Plains expects 2023 Permian oil output up by as much as 500,000 bpd

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NEW YORK, Feb 8 (Reuters) - Plains All American Pipeline LP expects crude oil production in the Permian Basin to grow by as much as 500,000 barrels per day in 2023, with horizontal oil rig counts consistent with current levels, the company said on Wednesday as it reported fourth-quarter 2022 results.

The company said its Permian assets in 2023 are expected to benefit from continued production growth.

Plains All American reported quarterly revenues of $12.95 billion versus $12.98 billion a year earlier.

It reported fourth-quarter and full-year 2022 adjusted EBITDA of $659 million and $2.51 billion, respectively. It expects full-year 2023 adjusted EBITDA of $2.45 billion to $2.55 billion.

The company reported net income for the fourth quarter and full-year 2022 of $263 million and $1.04 billion, respectively, and net cash provided by operating activities of $335 million and $2.41 billion, respectively.

The company said it is seeing higher utilization for long-haul systems for its Cactus I and Cactus II pipelines in Texas.

Reporting by Stephanie Kelly; Editing by Leslie Adler

Our Standards: The Thomson Reuters Trust Principles.

Thomson Reuters

A New-York-based correspondent covering the U.S. crude market and member of the energy team since 2018 covering the oil and fuel markets as well as federal policy around renewable fuels.

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