HOUSTON (AP) _ Plains All American Pipeline L.P. (PAA) on Tuesday reported fourth-quarter profit of $306 million.
On a per-share basis, the Houston-based company said it had profit of 35 cents. Earnings, adjusted for non-recurring costs, were 63 cents per share.
The results surpassed Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of 49 cents per share.
The oil and gas transportation and storage company posted revenue of $9.15 billion in the period, also beating Street forecasts. Five analysts surveyed by Zacks expected $8.32 billion.
For the year, the company reported profit of $2.17 billion, or $2.65 per share. Revenue was reported as $33.67 billion.
Plains All American shares have dropped almost 9% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $16.76, a decline of 27% in the last 12 months.