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Plains All American Pipeline, L.P. and Plains GP Holdings Report Fourth-Quarter and Full-Year 2019 Results

Plains All American Pipeline, L.P. (NYSE: PAA) and Plains GP Holdings (NYSE: PAGP) today reported fourth-quarter and full-year 2019 results.

Highlights & Announcements

  • Delivered fourth-quarter and full-year 2019 financial and operating results ahead of expectations
  • Progressing strategic / complementary projects that align with long-term industry partners
  • Expect material annual reductions of organic growth capital investment in 2021 and 2022 as projects are completed
  • Advancing portfolio optimization initiatives:
    • Targeting ~$600 million of 2020 divestitures (non-core asset sales and strategic JVs)
    • Completed a ~$300 million strategic transaction with Felix Midstream (extension and modification of existing acreage dedication and gathering agreement and bolt-on acquisition of Delaware Basin gathering system)

"We executed well on our 2019 goals and key initiatives, capping the year with fourth-quarter and full-year 2019 results that exceeded expectations," stated Willie Chiang, Chairman & CEO of Plains All American Pipeline. "We enter 2020 expecting a more competitive market environment. We have a solid financial position and continue to optimize our base business, high-grade our asset portfolio, execute our capital program and streamline the organization to drive efficiencies. Looking to 2021 and beyond, we expect continued growth in fee-based cash flow and a meaningful reduction in capital investment to improve leverage and benefit free cash flow."

Plains All American Pipeline, L.P.

 

Summary Financial Information (unaudited)
(in millions, except per unit data)

 

 

Three Months Ended
December 31,

 

%

 

 

Twelve Months Ended
December 31,

 

%

GAAP Results

 

2019

 

2018

 

Change

 

 

2019

 

2018

 

Change

Net income attributable to PAA

 

$

306

 

 

$

1,117

 

 

(73)

%

 

 

$

2,171

 

 

$

2,216

 

 

(2)

%

Diluted net income per common unit

 

$

0.35

 

 

$

1.38

 

 

(75)

%

 

 

$

2.65

 

 

$

2.71

 

 

(2)

%

Diluted weighted average common units outstanding (1)

 

729

 

 

799

 

 

(9)

%

 

 

800

 

 

799

 

 

%

Distribution per common unit declared for the period

 

$

0.36

 

 

$

0.30

 

 

20

%

 

 

$

1.44

 

 

$

1.20

 

 

20

%

______________________________

(1)

For the twelve months ended December 31, 2019 and the three and twelve months ended December 31, 2018, includes all potentially dilutive securities outstanding (our Series A preferred units and equity-indexed compensation awards) during the period. See the "Computation of Basic and Diluted Net Income Per Common Unit" table attached hereto for additional information.

 

Three Months Ended
December 31,

 

%

 

 

Twelve Months Ended
December 31,

 

%

Non-GAAP Results (1)

 

2019

 

2018

 

Change

 

 

2019

 

2018

 

Change

Adjusted net income attributable to PAA

 

$

517

 

 

$

653

 

 

(21)

%

 

 

$

2,063

 

 

$

1,570

 

 

31

%

Diluted adjusted net income per common unit

 

$

0.63

 

 

$

0.80

 

 

(21)

%

 

 

$

2.51

 

 

$

1.88

 

 

34

%

Adjusted EBITDA

 

$

860

 

 

$

949

 

 

(9)

%

 

 

$

3,237

 

 

$

2,684

 

 

21

%

Implied DCF per common unit

 

$

0.72

 

 

$

0.94

 

 

(23)

%

 

 

$

2.99

 

 

$

2.46

 

 

22

%

______________________________

(1)

See the section of this release entitled "Non-GAAP Financial Measures and Selected Items Impacting Comparability" and the tables attached hereto for information regarding certain selected items that PAA believes impact comparability of financial results between reporting periods, as well as for information regarding non-GAAP financial measures (such as Adjusted EBITDA and Implied DCF) and their reconciliation to the most directly comparable measures as reported in accordance with GAAP.

Segment Adjusted EBITDA for the fourth quarter and full year of 2019 and 2018 is presented below:

Summary of Selected Financial Data by Segment (unaudited)

(in millions)

 

Segment Adjusted EBITDA

 

Transportation

 

Facilities

 

Supply and Logistics

Three Months Ended December 31, 2019

$

451

 

 

$

176

 

 

$

232

 

Three Months Ended December 31, 2018

$

425

 

 

$

181

 

 

$

342

 

Percentage change in Segment Adjusted EBITDA versus 2018 period

6

%

 

(3)

%

 

(32)

%

 

 

Segment Adjusted EBITDA

 

Transportation

 

Facilities

 

Supply and Logistics

Twelve Months Ended December 31, 2019

$

1,722

 

 

$

705

 

 

$

803

 

Twelve Months Ended December 31, 2018

$

1,508

 

 

$

711

 

 

$

462

 

Percentage change in Segment Adjusted EBITDA versus 2018 period

14

%

 

(1)

%

 

74

%

Percentage change in Segment Adjusted EBITDA versus 2018 period further adjusted for impact of divested assets (1)

19

%

 

(1)

%

 

N/A

______________________________
(1)

Estimated impact of divestitures completed during 2018 and 2019, assuming an effective date of January 1, 2018. Divested assets primarily included a 30% interest in BridgeTex Pipeline Company, LLC and certain pipelines in the Rocky Mountain region that were previously reported in our Transportation segment, and a natural gas processing facility and certain crude oil and NGL terminals that were previously reported in our Facilities segment.

Fourth-quarter 2019 Transportation Segment Adjusted EBITDA increased by 6% over comparable 2018 results, primarily driven by higher volumes on our Permian Basin systems, including the Cactus II pipeline, which went into service in August 2019.

Fourth-quarter 2019 Facilities Segment Adjusted EBITDA decreased by 3% versus comparable 2018 results, primarily due to lower activity at certain of our rail terminals.

Fourth-quarter 2019 Supply and Logistics Segment Adjusted EBITDA decreased by 32% versus comparable 2018 results primarily due to less favorable crude oil differentials in the Permian Basin, partially offset by higher NGL margins.

2020 Full-Year Guidance

The table below presents our full-year 2020 financial and operating guidance:

Financial and Operating Guidance (unaudited)

(in millions, except volumes, per unit and per barrel data)

 

Twelve Months Ended December 31,

 

2018

 

2019

 

2020 (G)

 

 

 

 

 

+ / -

Segment Adjusted EBITDA

 

 

 

 

 

Transportation

$

1,508

 

 

$

1,722

 

 

$

1,820

 

Facilities

 

711

 

 

 

705

 

 

 

680

 

Fee-Based

$

2,219

 

 

$

2,427

 

 

$

2,500

 

Supply and Logistics

 

462

 

 

 

803

 

 

 

75

 

Adjusted other income/(expense), net

 

3

 

 

 

7

 

 

Adjusted EBITDA (1)

$

2,684

 

 

$

3,237

 

 

$

2,575

 

Interest expense, net of certain non-cash items (2)

 

(419

)

 

 

(407

)

 

 

(410

)

Maintenance capital

 

(252

)

 

 

(287

)

 

 

(250

)

Current income tax expense

 

(66

)

 

 

(112

)

 

 

(60

)

Other

 

1

 

 

 

(55

)

 

 

(5

)

Implied DCF (1)

$

1,948

 

 

$

2,376

 

 

$

1,850

 

Preferred unit distributions paid (3)

 

(161

)

 

 

(198

)

 

 

(200

)

Implied DCF Available to Common Unitholders

$

1,787

 

 

$

2,178

 

 

$

1,650

 

 

 

 

 

 

 

Implied DCF per Common Unit (1)

$

2.46

 

 

$

2.99

 

 

$

2.27

 

Implied DCF per Common Unit and Common Equivalent Unit (1)

$

2.38

 

 

$

2.91

 

 

$

2.25

 

 

 

 

 

 

 

Distributions per Common Unit (4)

$

1.20

 

 

$

1.38

 

 

$

1.44

 

Common Unit Distribution Coverage Ratio

2.05

x

2.17

x

1.57

x
 

Diluted Adjusted Net Income per Common Unit (1)

$

1.88

 

 

$

2.51

 

 

$

1.66

 

 

 

 

 

 

 

Operating Data

 

 

 

 

 

Transportation

 

 

 

 

 

Average daily volumes (MBbls/d)

 

5,889

 

 

 

6,893

 

 

 

7,600

 

Segment Adjusted EBITDA per barrel

$

0.70

 

 

$

0.68

 

 

$

0.65

 

 

 

 

 

 

 

Facilities

 

 

 

 

 

Average capacity (MMBbls/Mo)

 

124

 

 

 

125

 

 

 

124

 

Segment Adjusted EBITDA per barrel

$

0.48

 

 

$

0.47

 

 

$

0.46

 

 

 

 

 

 

 

Supply and Logistics

 

 

 

 

 

Average daily volumes (MBbls/d)

 

1,309

 

 

 

1,369

 

 

 

1,450

 

Segment Adjusted EBITDA per barrel

$

0.97

 

 

$

1.61

 

 

$

0.14

 

 

 

 

 

 

 

Expansion Capital

$

1,888

 

 

$

1,340

 

 

$

1,400

 

 

 

 

 

 

 

First-Quarter Adjusted EBITDA as Percentage of Full Year

 

22

%

 

 

27

%

 

27-28

%
______________________________

(G)

2020 Guidance forecasts are intended to be + / - amounts.

(1)

See the section of this release entitled "Non-GAAP Financial Measures and Selected Items Impacting Comparability" and the Non-GAAP Reconciliation tables attached hereto for information regarding non-GAAP financial measures and, for the historical 2018 and 2019 periods, their reconciliation to the most directly comparable measures as reported in accordance with GAAP. We do not provide a reconciliation of non-GAAP financial measures to the equivalent GAAP financial measures on a forward-looking basis as it is impractical to forecast certain items that we have defined as "Selected Items Impacting Comparability" without unreasonable effort, due to the uncertainty and inherent difficulty of predicting the occurrence and financial impact of and the periods in which such items may be recognized. Thus, a reconciliation of non-GAAP financial measures to the equivalent GAAP financial measures could result in disclosure that could be imprecise or potentially misleading.

(2)

Excludes certain non-cash items impacting interest expense such as amortization of debt issuance costs and terminated interest rate swaps.

(3)

Cash distributions paid to our preferred unitholders during the year presented. Distributions on our Series A preferred units were paid-in-kind for the February 2018 quarterly distribution. Distributions on our Series A preferred units have been paid in cash since the May 2018 quarterly distribution. Distributions on our Series B preferred units are payable in cash semi-annually in arrears on May 15 and November 15.

(4)

Cash distributions per common unit paid during 2018 and 2019. 2020(G) reflects the current distribution rate of $1.44 per common unit.

Plains GP Holdings

PAGP owns an indirect non-economic controlling interest in PAA’s general partner and an indirect limited partner interest in PAA. As the control entity of PAA, PAGP consolidates PAA’s results into its financial statements, which is reflected in the condensed consolidating balance sheet and income statement tables included at the end of this release. Information regarding PAGP’s distributions is reflected below:

 

Q4 2019

 

Q3 2019

 

Q4 2018

Distribution per Class A share declared for the period

$

0.36

 

 

$

0.36

 

 

$

0.30

 

Q4 2019 distribution percentage change from prior periods

 

 

%

 

20

%

 

Conference Call

PAA and PAGP will hold a joint conference call at 4:00 p.m. CT on Tuesday, February 4, 2020 to discuss the following items:

  1. PAA’s fourth-quarter and full-year 2019 performance;
  2. Financial and operating guidance;
  3. Capitalization and liquidity; and
  4. Plains’ outlook for the future.

Conference Call Webcast Instructions

To access the internet webcast please go to https://event.webcasts.com/starthere.jsp?ei=1277780&tp_key=2a3486ef6a.

Alternatively, the webcast can be accessed on our website (www.plainsallamerican.com) under Investor Relations (Navigate to: Investor Relations / either "PAA" or "PAGP" / News & Events / Quarterly Earnings). Following the live webcast, an audio replay in MP3 format will be available on our website within two hours after the end of the call and will be accessible for a period of 365 days. A transcript will also be available after the call at the above referenced website.

Non-GAAP Financial Measures and Selected Items Impacting Comparability

To supplement our financial information presented in accordance with GAAP, management uses additional measures known as "non-GAAP financial measures" in its evaluation of past performance and prospects for the future. The primary additional measures used by management are earnings before interest, taxes, depreciation and amortization (including our proportionate share of depreciation and amortization of, and gains and losses on significant asset sales by, unconsolidated entities), gains and losses on asset sales and asset impairments and gains on investments in unconsolidated entities, adjusted for certain selected items impacting comparability ("Adjusted EBITDA") and Implied distributable cash flow ("DCF").

Management believes that the presentation of such additional financial measures provides useful information to investors regarding our performance and results of operations because these measures, when used to supplement related GAAP financial measures, (i) provide additional information about our core operating performance and ability to fund distributions to our unitholders through cash generated by our operations and (ii) provide investors with the same financial analytical framework upon which management bases financial, operational, compensation and planning/budgeting decisions. We also present these and additional non-GAAP financial measures, including adjusted net income attributable to PAA and basic and diluted adjusted net income per common unit, as they are measures that investors, rating agencies and debt holders have indicated are useful in assessing us and our results of operations. These non-GAAP measures may exclude, for example, (i) charges for obligations that are expected to be settled with the issuance of equity instruments, (ii) gains and losses on derivative instruments that are related to underlying activities in another period (or the reversal of such adjustments from a prior period), the mark-to-market related to our Preferred Distribution Rate Reset Option, gains and losses on derivatives that are related to investing activities (such as the purchase of linefill) and inventory valuation adjustments, as applicable, (iii) long-term inventory costing adjustments, (iv) items that are not indicative of our core operating results and business outlook and/or (v) other items that we believe should be excluded in understanding our core operating performance. These measures may further be adjusted to include amounts related to deficiencies associated with minimum volume commitments whereby we have billed the counterparties for their deficiency obligation and such amounts are recognized as deferred revenue in "Other current liabilities" on our Condensed Consolidated Financial Statements. Such amounts are presented net of applicable amounts subsequently recognized into revenue. Furthermore, the calculation of these measures contemplates tax effects as a separate reconciling item, where applicable. We have defined all such items as "selected items impacting comparability." Due to the nature of the selected items, certain selected items impacting comparability may impact certain non-GAAP financial measures, referred to as adjusted results, but not impact other non-GAAP financial measures. We do not necessarily consider all of our selected items impacting comparability to be non-recurring, infrequent or unusual, but we believe that an understanding of these selected items impacting comparability is material to the evaluation of our operating results and prospects.

Although we present selected items impacting comparability that management considers in evaluating our performance, you should also be aware that the items presented do not represent all items that affect comparability between the periods presented. Variations in our operating results are also caused by changes in volumes, prices, exchange rates, mechanical interruptions, acquisitions, divestitures, expansion projects and numerous other factors. These types of variations may not be separately identified in this release, but will be discussed, as applicable, in management’s discussion and analysis of operating results in our Annual Report on Form 10-K.

Our definition and calculation of certain non-GAAP financial measures may not be comparable to similarly-titled measures of other companies. Adjusted EBITDA, Implied DCF and other non-GAAP financial performance measures are reconciled to Net Income (the most directly comparable measure as reported in accordance with GAAP) for the historical periods presented in the tables attached to this release, and should be viewed in addition to, and not in lieu of, our Condensed Consolidated Financial Statements and notes thereto. In addition, we encourage you to visit our website at www.plainsallamerican.com (in particular the section under "Financial Information" entitled "Non-GAAP Reconciliations" within the Investor Relations tab), which presents a reconciliation of our commonly used non-GAAP and supplemental financial measures.

Forward-Looking Statements

Except for the historical information contained herein, the matters discussed in this release consist of forward-looking statements that involve certain risks and uncertainties that could cause actual results or outcomes to differ materially from results or outcomes anticipated in the forward-looking statements. These risks and uncertainties include, among other things, declines in the actual or expected volume of crude oil and NGL shipped, processed, purchased, stored, fractionated and/or gathered at or through the use of our assets, whether due to declines in production from existing oil and gas reserves, reduced demand, failure to develop or slowdown in the development of additional oil and gas reserves, whether from reduced cash flow to fund drilling or the inability to access capital, or other factors; the effects of competition, including the effects of capacity overbuild in areas where we operate; market distortions caused by over-commitments to infrastructure projects, which impacts volumes, margins, returns and overall earnings; unanticipated changes in crude oil and NGL market structure, grade differentials and volatility (or lack thereof); environmental liabilities or events that are not covered by an indemnity, insurance or existing reserves; fluctuations in refinery capacity in areas supplied by our mainlines and other factors affecting demand for various grades of crude oil, NGL and natural gas and resulting changes in pricing conditions or transportation throughput requirements; maintenance of our credit rating and ability to receive open credit from our suppliers and trade counterparties; the occurrence of a natural disaster, catastrophe, terrorist attack (including eco-terrorist attacks) or other event, including cyber or other attacks on our electronic and computer systems; failure to implement or capitalize, or delays in implementing or capitalizing, on expansion projects, whether due to permitting delays, permitting withdrawals or other factors; shortages or cost increases of supplies, materials or labor; the impact of current and future laws, rulings, governmental regulations, accounting standards and statements, and related interpretations; tightened capital markets or other factors that increase our cost of capital or limit our ability to obtain debt or equity financing on satisfactory terms to fund additional acquisitions, expansion projects, working capital requirements and the repayment or refinancing of indebtedness; the availability of, and our ability to consummate, acquisition or combination opportunities; the successful integration and future performance of acquired assets or businesses and the risks associated with operating in lines of business that are distinct and separate from our historical operations; the currency exchange rate of the Canadian dollar; continued creditworthiness of, and performance by, our counterparties, including financial institutions and trading companies with which we do business; inability to recognize current revenue attributable to deficiency payments received from customers who fail to ship or move more than minimum contracted volumes until the related credits expire or are used; non-utilization of our assets and facilities; increased costs, or lack of availability, of insurance; weather interference with business operations or project construction, including the impact of extreme weather events or conditions; the effectiveness of our risk management activities; fluctuations in the debt and equity markets, including the price of our units at the time of vesting under our long-term incentive plans; risks related to the development and operation of our assets, including our ability to satisfy our contractual obligations to our customers; general economic, market or business conditions and the amplification of other risks caused by volatile financial markets, capital constraints and pervasive liquidity concerns; and other factors and uncertainties inherent in the transportation, storage, terminalling and marketing of crude oil, as well as in the storage of natural gas and the processing, transportation, fractionation, storage and marketing of NGL as discussed in the Partnerships’ filings with the Securities and Exchange Commission.

Plains All American Pipeline, L.P. is a publicly traded master limited partnership that owns and operates midstream energy infrastructure and provides logistics services for crude oil, NGLs and natural gas. PAA owns an extensive network of pipeline transportation, terminalling, storage and gathering assets in key crude oil and NGL producing basins and transportation corridors and at major market hubs in the United States and Canada. On average, PAA handles more than 6 million barrels per day of crude oil and NGL in its Transportation segment. PAA is headquartered in Houston, Texas. More information is available at www.plainsallamerican.com.

Plains GP Holdings is a publicly traded entity that owns an indirect, non-economic controlling general partner interest in PAA and an indirect limited partner interest in PAA, one of the largest energy infrastructure and logistics companies in North America. PAGP is headquartered in Houston, Texas. More information is available at www.plainsallamerican.com.

PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES

FINANCIAL SUMMARY (unaudited)

 

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in millions, except per unit data)

 

Three Months Ended
December 31,

 

Twelve Months Ended
December 31,

 

2019

 

2018

 

2019

 

2018

REVENUES

$

9,154

 

 

$

8,786

 

 

$

33,669

 

 

$

34,055

 

 

 

 

 

 

 

 

 

COSTS AND EXPENSES

 

 

 

 

 

 

 

Purchases and related costs

8,234

 

 

6,955

 

 

29,452

 

 

29,793

 

Field operating costs

320

 

 

332

 

 

1,303

 

 

1,263

 

General and administrative expenses

72

 

 

84

 

 

297

 

 

316

 

Depreciation and amortization

163

 

 

136

 

 

601

 

 

520

 

(Gains)/losses on asset sales and asset impairments, net

34

 

 

(36)

 

 

28

 

 

(114)

 

Total costs and expenses

8,823

 

 

7,471

 

 

31,681

 

 

31,778

 

 

 

 

 

 

 

 

 

OPERATING INCOME

331

 

 

1,315

 

 

1,988

 

 

2,277

 

 

 

 

 

 

 

 

 

OTHER INCOME/(EXPENSE)

 

 

 

 

 

 

 

Equity earnings in unconsolidated entities

115

 

 

93

 

 

388

 

 

375

 

Gain/(loss) on investment in unconsolidated entities

 

 

(10)

 

 

271

 

 

200

 

Interest expense, net

(114)

 

 

(104)

 

 

(425)

 

 

(431)

 

Other income/(expense), net

 

 

(14)

 

 

24

 

 

(7)

 

 

 

 

 

 

 

 

 

INCOME BEFORE TAX

332

 

 

1,280

 

 

2,246

 

 

2,414

 

Current income tax expense

(40)

 

 

(32)

 

 

(112)

 

 

(66)

 

Deferred income tax (expense)/benefit

15

 

 

(131)

 

 

46

 

 

(132)

 

 

 

 

 

 

 

 

 

NET INCOME

307

 

 

1,117

 

 

2,180

 

 

2,216

 

Net income attributable to noncontrolling interests

(1)

 

 

 

 

(9)

 

 

 

NET INCOME ATTRIBUTABLE TO PAA

$

306

 

 

$

1,117

 

 

$

2,171

 

 

$

2,216

 

 

 

 

 

 

 

 

 

NET INCOME PER COMMON UNIT:

 

 

 

 

 

 

 

Net income allocated to common unitholders — Basic

$

256

 

 

$

1,063

 

 

$

1,967

 

 

$

2,009

 

Basic weighted average common units outstanding

728

 

 

726

 

 

727

 

 

726

 

Basic net income per common unit

$

0.35

 

 

$

1.46

 

 

$

2.70

 

 

$

2.77

 

 

 

 

 

 

 

 

 

Net income allocated to common unitholders — Diluted

$

256

 

 

$

1,104

 

 

$

2,119

 

 

$

2,164

 

Diluted weighted average common units outstanding

729

 

 

799

 

 

800

 

 

799

 

Diluted net income per common unit

$

0.35

 

 

$

1.38

 

 

$

2.65

 

 

$

2.71

 

NON-GAAP ADJUSTED RESULTS

(in millions, except per unit data)

 

Three Months Ended
December 31,

 

Twelve Months Ended
December 31,

 

2019

 

2018

 

2019

 

2018

Adjusted net income attributable to PAA

$

517

 

 

$

653

 

 

$

2,063

 

 

$

1,570

 

 

 

 

 

 

 

 

 

Diluted adjusted net income per common unit

$

0.63

 

 

$

0.80

 

 

$

2.51

 

 

$

1.88

 

 

 

 

 

 

 

 

 

Adjusted EBITDA

$

860

 

 

$

949

 

 

$

3,237

 

 

$

2,684

 

PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES

FINANCIAL SUMMARY (unaudited)

 

CONDENSED CONSOLIDATED BALANCE SHEET DATA

(in millions)

 

December 31,
2019

 

December 31,
2018

ASSETS

 

 

 

Current assets

$

4,612

 

 

$

3,533

 

Property and equipment, net

15,355

 

 

14,787

 

Goodwill

2,540

 

 

2,521

 

Investments in unconsolidated entities

3,683

 

 

2,702

 

Linefill and base gas

981

 

 

916

 

Long-term operating lease right-of-use assets, net

466

 

 

 

Long-term inventory

182

 

 

136

 

Other long-term assets, net

858

 

 

916

 

Total assets

$

28,677

 

 

$

25,511

 

 

 

 

 

LIABILITIES AND PARTNERS’ CAPITAL

 

 

 

Current liabilities

$

5,017

 

 

$

3,456

 

Senior notes, net

8,939

 

 

8,941

 

Other long-term debt, net

248

 

 

202

 

Long-term operating lease liabilities

387

 

 

 

Other long-term liabilities and deferred credits

891

 

 

910

 

Total liabilities

15,482

 

 

13,509

 

 

 

 

 

Partners’ capital excluding noncontrolling interests

13,062

 

 

12,002

 

Noncontrolling interests

133

 

 

 

Total partners’ capital

13,195

 

 

12,002

 

Total liabilities and partners’ capital

$

28,677

 

 

$

25,511

 

DEBT CAPITALIZATION RATIOS

(in millions)

 

December 31,
2019

 

December 31,
2018

Short-term debt

$

504

 

 

$

66

 

Long-term debt

9,187

 

 

9,143

 

Total debt

$

9,691

 

 

$

9,209

 

 

 

 

 

Long-term debt

$

9,187

 

 

$

9,143

 

Partners’ capital

13,195

 

 

12,002

 

Total book capitalization

$

22,382

 

 

$

21,145

 

Total book capitalization, including short-term debt

$

22,886

 

 

$

21,211

 

 

 

 

 

Long-term debt-to-total book capitalization

41

%

 

43

%

Total debt-to-total book capitalization, including short-term debt

42

%

 

43

%

PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES

FINANCIAL SUMMARY (unaudited)

 

COMPUTATION OF BASIC AND DILUTED NET INCOME PER COMMON UNIT (1)

(in millions, except per unit data)

 

Three Months Ended
December 31,

 

Twelve Months Ended
December 31,

 

2019

 

2018

 

2019

 

2018

Basic Net Income per Common Unit

 

 

 

 

 

 

 

Net income attributable to PAA

$

306

 

 

$

1,117

 

 

$

2,171

 

 

$

2,216

 

Distributions to Series A preferred unitholders

(37)

 

 

(37)

 

 

(149)

 

 

(149)

 

Distributions to Series B preferred unitholders

(12)

 

 

(12)

 

 

(49)

 

 

(49)

 

Other

(1)

 

 

(5)

 

 

(6)

 

 

(9)

 

Net income allocated to common unitholders

$

256

 

...