Last $54.50 USD
Change Today +1.02 / 1.91%
Volume 1.5M
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As of 8:04 PM 11/26/14 All times are local (Market data is delayed by at least 15 minutes).
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Company Description

Contact Info

333 Clay Street

Suite 1600

Houston, TX 77002

United States

Phone: 713-646-4100

Fax:

Plains All American Pipeline, L.P., through its subsidiaries, owns and operates midstream energy infrastructure and provides logistics services for crude oil, natural gas liquids (NGL), natural gas, and refined products. Segments The company operates through three operating segments: Transportation, Facilities, and Supply and Logistics. Transportation segment This segment’s operations consist of fee-based activities associated with transporting crude oil and NGL on pipelines, gathering systems, trucks, and barges. This segment also includes the company’s equity earnings from its investments in Settoon Towing and the White Cliffs, Butte, Frontier and Eagle Ford pipeline systems, in which it owns interests ranging from 22% to 50% and account for under the equity method of accounting. As of December 31, 2013, the company employed various owned or leased long-term physical assets throughout the United States and Canada in this segment, including approximately 16,900 miles of active crude oil and NGL pipelines and gathering systems; 24 million barrels of active, above-ground tank capacity used primarily to facilitate pipeline throughput; 744 trailers (primarily in Canada); and 130 transport and storage barges and 62 transport tugs through its interest in Settoon Towing. United States Pipelines Permian Basin Basin Pipeline System: The company owns an 87% undivided joint interest in and is the operator of the Basin Pipeline system. The Basin system is a primary route for transporting crude oil from the Permian Basin (in west Texas and southern New Mexico) to Cushing, Oklahoma, for further delivery to Mid-Continent and Midwest refining centers. The Basin system is an approximate 520-mile mainline, telescoping crude oil system with a system capacity ranging from approximately 144,000 barrels per day to 450,000 barrels per day (approximately 125,000 barrels per day to 392,000 barrels per day attributable to its interest) depending on the segment. The Basin system is subject to tariff rates regulated by the Federal Energy Regulatory Commission (FERC).The system also includes approximately 6 million barrels of tankage. Mesa Pipeline System: The company owns a 63% interest in and is the operator of the Mesa Pipeline system, which transports crude oil from Midland to a refinery at Big Spring, Texas and to connecting carriers at Colorado City. The Mesa system is an 80-mile mainline with a system capacity of approximately 360,000 barrels per day (approximately 226,800 barrels per day attributable to its interest). Permian Basin Area Systems: The company operates wholly owned systems of approximately 2,950 miles that aggregate receipts from wellhead gathering lines and bulk truck injection locations into a combination of 4- to 16-inch diameter trunk lines for transportation and delivery into the Basin system at Jal, Wink and Midland, as well as its terminal facilities in Midland. These systems are subject to tariff rates regulated by either the FERC or state regulatory agencies. SouthTexas/Eagle Ford Area Eagle Ford Area Systems: The company owns a 100% interest in and is the operator of various gathering systems that feed into its Gardendale Station. The company also owns a 50% interest in and is the operator of the Eagle Ford joint venture pipeline. These Eagle Ford Area Systems consist of 439 miles of pipeline that service increasing production in the Eagle Ford shale play of south Texas and include approximately 2 million barrels of operational storage capacity across the system. The system serves the Three Rivers and Corpus Christi, Texas refineries and other markets through a marine terminal facility at Corpus Christi, as well as the Houston market through Enterprise Products Partners L.P.’s (Enterprise) connection at Lyssy, Texas. For 2013, total average throughput on the company’s Eagle Ford Area Systems was approximately 102,000 barrels per day. Western All American Pipeline System: The company owns a 100% interest in the All American Pipeline system. The All American Pipeline is a common carrier crude oil pipeline system that transports crude oil produced from two outer continental shelf

 

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PAA

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Valuation PAA Industry Range
Price/Earnings 23.9x
Price/Sales 0.5x
Price/Book 2.6x
Price/Cash Flow 16.7x
TEV/Sales 0.3x
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