Exchange.
Reporting by Divya Lad in Bangalore; Editing by Sriraj Kalluvila