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HOUSTON - Plains GP Holdings (NASDAQ:PAGP) reported third-quarter adjusted earnings that beat expectations on Wednesday, though revenue fell short of analyst forecasts.
The company’s shares rose 0.92% in pre-market trading after the results.
The midstream energy company posted adjusted earnings per share of $0.39, exceeding the analyst estimate of $0.36. However, revenue came in at $11.58 billion, significantly below the consensus estimate of $12.54 billion. The company delivered Adjusted EBITDA attributable to PAA of $669 million, up 2% from $659 million in the same quarter last year.
Crude oil segment performance improved with Adjusted EBITDA rising 3% year-over-year to $593 million, driven by "contributions from recently completed bolt-on acquisitions, higher volumes on our pipelines and tariff escalations," according to the company. These gains were partially offset by "certain Permian long-haul pipeline contract rate resets and lower commodity prices."
"We have made significant progress in our journey of becoming the premier crude oil midstream provider," said Willie Chiang, Chairman, CEO, and President. "The pending divestiture of our NGL business, acquisition of EPIC, and streamlining efforts across the broader organization will provide tailwinds for the business despite near term macro volatility."
The company recently completed the acquisition of a 100% equity interest in EPIC Crude Holdings, LP, which owns and operates the EPIC Crude Oil Pipeline. The company plans to rename the system Cactus III.
Plains All American maintained its quarterly distribution of $0.38 per unit and forecasts full-year 2025 Adjusted EBITDA attributable to Plains to be in the range of $2.84 to $2.89 billion, which includes approximately $40 million of contribution from the EPIC acquisition.
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