Key Developments: Plains All American Pipeline LP (PAA)
58.30USD
24 May 2013
$-0.20 (-0.34%)
$58.50
$58.32
$58.55
$58.01
736,075
888,630
$59.52
$37.59
Latest Key Developments (Source: Significant Developments)
Plains All American Pipeline LP Won Lawsuit Against BP PLC
Plains All American Pipeline LP announced that it has recently won a victory against BP PLC when a Houston judge tossed a BP lawsuit and ordered the Company to pay all of Plains Pipeline's legal fees. Last week, the judge in Harris County 's 80 th District Court awarded $453,400 in attorneys' fees for Plains Pipeline based on arguments from attorneys John Zavitsanos and Elizabeth Pannill Fletcher from Houston 's Ahmad, Zavitsanos, Anaipakos, Alavi & Mensing, P.C. (or AZA). Two weeks ago, the judge dismissed a BP lawsuit filed in 2011 that sought to force Plains Pipeline to indemnify BP in a Louisiana trespass lawsuit. The Houston case was filed by BP due to a prior lawsuit by landowners who claimed BP trespassed on their property by using an oil pumping station on Grand Terre Island for 26 years without leasing or having any easement on the land. BP sold the pumping station to Plains Pipeline in 2006 before filing the Harris County lawsuit in an attempt to require Plains Pipeline to cover any BP losses. Full Article
Plains All American Pipeline LP Reaffirms FY 2013 EBITDA Guidance; Issues Q1 2013 EBITDA Guidance Above Analysts' Estiamtes-Conference Call
Plains All American Pipeline LP announced that for the first quarter of 2013, it expects midpoint adjusted EBITDA of $615 million. For fiscal 2013, it expects midpoint adjusted EBITDA of $2.025 billion. According to I/B/E/S Estimates, analysts are expecting the Company to report EBITDA of $507 million in the first quarter of 2013; EBITDA of $2.021 billion for fiscal 2013. Full Article
Plains All American Pipeline LP Announces Quarterly Cash Distribution
Plains All American Pipeline LP announced a quarterly cash distribution of $0.5625 per unit ($2.25 per unit on an annualized basis) on all of its outstanding limited partner units. The distribution will be payable on February 14, 2013, to holders of record of such units at the close of business on February 1, 2013. Full Article
Plains All American Pipeline LP Raises FY 2013 EBITDA Guidance-Conference Call
Plains All American Pipeline LP announced that for fiscal 2013, it expects to increase the midpoint of its 2013 guidance for adjusted earnings before interest, taxes, depreciation and amortization (adjusted EBITDA) by approximately 5% over the $1.925 billion preliminary adjusted EBITDA midpoint guidance provided in early November 2012. According to I/B/E/S Estimates, analysts are expecting the Company to report EBITDA of $2.029 billion for fiscal 2013. Full Article
Plains All American Pipeline LP Completes Acquisition of Crude Rail Terminals from U.S. Development Group
Plains All American Pipeline LP announced that it has closed the previously announced $500 million acquisition of four operating crude rail terminals, one terminal under development and various contractual arrangements from U.S. Development Group. Full Article
Plains All American Pipeline LP Acquires Eagle Ford Infrastructure Assets From Chesapeake Energy Corporation's Subsidiary
Plains All American Pipeline LP announced that it has acquired certain crude oil and condensate gathering assets located in the Eagle Ford area of South Texas from a subsidiary of Chesapeake Energy Corporation. The purchase price was approximately $125 million. The acquired assets include approximately 40 miles of crude oil/condensate gathering pipelines with a throughput capacity of approximately 50,000 barrels per day; 150,000 barrels of existing crude oil and condensate storage capacity; 300,000 barrels of storage capacity under construction and a truck unloading terminal. In support of the transaction, Chesapeake has provided long-term acreage dedications of future production in Webb and Dimmit counties. The acquired assets are complementary to and will be connected with PAA`s existing crude oil and condensate gathering systems. Full Article
Plains All American Pipeline LP Completes Public Offering Of $750 Million Of Senior Notes
Plains All American Pipeline LP announced that it has completed an underwritten public offering of two series of senior notes (the "Notes"): $400 million aggregate principal amount of 2.85% senior unsecured notes due January 31, 2023, at a public offering price of 99.752% with a yield to maturity of 2.878%; and $350 million aggregate principal amount of 4.30% senior unsecured notes due January 31, 2043, at a public offering price of 99.925% with a yield to maturity of 4.304%. Total net proceeds of the offering were approximately $742.0 million. The Partnership intends to use the net proceeds from this offering to repay outstanding borrowings under its credit facilities and for general partnership purposes. Amounts repaid under the Partnership's credit facilities may be reborrowed, as necessary, to fund its ongoing expansion capital program, future acquisitions, or for general partnership purposes. Wells Fargo Securities, LLC, Barclays Capital Inc., Citigroup Global Markets Inc., SunTrust Robinson Humphrey, Inc. and UBS Securities LLC acted as joint book-running managers of the offering. Full Article
U.S. Development Group Announces Agreement To Sell Crude-By-Rail Terminals To Plains All American Pipeline LP
U.S. Development Group LLC (USD), announced that it has entered into an agreement to sell five of crude oil handling and distribution terminals to Plains All American Pipeline, L.P., for $500 million. The transaction involves the following terminals: the St. James Crude Terminal in St. James, La.; the Eagle Ford Crude Terminal in Gardendale, Texas; the Van Hook Crude Terminal in Mountrail County, N.D.; the Bakersfield Crude Terminal under development in Bakersfield, Calif. and the Niobrara Crude Terminal in Carr, Colo. In total, the terminals have throughput capacity of approximately 225,000 barrels of crude oil and condensate per day. Under the terms of the deal, USD will continue to provide customer service and scheduling on behalf of Plains as part of a Joint Services Agreement. Evercore Partners served as exclusive financial advisor to U.S. Development Group for the transaction. Full Article
Plains All American Pipeline LP Announces Public Offering of Senior Notes
Plains All American Pipeline LP announced that it has commenced a public offering of two series of senior notes (the Notes). The Partnership intends to use the net proceeds from this offering to repay outstanding borrowings under its credit facilities and for general partnership purposes. Amounts repaid under the Partnership`s credit facilities may be reborrowed as necessary, to fund its ongoing expansion capital program, future acquisitions, or for general partnership purposes. Wells Fargo Securities, LLC, Barclays Capital Inc., Citigroup Global Markets Inc., SunTrust Robinson Humphrey, Inc. and UBS Securities LLC will act as joint book-running managers of the offering. Full Article
Plains All American Pipeline LP Raises FY 2012 EBITDA Guidance
Plains All American Pipeline LP announced that for fiscal 2012, it has increased midpoint guidance for adjusted EBITDA to be slightly over $2 billion representing a 7% increase over the Company's previous guidance. According to I/B/E/S Estimates, analysts on an average are expecting the Company to report EBITDA of $1.9 billion for fiscal 2012. Full Article
UPDATE 1-Plains' Cactus pipeline to ship Texas sweet and sour crude
HOUSTON, May 7 - Plains All American Pipeline LP's proposed Cactus pipeline would move both sweet and sour crude from the Permian Basin in West Texas to the Corpus Christi and Three Rivers markets in South Texas, Chief Executive Greg Armstrong told analysts on Tuesday.
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