Plains All American raises profit view on higher pipeline volumes, deals
HOUSTON, Nov 3 (Reuters) - Plains All American Pipeline on Friday raised its full year profit forecast after posting better-than-expected third quarter earnings, as the pipelines and storage company moved higher volumes of crude and natural gas liquids.
Full-year adjusted earnings before interest, tax, depreciation and amortization are likely to fall between $2.60 billion and $2.65 billion, the company said, above the prior forecast of $2.45 billion to $2.55 billion.
The increase was helped in part by acquisitions in the Permian basin. A Plain's joint venture acquired crude oil gathering systems in West Texas for about $205 million in recent months.
Profit from its crude oil business segment increased 3%, primarily due to higher tariff volumes, tariff escalations and contributions from the acquisitions, the company said.
Natural gas liquids segment earnings rose 15% due to favorable pricing and spot opportunities.
Adjusted net income rose 10% to $308 million, or 35 cents per share, above analysts' estimate of 26 cents per share. (Reporting by Arathy Somasekhar in Houston)
