HOUSTON (AP) _ Plains GP Holdings LP (PAGP) on Tuesday reported a first-quarter loss of $581 million, after reporting a profit in the same period a year earlier.
The Houston-based company said it had a loss of $3.18 per share. Earnings, adjusted for asset impairment costs, came to $7.68 per share.
The results beat Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 40 cents per share.
The oil and gas holding company posted revenue of $8.27 billion in the period.
Plains GP shares have dropped 54% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $8.65, a fall of 63% in the last 12 months.