Plains All American Pipeline, L.P. and Plains GP Holdings Report Fourth-Quarter and Full-Year 2016 Results |
PAA Also Furnishes 2017 Full-Year Guidance
Plains All American Pipeline, L.P. (NYSE: PAA)
and Plains GP Holdings (NYSE: PAGP)
today reported fourth-quarter and full-year 2016 results.
| Plains All American Pipeline, L.P. |
| Summary Financial Information(unaudited)
|
(in millions, except per unit data)
| |
|
|
|
|
| Three Months Ended |
|
| |
|
| Twelve Months Ended |
|
| | | | | | | | December 31, | | | | | | December 31, | | | | GAAP Results |
|
|
|
| | 2016 |
|
| 2015 | | | % Change | | | 2016 |
|
| 2015 | | | % Change | Net income attributable to PAA | | | | | |
$
|
126
| | |
$
|
247
| | |
(49
|
)%
| | |
$
|
726
| | |
$
|
903
| | |
(20
|
)%
| Diluted net income per common unit | | | | | |
$
|
0.14
| | |
$
|
0.24
| | |
(42
|
)%
| | |
$
|
0.43
| | |
$
|
0.77
| | |
(44
|
)%
| Diluted weighted average common units outstanding |
|
|
|
| |
|
662
| | |
|
399
| | |
66
|
%
| | |
|
466
| | |
|
396
| | |
18
|
%
| Distribution per common unit declared for the period |
|
|
|
| |
$
|
0.55
| | |
$
|
0.70
| | |
(21.4
|
)%
| | |
$
|
2.50
| | |
$
|
2.78
| | |
(10.1
|
)%
|
|
|
| | | | | | | Three Months Ended | | | | | | Twelve Months Ended | | | | | | | | | | December 31, | | | | | | December 31, | | | | Non-GAAP Results (1) |
|
|
|
| | 2016 | | | 2015 | | | % Change | | | 2016 | | | 2015 | | | % Change | Adjusted net income attributable to PAA | | | | | |
$
|
278
| | |
$
|
304
| | |
(9
|
)%
| | |
$
|
1,062
| | |
$
|
1,191
| | |
(11
|
)%
| Diluted adjusted net income per common unit | | | | | |
$
|
0.37
| | |
$
|
0.38
| | |
(3
|
)%
| | |
$
|
1.14
| | |
$
|
1.48
| | |
(23
|
)%
| Adjusted EBITDA (2) | | | | | |
$
|
600
| | |
$
|
575
| | |
4
|
%
| | |
$
|
2,169
| | |
$
|
2,213
| | |
(2
|
)%
|
________________________
|
| (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 their
reconciliation to the most directly comparable measures as
reported in accordance with GAAP.
| | |
| (2) | |
During the fourth quarter of 2016, we modified our definition of
adjusted EBITDA to exclude depreciation and amortization expense
associated with equity method investments. Prior period amounts
have been recast to reflect this change.
|
|
"PAA reported fourth-quarter 2016 adjusted EBITDA of $600 million which
was essentially in line with the fourth-quarter guidance furnished last
November and full-year 2016 adjusted EBITDA of $2.169 billion," said
Greg Armstrong, Chairman and CEO of Plains All American.
"Looking forward, we are encouraged by the significant increase in
drilling and completion activities in the Permian Basin observed over
the latter half of 2016 and continuing into 2017. These activity levels
have increased our conviction in significant Permian Basin production
growth in 2017 and beyond as we discussed on our acquisition related
conference call on January 25th."
Segment adjusted EBITDA for the fourth quarter and full year of 2016 is
presented below:
| Summary of Selected Financial Data by
Segment(1)(unaudited)
|
(in millions)
| |
|
|
|
|
| Three Months Ended |
|
| Three Months Ended | | | | | | | December 31, 2016 | | | December 31, 2015 | | | | | | | Transportation |
| Facilities |
| Supply and Logistics | | | Transportation |
| Facilities |
| Supply and Logistics |
Segment adjusted EBITDA
| | | | | |
$
|
278
|
|
| |
$
|
171
|
| |
$
|
151
|
|
| | |
$
|
268
|
| |
$
|
150
| |
$
|
157
| Percentage change in segment adjusted EBITDA versus 2015 period | | | | | |
| 4 | % |
| |
| 14 | % | |
| (4 | )% |
|
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | Twelve Months Ended | | | Twelve Months Ended | | | | | | | December 31, 2016 | | | December 31, 2015 | | | | | | | Transportation | | Facilities | | Supply and Logistics | | | Transportation | | Facilities | | Supply and Logistics |
Segment adjusted EBITDA
| | | | | |
$
|
1,141
|
|
| |
$
|
667
|
| |
$
|
359
|
|
| | |
$
|
1,056
|
| |
$
|
588
| |
$
|
568
| Percentage change in segment adjusted EBITDA versus 2015 period | | | | | |
| 8 | % |
| |
| 13 | % | |
| (37 | )% |
|
| | | | | | | | |
________________________
|
| (1) |
|
During the fourth quarter of 2016, we modified our primary segment
performance measure to segment adjusted EBITDA from segment
profit. Prior period segment amounts have been recast to reflect
this change. See additional discussion below.
|
|
Fourth-quarter 2016 Transportation segment adjusted EBITDA increased by
4% versus comparable 2015 results. This increase was primarily driven by
increased volumes and margins on certain of our Permian Basin pipelines,
earnings from our 40% interest in the Saddlehorn pipeline which was
placed in service in the third quarter of 2016 and lower operating
expenses, partially offset by the sale of certain of our Gulf Coast
pipelines in early 2016.
Fourth-quarter 2016 Facilities segment adjusted EBITDA increased by 14%
versus comparable 2015 results. This increase was primarily due to
contributions from the Western Canada NGL assets acquired in August 2016
and contributions from ongoing projects at our Fort Saskatchewan
facility as well as lower operating expenses.
Fourth-quarter 2016 Supply and Logistics segment adjusted EBITDA
decreased by 4% relative to comparable 2015 results. This decrease was
primarily driven by lower volumes and margins associated with our U.S.
crude oil lease gathering activities due to less favorable market
conditions as a result of increased competition and lower crude oil
production in certain regions.
During the fourth quarter of 2016, we modified our primary segment
performance measure to segment adjusted EBITDA from segment profit.
Segment adjusted EBITDA forms the basis of our internal financial
reporting and is the primary measure used by our Chief Operating
Decision Maker ("CODM") in assessing performance and allocating
resources among our operating segments. In conjunction with this change,
we modified our adjusted EBITDA metric to exclude depreciation and
amortization expense associated with equity method investments. Prior
period amounts have been recast to reflect this change. The 2016 fourth
quarter and full year impact of this modification increased adjusted
EBITDA by $13 million and $50 million, respectively, and the 2015 fourth
quarter and full year impact of this modification increased adjusted
EBITDA by $12 million and $45 million, respectively, within the
Transportation segment.
2017 Full-Year Guidance
Full-year 2017 financial and operating guidance is presented below:
| FINANCIAL AND OPERATING GUIDANCE
(unaudited)
|
(in millions, except per barrel data)
| |
|
|
|
| Twelve Months Ended December 31, |
|
|
| | | | | | | 2015 |
|
|
| 2016 |
|
|
| 2017 (G) | | | | 2017 vs 2016 | | | | | | | | | | | | | | + / - | | | | | Segment Adjusted EBITDA | | | | | | | | | | | | | | | | | |
Transportation
| | | | |
$
|
1,056
| | | | |
$
|
1,141
| | | | |
$
|
1,315
| | | | | |
15
|
%
|
Facilities
| | | | | |
588
| | | | | |
667
| | | | | |
680
| | | | | |
2
|
%
|
Supply and Logistics
| | | | | |
568
| | | | | |
359
| | | | | |
365
| | | | | |
2
|
%
|
Other Income/(Expense), Net
| | | | |
|
1
|
| | | |
|
2
|
| | | |
|
-
|
| | | |
|
|
| Adjusted EBITDA (1) | | | | | $ | 2,213 |
| | | | $ | 2,169 |
| | | | $ | 2,360 |
| | | |
| 9 | % |
Interest expense, net (2) | | | | | |
(417
|
)
| | | | |
(451
|
)
| | | | |
(500
|
)
| | | | |
11
|
%
|
Maintenance capital
| | | | | |
(220
|
)
| | | | |
(186
|
)
| | | | |
(180
|
)
| | | | |
(3
|
)%
|
Current income tax expense
| | | | | |
(84
|
)
| | | | |
(85
|
)
| | | | |
(70
|
)
| | | | |
(18
|
)%
|
Other
| | | | |
|
(18
|
)
| | | |
|
(33
|
)
| | | |
|
(10
|
)
| | | |
|
(70
|
)%
| Implied DCF (1) | | | | | $ | 1,474 |
| | | | $ | 1,414 |
| | | | $ | 1,600 |
| | | |
| 13 | % | | | | | | | | | | | | | | | | | |
| Operating Data | | | | | | | | | | | | | | | | | | Transportation | | | | | | | | | | | | | | | | | |
Average Daily Volumes (MBbls/d)
| | | | | |
4,453
| | | | | |
4,637
| | | | | |
5,250
| | | | | |
13
|
%
|
Segment Adjusted EBITDA per Barrel
| | | | |
$
|
0.65
| | | | |
$
|
0.67
| | | | |
$
|
0.69
| | | | | |
3
|
%
| | | | | | | | | | | | | | | | | |
| Facilities | | | | | | | | | | | | | | | | | |
Average Capacity (MMBbls/Mo)
| | | | | |
126
| | | | | |
129
| | | | | |
130
| | | | | |
1
|
%
|
Segment Adjusted EBITDA per Barrel
| | | | |
$
|
0.39
| | | | |
$
|
0.43
| | | | |
$
|
0.44
| | | | | |
2
|
%
| | | | | | | | | | | | | | | | | |
| Supply and Logistics | | | | | | | | | | | | | | | | | |
Average Daily Volumes (MBbls/d)
| | | | | |
1,168
| | | | | |
1,160
| | | | | |
1,250
| | | | | |
8
|
%
|
Segment Adjusted EBITDA per Barrel
| | | | |
$
|
1.33
| | | | |
$
|
0.85
| | | | |
$
|
0.80
| | | | | |
(6
|
)%
| | | | | | | | | | | | | | | | | |
| Expansion Capital | | | | | $ | 2,170 | | | | | $ | 1,405 | | | | | $ | 800 | | | | | $ | (605 | ) | | | | | | | | | | | | | | | | | |
| First Quarter Adjusted EBITDA as Percentage of Full Year | | | | | | 29 | % | | | | | 29 | % | | | | | 23 | % | | | | |
|
________________________
|
|
(G)
|
|
2017 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
Financial Data Reconciliations table attached hereto for
information regarding non-GAAP financial measures and, for the
2015 and 2016 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.
|
|
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 2016 |
|
| Q3 2016 |
|
| Q4 2015 | Distribution per Class A share declared for the period
(1) | | | | | |
$
|
0.55
| | |
$
|
0.55
|
| | |
$
|
0.62
|
| Q4 2016 distribution percentage change from prior periods | | | | | | | | |
|
-
|
%
| | |
|
(11.3
|
)%
|
|
________________________
|
| (1) |
|
A reverse split of PAGP's Class A shares was completed on November
15, 2016. The effect of the reverse split has been retroactively
applied to all per-share amounts presented.
|
|
Conference Call
PAA and PAGP will hold a conference call at 11:00 a.m. ET on Wednesday,
February 8, 2017 to discuss the following items:
1. PAA's fourth-quarter and full-year 2016 performance;
2. Financial and operating guidance for 2017;
3. An update on major capital expansion projects;
4. Capitalization and liquidity; and
5. PAA and PAGP's outlook for the future.
Prior to the conference call, PAA will furnish a current report on Form
8-K that will include material in this earnings release. A copy of the
8-K and a slide presentation for the conference call will be available
at www.plainsallamerican.com, where PAA and PAGP routinely post
important information.
Conference Call Webcast Instructions
To access the internet webcast of the conference call, please go to www.plainsallamerican.com,
under the "Investor Relations" section of the website (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 the website within two hours after the end of the
call and will be accessible for a period of 365 days.
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 unconsolidated
entities) and 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 measurements 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) the mark-to-market of 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 "Accounts payable and accrued liabilities" on our
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, expansion projects and numerous
other factors. These types of variations are not 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 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 volume of crude oil, refined product
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; market distortions caused by producer over-commitments to
new or recently constructed infrastructure projects, which impacts
volumes, margins, returns and overall earnings; unanticipated changes in
crude oil market structure, grade differentials and volatility (or lack
thereof); environmental liabilities or events that are not covered by an
indemnity, insurance or existing reserves; maintenance of our credit
rating and ability to receive open credit from our suppliers and trade
counterparties; fluctuations in refinery capacity in areas supplied by
our mainlines and other factors affecting demand for various grades of
crude oil, refined products and natural gas and resulting changes in
pricing conditions or transportation throughput requirements; the
occurrence of a natural disaster, catastrophe, terrorist attack
(including eco-terrorist attacks) or other event, including 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; 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 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 availability of, and our ability to
consummate, acquisition or combination opportunities; the effectiveness
of our risk management activities; 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; 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; factors affecting demand for
natural gas and natural gas storage services and rates; 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 and refined products, as well as in the storage of natural gas
and the processing, transportation, fractionation, storage and marketing
of natural gas liquids 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, natural gas and refined
products. 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 over 4.6
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.
| 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 |
|
|
| Twelve Months Ended | | | | | | December 31, | | | | December 31, | | | | | | 2016 |
|
|
| 2015 | | | | 2016 |
|
|
| 2015 | | | | | | | | | | | | | | | | | |
| REVENUES | | | | |
$
|
5,952
| | | | |
$
|
4,996
| | | | |
$
|
20,182
| | | | |
$
|
23,152
| | | | | | | | | | | | | | | | | | |
| COSTS AND EXPENSES | | | | | | | | | | | | | | | | | |
Purchases and related costs
| | | | | |
5,234
| | | | | |
4,135
| | | | | |
17,233
| | | | | |
19,726
| |
Field operating costs
| | | | | |
289
| | | | | |
343
| | | | | |
1,182
| | | | | |
1,454
| |
General and administrative expenses
| | | | | |
68
| | | | | |
61
| | | | | |
279
| | | | | |
278
| |
Depreciation and amortization
| | | | |
|
143
|
| | | |
|
113
|
| | | |
|
494
|
| | | |
|
432
|
|
Total costs and expenses
| | | | | |
5,734
| | | | | |
4,652
| | | | | |
19,188
| | | | | |
21,890
| | | | | | | | | | | | | | | | | | |
| OPERATING INCOME | | | | | |
218
| | | | | |
344
| | | | | |
994
| | | | | |
1,262
| | | | | | | | | | | | | | | | | | |
| OTHER INCOME/(EXPENSE) | | | | | | | | | | | | | | | | | |
Equity earnings in unconsolidated entities
| | | | | |
61
| | | | | |
49
| | | | | |
195
| | | | | |
183
| |
Interest expense, net
| | | | | |
(127
|
)
| | | | |
(111
|
)
| | | | |
(467
|
)
| | | | |
(432
|
)
|
Other income/(expense), net
| | | | |
|
(14
|
)
| | | |
|
-
|
| | | |
|
33
|
| | | |
|
(7
|
)
| | | | | | | | | | | | | | | | | |
| INCOME BEFORE TAX | | | | | |
138
| | | | | |
282
| | | | | |
755
| | | | | |
1,006
| |
Current income tax expense
| | | | | |
(41
|
)
| | | | |
(12
|
)
| | | | |
(85
|
)
| | | | |
(84
|
)
|
Deferred income tax benefit/(expense)
| | | | |
|
30
|
| | | |
|
(22
|
)
| | | |
|
60
|
| | | |
|
(16
|
)
| | | | | | | | | | | | | | | | | |
| NET INCOME | | | | | |
127
| | | | | |
248
| | | | | |
730
| | | | | |
906
| |
Net income attributable to noncontrolling interests
| | | | |
|
(1
|
)
| | | |
|
(1
|
)
| | | |
|
(4
|
)
| | | |
|
(3
|
)
| NET INCOME ATTRIBUTABLE TO PAA | | | | |
$
|
126
|
| | | |
$
|
247
|
| | | |
$
|
726
|
| | | |
$
|
903
|
| | | | | | | | | | | | | | | | | |
| NET INCOME PER COMMON UNIT: | | | | | | | | | | | | | | | | | |
Net income allocated to common unitholders - Basic
| | | | |
$
|
91
| | | | |
$
|
95
| | | | |
$
|
200
| | | | |
$
|
305
| |
Basic weighted average common units outstanding
| | | | | |
660
| | | | | |
398
| | | | | |
464
| | | | | |
394
| |
Basic net income per common unit
| | | | |
$
|
0.14
|
| | | |
$
|
0.24
|
| | | |
$
|
0.43
|
| | | |
$
|
0.78
|
| | | | | | | | | | | | | | | | | |
|
Net income allocated to common unitholders - Diluted
| | | | |
$
|
91
| | | | |
$
|
95
| | | | |
$
|
200
| | | | |
$
|
305
| |
Diluted weighted average common units outstanding
| | | | | |
662
| | | | | |
399
| | | | | |
466
| | | | | |
396
| |
Diluted net income per common unit
| | | | |
$
|
0.14
|
| | | |
$
|
0.24
|
| | | |
$
|
0.43
|
| | | |
$
|
0.77
|
| | | | | | | | | | | | | | | | | |
|
| NON-GAAP ADJUSTED RESULTS |
(in millions, except per unit data)
| | | | | Three Months Ended | | | | Twelve Months Ended | | | | | | December 31, | | | | December 31, | | | | | | 2016 | | | | 2015 | | | | 2016 | | | | 2015 | | | | | | | | | | | | | | | | | |
|
Adjusted net income attributable to PAA
| | | | |
$
|
278
|
| | | |
$
|
304
|
| | | |
$
|
1,062
|
| | | |
$
|
1,191
|
| | | | | | | | | | | | | | | | | |
|
Diluted adjusted net income per common unit
| | | | |
$
|
0.37
|
| | | |
$
|
0.38
|
| | | |
$
|
1.14
|
| | | |
$
|
1.48
|
| | | | | | | | | | | | | | | | | |
|
Adjusted EBITDA
| | | | |
$
|
600
|
| | | |
$
|
575
|
| | | |
$
|
2,169
|
| | | |
$
|
2,213
|
|
|
| PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES | FINANCIAL SUMMARY (unaudited)
|
| CONDENSED CONSOLIDATED BALANCE SHEET DATA |
(in millions)
| |
|
|
|
| December 31, |
|
|
| December 31, | | | | | | 2016 |
| | | 2015 | ASSETS | | | | | | | | | |
Current assets
| | | | |
$
|
4,272
| | | | |
$
|
2,969
| |
Property and equipment, net
| | | | | |
13,872
| | | | | |
13,474
| |
Goodwill
| | | | | |
2,344
| | | | | |
2,405
| |
Investments in unconsolidated entities
| | | | | |
2,343
| | | | | |
2,027
| |
Linefill and base gas
| | | | | |
896
| | | | | |
898
| |
Long-term inventory
| | | | | |
193
| | | | | |
129
| |
Other long-term assets, net
| | | | |
|
290
|
| | | |
|
386
|
|
Total assets
| | | | |
$
|
24,210
|
| | | |
$
|
22,288
|
| | | | | | | | | |
| LIABILITIES AND PARTNERS' CAPITAL | | | | | | | | | |
Current liabilities
| | | | |
$
|
4,664
| | | | |
$
|
3,407
| |
Senior notes, net of unamortized discounts and debt issuance costs
| | | | | |
9,874
| | | | | |
9,698
| |
Other long-term debt
| | | | | |
250
| | | | | |
677
| |
Other long-term liabilities and deferred credits
| | | | |
|
606
|
| | | |
|
567
|
|
Total liabilities
| | | | | |
15,394
| | | | | |
14,349
| | | | | | | | | | |
|
Partners' capital excluding noncontrolling interests
| | | | | |
8,759
| | | | | |
7,881
| |
Noncontrolling interests
| | | | |
|
57
|
| | | |
|
58
|
|
Total partners' capital
| | | | |
|
8,816
|
| | | |
|
7,939
|
|
Total liabilities and partners' capital
| | | | |
$
|
24,210
|
| | | |
$
|
22,288
|
| | | | | | | | | |
| DEBT CAPITALIZATION RATIOS | | | | | | | | | |
(in millions)
| | | | | | | | | | | | | | | December 31, | | | | December 31, | | | | | | 2016 | | | | 2015 |
Short-term debt (1) | | | | |
$
|
1,715
| | | | |
$
|
999
| |
Long-term debt
| | | | |
|
10,124
|
| | | |
|
10,375
|
|
Total debt
| | | | |
$
|
11,839
|
| | | |
$
|
11,374
|
| | | | | | | | | |
|
Long-term debt
| | | | |
$
|
10,124
| | | | |
$
|
10,375
| |
Partners' capital
| | | | |
|
8,816
|
| | | |
|
7,939
|
|
Total book capitalization
| | | | |
$
|
18,940
|
| | | |
$
|
18,314
|
|
Total book capitalization, including short-term debt
| | | | |
$
|
20,655
|
| | | |
$
|
19,313
|
| | | | | | | | | |
|
Long-term debt-to-total book capitalization
| | | | | |
53
|
%
| | | | |
57
|
%
|
Total debt-to-total book capitalization, including short-term debt
| | | | | |
57
|
%
| | | | |
59
|
%
|
|
________________________
|
| (1) |
|
At December 31, 2016, short-term debt includes borrowings of
approximately $1,303 million for short-term hedged inventory
purchases and borrowings of approximately $410 million for cash
margin deposits with our clearing brokers, which are associated
with financial derivatives used for hedging purposes.
|
|
| PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES | FINANCIAL SUMMARY (unaudited)
|
| OPERATING DATA(1) | |
|
|
|
| Three Months Ended |
|
| Twelve Months Ended | | | | | | December 31, | | | December 31, | | | | | | 2016 |
| 2015 | | | 2016 |
| 2015 | | | | | | | | | | | | |
| Transportation segment (average daily volumes in thousands of
barrels per day): | | | | | | | | | | | | |
Tariff activities volumes
| | | | | | | | | | | | |
Crude oil pipelines (by region):
| | | | | | | | | | | | |
Permian Basin (2) | | | | |
2,197
| |
1,963
| | |
2,146
| |
1,849
|
South Texas / Eagle Ford (2) | | | | |
284
| |
331
| | |
284
| |
306
|
Western
| | | | |
171
| |
190
| | |
188
| |
215
|
Rocky Mountain (2) | | | | |
454
| |
433
| | |
449
| |
440
|
Gulf Coast
| | | | |
373
| |
537
| | |
497
| |
532
|
Central (2) | | | | |
397
| |
362
| | |
394
| |
413
|
Canada
| | | | |
374
| |
377
| | |
381
| |
392
|
Crude oil pipelines
| | | | |
4,250
| |
4,193
| | |
4,339
| |
4,147
|
NGL pipelines
| | | | |
190
| |
189
| | |
184
| |
193
|
Tariff activities total volumes
| | | | |
4,440
| |
4,382
| | |
4,523
| |
4,340
|
Trucking
| | | | |
118
| |
109
| | |
114
| |
113
|
Transportation segment total volumes
| | | | |
4,558
| |
4,491
| | |
4,637
| |
4,453
| | | | | | | | | | | | |
| Facilities segment (average monthly volumes): | | | | | | | | | | | | |
Crude oil, refined products and NGL terminalling and storage
(average monthly capacity in millions of barrels)
| | | | |
110
| |
103
| | |
107
| |
100
|
Rail load / unload volumes
(average volumes in thousands of barrels per day)
| | | | |
42
| |
172
| | |
83
| |
210
|
Natural gas storage
(average monthly working capacity in billions of cubic feet)
| | | | |
97
| |
97
| | |
97
| |
97
|
NGL fractionation
(average volumes in thousands of barrels per day)
| | | | |
122
| |
111
| | |
115
| |
103
|
Facilities segment total volumes
(average monthly volumes in millions of barrels) (3) | | | | |
131
| |
128
| | |
129
| |
126
| | | | | | | | | | | | |
| Supply and Logistics segment (average daily volumes in thousands
of barrels per day): | | | | | | | | | | | | |
Crude oil lease gathering purchases
| | | | |
895
| |
899
| | |
894
| |
943
|
NGL sales
| | | | |
346
| |
266
| | |
259
| |
223
|
Waterborne cargos
| | | | |
7
| |
2
| | |
7
| |
2
|
Supply and Logistics segment total volumes
| | | | |
1,248
| |
1,167
| | |
1,160
| |
1,168
|
|
________________________
|
| (1) |
|
Average volumes are calculated as total volumes for the period
(attributable to our interest) divided by the number of days or
months in the period.
| | |
| (2) | |
Region includes volumes (attributable to our interest) from
pipelines owned by unconsolidated entities.
| | |
| (3) | |
Facilities segment total is calculated as the sum of: (i) crude
oil, refined products and NGL terminalling and storage capacity;
(ii) rail load and unload volumes multiplied by the number of days
in the period and divided by the number of months in the period;
(iii) natural gas storage working capacity divided by 6 to account
for the 6:1 mcf of natural gas to crude Btu equivalent ratio and
further divided by 1,000 to convert to monthly volumes in
millions; and (iv) NGL fractionation volumes multiplied by the
number of days in the period and divided by the number of months
in the period.
|
|
| 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 |
|
| Twelve Months Ended | | | | | | December 31, | | | December 31, | | | | | | 2016 |
|
| 2015 | | | 2016 |
|
| 2015 | Basic Net Income per Common Unit | | | | | | | | | | | | | | |
Net income attributable to PAA
| | | | |
$
|
126
| | | |
$
|
247
| | | |
$
|
726
| | | |
$
|
903
| |
Distributions to Series A preferred units
| | | | | |
(34
|
)
| | | |
-
| | | | |
(122
|
)
| | | |
-
| |
Distributions to general partner
| | | | | |
-
| | | | |
(155
|
)
| | | |
(412
|
)
| | | |
(608
|
)
|
Distributions to participating securities
| | | | | |
-
| | | | |
(1
|
)
| | | |
(4
|
)
| | | |
(6
|
)
|
Undistributed loss allocated to general partner
| | | | | |
-
| | | | |
4
| | | | |
14
| | | | |
16
| |
Other
| | | | |
|
(1
|
)
| | |
|
-
|
| | |
|
(2
|
)
| | |
|
-
|
|
Net income allocated to common unitholders in accordance with
application of the two-class method
| | | | |
$
|
91
|
| | |
$
|
95
|
| | |
$
|
200
|
| | |
$
|
305
|
| | | | | | | | | | | | | | |
|
Basic weighted average common units outstanding (2) | | | | | |
660
| | | | |
398
| | | | |
464
| | | | |
394
| | | | | | | | | | | | | | | |
|
Basic net income per common unit
| | | | |
$
|
0.14
|
| | |
$
|
0.24
|
| | |
$
|
0.43
|
| | |
$
|
0.78
|
| | | | | | | | | | | | | | |
| Diluted Net Income per Common Unit | | | | | | | | | | | | | | |
Net income attributable to PAA
| | | | |
$
|
126
| | | |
$
|
247
| | | |
$
|
726
| | | |
$
|
903
| |
Distributions to Series A preferred units
| | | | | |
(34
|
)
| | | |
-
| | | | |
(122
|
)
| | | |
-
| |
Distributions to general partner
| | | | | |
-
| | | | |
(155
|
)
| | | |
(412
|
)
| | | |
(608
|
)
|
Distributions to participating securities
| | | | | |
-
| | | | |
(1
|
)
| | | |
(4
|
)
| | | |
(6
|
)
|
Undistributed loss allocated to general partner
| | | | | |
-
| | | | |
4
| | | | |
14
| | | | |
16
| |
Other
| | | | |
|
(1
|
)
| | |
|
-
|
| | |
|
(2
|
)
| | |
|
-
|
|
Net income allocated to common unitholders in accordance with
application of the two-class method
| | | | |
$
|
91
|
| | |
$
|
95
|
| | |
$
|
200
|
| | |
$
|
305
|
| | | | | | | | | | | | | | |
|
Basic weighted average common units outstanding (2) | | | | | |
660
| | | | |
398
| | | | |
464
| | | | |
394
| |
Effect of dilutive securities: Weighted average LTIP units (3) | | | | |
|
2
|
| | |
|
1
|
| | |
|
2
|
| | |
|
2
|
|
Diluted weighted average common units outstanding
| | | | |
|
662
|
| | |
|
399
|
| | |
|
466
|
| | |
|
396
|
| | | | | | | | | | | | | | |
|
Diluted net income per common unit (4) | | | | |
$
|
0.14
|
| | |
$
|
0.24
|
| | |
$
|
0.43
|
| | |
$
|
0.77
|
|
|
|
|
________________________
|
| (1) | |
We calculate net income allocated to common unitholders based on
the distributions pertaining to the current period's net income.
After adjusting for the appropriate period's distributions, the
remaining undistributed earnings or excess distributions over
earnings, if any, are allocated to the general partner, common
unitholders and participating securities in accordance with the
contractual terms of our partnership agreement in effect for the
period and as further prescribed under the two-class method.
| | |
| | |
The Simplification Transactions, which closed on November 15,
2016, included the permanent elimination of our IDRs and the
economic rights associated with our 2% general partner interest in
exchange for the issuance by us of approximately 244.7 million
common units and the assumption of Plains AAP, L.Ps.'s ("AAP")
debt. As such, beginning with the distribution pertaining to the
fourth quarter of 2016, our general partner is no longer entitled
to receive distributions on the IDRs or 2% general partner
interest.
| | |
| (2) | |
We have considered the common units issued in connection with the
Simplification Transactions to be outstanding for the entire
fourth quarter of 2016 in the calculation of weighted average
common units outstanding to more closely reflect the ownership
interests in us with rights to the distributions for the periods
included in the calculation of net income allocated to common
unitholders.
| | |
| (3) | |
Our Long-term Incentive Plan ("LTIP") awards that contemplate the
issuance of common units are considered dilutive unless (i)
vesting occurs only upon the satisfaction of a performance
condition and (ii) that performance condition has yet to be
satisfied. LTIP awards that are deemed to be dilutive are reduced
by a hypothetical unit repurchase based on the remaining
unamortized fair value, as prescribed by the treasury stock method
in guidance issued by the FASB.
| | |
| (4) | |
The possible conversion of our Series A preferred units was
excluded from the calculation of diluted net income per common
unit for the three and twelve months ended December 31, 2016 as
the effect was antidilutive.
|
|
| PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES | FINANCIAL SUMMARY (unaudited)
|
| SELECTED FINANCIAL DATA BY SEGMENT(1) |
(in millions)
|
|
|
| |
|
| | | | | | Three Months Ended | | | Three Months Ended | | | | | December 31, 2016 | | | December 31, 2015 | | | | | |
| |
| Supply and | | | |
| |
| Supply and | | | | | Transportation | | Facilities | | Logistics | | | Transportation | | Facilities | | Logistics |
Revenues (2) | | | |
$
|
396
| | | |
$
|
290
| | |
$
|
5,665
| | | |
$
|
391
| | | |
$
|
261
| | |
$
|
4,706
| |
Purchases and related costs (2) | | | | |
(25
|
)
| | | |
(9
|
)
| | |
(5,596
|
)
| | | |
(23
|
)
| | | |
(7
|
)
| | |
(4,464
|
)
|
Field operating costs (2) (3) | | | | |
(131
|
)
| | | |
(90
|
)
| | |
(65
|
)
| | | |
(159
|
)
| | | |
(94
|
)
| | |
(94
|
)
|
Equity-indexed compensation expense - field operating costs
| | | | |
(5
|
)
| | | |
(1
|
)
| | |
-
| | | | |
-
| | | | |
1
| | | |
-
| |
Segment general and administrative expenses (3) (4) | | | | |
(20
|
)
| | | |
(13
|
)
| | |
(22
|
)
| | | |
(22
|
)
| | | |
(14
|
)
| | |
(24
|
)
|
Equity-indexed compensation expense - general and administrative
| | | | |
(5
|
)
| | | |
(3
|
)
| | |
(5
|
)
| | | |
-
| | | | |
-
| | | |
(1
|
)
|
Equity earnings in unconsolidated entities
| | | | |
61
| | | | |
-
| | | |
-
| | | | |
49
| | | | |
-
| | | |
-
| | | | | | | | | | | | | | | | | | |
|
Adjustments(5):
| | | | | | | | | | | | | | | | | |
Depreciation and amortization of unconsolidated entities
| | | | |
13
| | | | |
-
| | | |
-
| | | | |
12
| | | | |
-
| | | |
-
| |
(Gains)/losses from derivative activities net of inventory valuation
adjustments
| | | | |
-
| | | | |
(2
|
)
| | |
217
| | | | |
-
| | | | |
2
| | | |
(4
|
)
|
Long-term inventory costing adjustments
| | | | |
-
| | | | |
-
| | | |
(51
|
)
| | | |
-
| | | | |
-
| | | |
37
| |
Deficiencies under minimum volume commitments, net
| | | | |
(11
|
)
| | | |
(3
|
)
| | |
-
| | | | |
-
| | | | |
-
| | | |
-
| |
Equity-indexed compensation expense
| | | | |
5
| | | | |
2
| | | |
3
| | | | |
2
| | | | |
1
| | | |
2
| |
Net (gain)/loss on foreign currency revaluation
| | | | |
-
| | | | |
-
| | | |
5
| | | | |
-
| | | | |
-
| | | |
(1
|
)
|
Line 901 incident
| | | |
|
-
|
|
| |
|
-
|
| |
|
-
|
| | |
|
18
|
|
| |
|
-
|
| |
|
-
|
|
Segment adjusted EBITDA
| | | |
$
|
278
|
|
| |
$
|
171
|
| |
$
|
151
|
| | |
$
|
268
|
|
| |
$
|
150
|
| |
$
|
157
|
| | | | | | | | | | | | | | | | | |
|
Maintenance capital
| | | |
$
|
35
|
|
| |
$
|
23
|
| |
$
|
-
|
| | |
$
|
43
|
|
| |
$
|
20
|
| |
$
|
3
|
|
|
| |
|
|
| Twelve Months Ended |
|
| Twelve Months Ended | | | | | December 31, 2016 | | | December 31, 2015 | | | | | |
| Supply and | | | |
| Supply and | | | | | Transportation |
| Facilities | | Logistics | | | Transportation |
| Facilities | | Logistics |
Revenues (2) | | | |
$
|
1,584
| | | |
$
|
1,107
| | |
$
|
19,018
| | | |
$
|
1,594
| | | |
$
|
1,050
| | |
$
|
21,945
| |
Purchases and related costs (2) | | | | |
(94
|
)
| | | |
(26
|
)
| | |
(18,627
|
)
| | | |
(108
|
)
| | | |
(24
|
)
| | |
(21,018
|
)
|
Field operating costs (2) (3) | | | | |
(537
|
)
| | | |
(347
|
)
| | |
(291
|
)
| | | |
(652
|
)
| | | |
(377
|
)
| | |
(433
|
)
|
Equity-indexed compensation expense - field operating costs
| | | | |
(14
|
)
| | | |
(5
|
)
| | |
(1
|
)
| | | |
(5
|
)
| | | |
-
| | | |
-
| |
Segment general and administrative expenses (3)(4) | | | | |
(88
|
)
| | | |
(58
|
)
| | |
(93
|
)
| | | |
(89
|
)
| | | |
(65
|
)
| | |
(102
|
)
|
Equity-indexed compensation expense - general and administrative
| | | | |
(15
|
)
| | | |
(10
|
)
| | |
(15
|
)
| | | |
(6
|
)
| | | |
(5
|
)
| | |
(11
|
)
|
Equity earnings in unconsolidated entities
| | | | |
195
| | | | |
-
| | | |
-
| | | | |
183
| | | | |
-
| | | |
-
| | | | | | | | | | | | | | | | | | |
|
Adjustments (5):
| | | | | | | | | | | | | | | | | |
Depreciation and amortization of unconsolidated entities
| | | | |
50
| | | | |
-
| | | |
-
| | | | |
45
| | | | |
-
| | | |
-
| |
(Gains)/losses from derivative activities net of inventory valuation
adjustments
| | | | |
-
| | | | |
(2
|
)
| | |
406
| | | | |
-
| | | | |
4
| | | |
106
| |
Long-term inventory costing adjustments
| | | | |
-
| | | | |
-
| | | |
(58
|
)
| | | |
-
| | | | |
-
| | | |
99
| |
Deficiencies under minimum volume commitments, net
| | | | |
44
| | | | |
2
| | | |
-
| | | | |
-
| | | | |
-
| | | |
-
| |
Equity-indexed compensation expense
| | | | |
16
| | | | |
7
| | | |
10
| | | | |
11
| | | | |
5
| | | |
11
| |
Net (gain)/loss on foreign currency revaluation
| | | | |
-
| | | | |
(1
|
)
| | |
10
| | | | |
-
| | | | |
-
| | | |
(29
|
)
|
Line 901 incident
| | | |
|
-
|
|
| |
|
-
|
| |
|
-
|
| | |
|
83
|
|
| |
|
-
|
| |
|
-
|
|
Segment adjusted EBITDA
| | | |
$
|
1,141
|
|
| |
$
|
667
|
| |
$
|
359
|
| | |
$
|
1,056
|
|
| |
$
|
588
|
| |
$
|
568
|
| | | | | | | | | | | | | | | | | |
|
Maintenance capital
| | | |
$
|
121
|
|
| |
$
|
55
|
| |
$
|
10
|
| | |
$
|
144
|
|
| |
$
|
68
|
| |
$
|
8
|
|
|
________________________
|
| (1) |
|
During the fourth quarter of 2016, we modified our primary segment
performance measure to segment adjusted EBITDA from segment
profit. Segment adjusted EBITDA forms the basis of our internal
financial reporting and is the primary measure used by our CODM in
assessing performance and allocating resources among our operating
segments. Prior period segment amounts have been recast to reflect
this change.
| | |
| (2) | |
Includes intersegment amounts.
| | |
| (3) | |
Field operating costs and Segment general and administrative
expenses exclude equity-indexed compensation expense, which is
presented separately in the table above.
| | |
| (4) | |
Segment general and administrative expenses reflect direct costs
attributable to each segment and an allocation of other expenses
to the segments. The proportional allocations by segment require
judgment by management and are based on the business activities
that exist during each period.
| | |
| (5) | |
Represents adjustments utilized by our CODM in the evaluation of
segment results. Many of these adjustments are also considered
selected items impacting comparability when calculating
consolidated non-GAAP financial measures such as Adjusted EBITDA.
See the "Selected Items Impacting Comparability" table on the
following page for additional discussion.
|
|
| PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES | FINANCIAL SUMMARY (unaudited)
|
| SELECTED ITEMS IMPACTING COMPARABILITY |
(in millions, except per unit data)
| |
|
|
|
| Three Months Ended |
|
| Twelve Months Ended | | | | | | December 31, | | | December 31, | | | | | | 2016 |
|
| 2015 | | | 2016 |
|
| 2015 | Selected Items Impacting Comparability (1): | | | | | | | | | | | | | | |
Gains/(losses) from derivative activities net of inventory valuation
adjustments (2) | | | | |
$
|
(227
|
)
| | |
$
|
2
| | | |
$
|
(374
|
)
| | |
$
|
(110
|
)
|
Long-term inventory costing adjustments (3) | | | | | |
51
| | | | |
(37
|
)
| | | |
58
| | | | |
(99
|
)
|
Deficiencies under minimum volume commitments, net (4) | | | | | |
14
| | | | |
-
| | | | |
(46
|
)
| | | |
-
| |
Equity-indexed compensation expense (5) | | | | | |
(10
|
)
| | | |
(5
|
)
| | | |
(33
|
)
| | | |
(27
|
)
|
Net gain/(loss) on foreign currency revaluation (6) | | | | | |
(7
|
)
| | | |
1
| | | | |
(8
|
)
| | | |
21
| |
Line 901 incident (7) | | | | |
|
-
|
| | |
|
(18
|
)
| | |
|
-
|
| | |
|
(83
|
)
|
Selected items impacting comparability - Adjusted EBITDA
| | | | |
$
|
(179
|
)
| | |
$
|
(57
|
)
| | |
$
|
(403
|
)
| | |
$
|
(298
|
)
|
Deferred income tax expense (8) | | | | | |
-
| | | | |
-
| | | | |
-
| | | | |
(22
|
)
|
Tax effect on selected items impacting comparability
| | | | |
|
27
|
| | |
|
-
|
| | |
|
67
|
| | |
|
32
|
|
Selected items impacting comparability - Adjusted net income
attributable to PAA
| | | | |
$
|
(152
|
)
| | |
$
|
(57
|
)
| | |
$
|
(336
|
)
| | |
$
|
(288
|
)
| | | | | | | | | | | | | | |
|
Impact to basic net income per common unit
| | | | |
$
|
(0.23
|
)
| | |
$
|
(0.14
|
)
| | |
$
|
(0.72
|
)
| | |
$
|
(0.71
|
)
|
Impact to diluted net income per common unit
| | | | |
$
|
(0.23
|
)
| | |
$
|
(0.14
|
)
| | |
$
|
(0.71
|
)
| | |
$
|
(0.71
|
)
|
|
________________________
|
| (1) |
|
Certain of our non-GAAP financial measures may not be impacted by
each of the selected items impacting comparability.
| | |
| (2) | |
We use derivative instruments for risk management purposes and our
related processes include specific identification of hedging
instruments to an underlying hedged transaction. Although we
identify an underlying transaction for each derivative instrument
we enter into, there may not be an accounting hedge relationship
between the instrument and the underlying transaction. In the
course of evaluating our results of operations, we identify the
earnings that were recognized during the period related to
derivative instruments for which the identified underlying
transaction does not occur in the current period and exclude the
related gains and losses in determining adjusted results. In
addition, we exclude gains and losses on derivatives that are
related to investing activities, such as the purchase of linefill.
We also exclude the impact of corresponding inventory valuation
adjustments, as applicable, as well as the mark-to-market
adjustment related to our Preferred Distribution Rate Reset Option.
| | |
| (3) | |
We carry crude oil and NGL inventory that is comprised of minimum
working inventory requirements in third-party assets and other
working inventory that is needed for our commercial operations. We
consider this inventory necessary to conduct our operations and we
intend to carry this inventory for the foreseeable future.
Therefore, we classify this inventory as long-term on our balance
sheet and do not hedge the inventory with derivative instruments
(similar to linefill in our own assets). We treat the impact of
changes in the average cost of the long-term inventory (that
result from fluctuations in market prices) and writedowns of such
inventory that result from price declines as a selected item
impacting comparability.
| | |
| (4) | |
We have certain agreements that require counterparties to deliver,
transport or throughput a minimum volume over an agreed upon
period. Substantially all of such agreements were entered into
with counterparties to economically support the return on our
capital expenditure necessary to construct the related asset. Some
of these agreements include make-up rights if the minimum volume
is not met. We record a receivable from the counterparty in the
period that services are provided or when the transaction occurs,
including amounts for deficiency obligations from counterparties
associated with minimum volume commitments. If a counterparty has
a make-up right associated with a deficiency, we defer the revenue
attributable to the counterparty's make-up right and subsequently
recognize the revenue at the earlier of when the deficiency volume
is delivered or shipped, when the make-up right expires or when it
is determined that the counterparty's ability to utilize the
make-up right is remote. We include the impact of amounts billed
to counterparties for their deficiency obligation, net of
applicable amounts subsequently recognized into revenue, as a
selected item impacting comparability. We believe the inclusion of
the contractually committed revenues associated with that period
is meaningful to investors as the related asset has been
constructed, is standing ready to provide the committed service
and the fixed operating costs are included in the current period
results.
| | |
| (5) | |
Our total equity-indexed compensation expense includes expense
associated with awards that will or may be settled in units and
awards that will or may be settled in cash. The awards that will
or may be settled in units are included in our diluted net income
per unit calculation when the applicable performance criteria have
been met. We consider the compensation expense associated with
these awards as a selected item impacting comparability as the
dilutive impact of the outstanding awards is included in our
diluted net income per unit calculation and the majority of the
awards are expected to be settled in units. The portion of
compensation expense associated with awards that are certain to be
settled in cash is not considered a selected item impacting
comparability.
| | |
| (6) | |
During the periods presented, there were fluctuations in the value
of the Canadian dollar to the U.S. dollar, resulting in gains and
losses that were not related to our core operating results for the
period and were thus classified as a selected item impacting
comparability.
| | |
| (7) | |
Includes costs recognized during the period related to the Line
901 incident that occurred in May 2015, net of amounts we believe
are probable of recovery from insurance.
| | |
| (8) | |
Includes the initial cumulative effect of a change in Canadian tax
legislation impacting the period.
|
|
| PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES | FINANCIAL SUMMARY (unaudited)
|
| FINANCIAL DATA RECONCILIATIONS |
(in millions)
|
|
|
|
| Three Months Ended |
|
| Twelve Months Ended | | | | | | December 31, | | | December 31, | | | | | | 2016 |
|
| 2015 | | | 2016 |
|
| 2015 | Net Income to Adjusted EBITDA and Implied DCF Reconciliations | | | | | | | | | | | | | | |
Net Income
| | | | |
$
|
127
| | | |
$
|
248
| | | |
$
|
730
| | | |
$
|
906
| |
Interest expense, net
| | | | | |
127
| | | | |
111
| | | | |
467
| | | | |
432
| |
Income tax expense
| | | | | |
11
| | | | |
34
| | | | |
25
| | | | |
100
| |
Depreciation and amortization
| | | | | |
143
| | | | |
113
| | | | |
494
| | | | |
432
| |
Depreciation and amortization of unconsolidated entities (1) | | | | | |
13
| | | | |
12
| | | | |
50
| | | | |
45
| |
Selected items impacting comparability - Adjusted EBITDA (2) | | | | |
|
179
|
| | |
|
57
|
| | |
|
403
|
| | |
|
298
|
|
Adjusted EBITDA
| | | | |
$
|
600
| | | |
$
|
575
| | | |
$
|
2,169
| | | |
$
|
2,213
| |
Interest expense, net (3) | | | | | |
(123
|
)
| | | |
(107
|
)
| | | |
(451
|
)
| | | |
(417
|
)
|
Maintenance capital
| | | | | |
(58
|
)
| | | |
(66
|
)
| | | |
(186
|
)
| | | |
(220
|
)
|
Current income tax expense
| | | | | |
(41
|
)
| | | |
(12
|
)
| | | |
(85
|
)
| | | |
(84
|
)
|
Adjusted equity earnings in unconsolidated entities, net of
distributions (4) | | | | | |
(9
|
)
| | | |
(6
|
)
| | | |
(29
|
)
| | | |
(14
|
)
|
Distributions to noncontrolling interests (5) | | | | |
|
(1
|
)
| | |
|
(1
|
)
| | |
|
(4
|
)
| | |
|
(4
|
)
|
Implied DCF (6) | | | | |
$
|
368
|
| | |
$
|
383
|
| | |
$
|
1,414
|
| | |
$
|
1,474
|
|
|
________________________
|
| (1) |
|
Over the past several years, we have increased our participation
in pipeline strategic joint venture projects, which are accounted
for under the equity method of accounting. Management excludes our
proportionate share of the depreciation and amortization expense
associated with such unconsolidated entities when reviewing
Adjusted EBITDA.
| | |
| (2) | |
Certain of our non-GAAP financial measures may not be impacted by
each of the selected items impacting comparability.
| | |
| (3) | |
Excludes certain non-cash items impacting interest expense such as
amortization of debt issuance costs and terminated interest rate
swaps.
| | |
| (4) | |
Equity earnings are adjusted for our proportionate share of the
depreciation and amortization of unconsolidated entities, as such
expenses are excluded from the calculation of Adjusted EBITDA.
| | |
| (5) | |
Includes distributions that pertain to the current period's net
income, which are paid in the subsequent period.
| | |
| (6) | |
Including net costs recognized during the period related to the
Line 901 incident that occurred during May 2015, Implied DCF would
have been $365 million and $1,391 million for the three and twelve
months ended December 31, 2015.
|
|
| PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES | FINANCIAL SUMMARY (unaudited)
|
| COMPUTATION OF BASIC AND DILUTED ADJUSTED
NET INCOME PER COMMON UNIT(1) |
(in millions, except per unit data)
| |
|
|
|
| Three Months Ended |
|
| Twelve Months Ended | | | | | | December 31, | | | December 31, | | | | | | 2016 |
|
| 2015 | | | 2016 |
|
| 2015 | Basic Adjusted Net Income per Common Unit | | | | | | | | | | | | | | |
Net income attributable to PAA
| | | | |
$
|
126
| | | |
$
|
247
| | | |
$
|
726
| | | |
$
|
903
| |
Selected items impacting comparability - Adjusted net income
attributable to PAA (2) | | | | |
|
152
|
| | |
|
57
|
| | |
|
336
|
| | |
|
288
|
|
Adjusted net income attributable to PAA
| | | | | |
278
| | | | |
304
| | | | |
1,062
| | | | |
1,191
| |
Distributions to Series A preferred units
| | | | | |
(34
|
)
| | | |
-
| | | | |
(122
|
)
| | | |
-
| |
Distributions to general partner
| | | | | |
-
| | | | |
(155
|
)
| | | |
(412
|
)
| | | |
(608
|
)
|
Distributions to participating securities
| | | | | |
-
| | | | |
(1
|
)
| | | |
(4
|
)
| | | |
(6
|
)
|
Undistributed loss allocated to general partner
| | | | | |
-
| | | | |
3
| | | | |
10
| | | | |
11
| |
Other
| | | | |
|
(1
|
)
| | |
|
-
|
| | |
|
(1
|
)
| | |
|
-
|
|
Adjusted net income allocated to common unitholders in accordance
with application of the two-class method
| | | | |
$
|
243
|
| | |
$
|
151
|
| | |
$
|
533
|
| | |
$
|
588
|
| | | | | | | | | | | | | | |
|
Basic weighted average common units outstanding (3) | | | | | |
660
| | | | |
398
| | | | |
464
| | | | |
394
| | | | | | | | | | | | | | | |
|
Basic adjusted net income per common unit
| | | | |
$
|
0.37
|
| | |
$
|
0.38
|
| | |
$
|
1.15
|
| | |
$
|
1.49
|
| | | | | | | | | | | | | | |
| Diluted Adjusted Net Income per Common Unit | | | | | | | | | | | | | | |
Net income attributable to PAA
| | | | |
$
|
126
| | | |
$
|
247
| | | |
$
|
726
| | | |
$
|
903
| |
Selected items impacting comparability - Adjusted net income
attributable to PAA (2) | | | | |
|
152
|
| | |
|
57
|
| | |
|
336
|
| | |
|
288
|
|
Adjusted net income attributable to PAA
| | | | | |
278
| | | | |
304
| | | | |
1,062
| | | | |
1,191
| |
Distributions to Series A preferred units
| | | | | |
(34
|
)
| | | |
-
| | | | |
(122
|
)
| | | |
-
| |
Distributions to general partner
| | | | | |
-
| | | | |
(155
|
)
| | | |
(412
|
)
| | | |
(608
|
)
|
Distributions to participating securities
| | | | | |
-
| | | | |
(1
|
)
| | | |
(4
|
)
| | | |
(6
|
)
|
Undistributed loss allocated to general partner
| | | | | |
-
| | | | |
3
| | | | |
10
| | | | |
11
| |
Other
| | | | |
|
(1
|
)
| | |
|
-
|
| | |
|
(1
|
)
| | |
|
-
|
|
Adjusted net income allocated to common unitholders in accordance
with application of the two-class method
| | | | |
$
|
243
|
| | |
$
|
151
|
| | |
$
|
533
|
| | |
$
|
588
|
| | | | | | | | | | | | | | |
|
Basic weighted average common units outstanding (3) | | | | | |
660
| | | | |
398
| | | | |
464
| | | | |
394
| |
Effect of dilutive securities: Weighted average LTIP units (4) | | | | |
|
2
|
| | |
|
1
|
| | |
|
2
|
| | |
|
2
|
|
Diluted weighted average common units outstanding
| | | | |
|
662
|
| | |
|
399
|
| | |
|
466
|
| | |
|
396
|
| | | | | | | | | | | | | | |
|
Diluted adjusted net income per common unit (5) | | | | |
$
|
0.37
|
| | |
$
|
0.38
|
| | |
$
|
1.14
|
| | |
$
|
1.48
|
|
|
________________________
|
| (1) |
|
We calculate adjusted net income allocated to common unitholders
based on the distributions pertaining to the current period's net
income. After adjusting for the appropriate period's
distributions, the remaining undistributed earnings or excess
distributions over earnings, if any, are allocated to the general
partner, common unitholders and participating securities in
accordance with the contractual terms of our partnership agreement
and as further prescribed under the two-class method.
| | |
| | |
The Simplification Transactions, which closed on November 15,
2016, included the permanent elimination of our IDRs and the
economic rights associated with our 2% general partner interest in
exchange for the issuance by us of approximately 244.7 million
common units and the assumption of AAP's debt. As such, beginning
with the distribution pertaining to the fourth quarter of 2016,
our general partner is no longer entitled to receive distributions
on the IDRs or 2% general partner interest.
| | |
| (2) | |
Certain of our non-GAAP financial measures may not be impacted by
each of the selected items impacting comparability.
| | |
| (3) | |
We have considered the common units issued in connection with the
Simplification Transactions to be outstanding for the entire
fourth quarter of 2016 in the calculation of weighted average
common units outstanding to more closely reflect the ownership
interests in us with rights to the distributions for the periods
included in the calculation of adjusted net income allocated to
common unitholders.
| | |
| (4) | |
Our Long-term Incentive Plan ("LTIP") awards that contemplate the
issuance of common units are considered dilutive unless (i)
vesting occurs only upon the satisfaction of a performance
condition and (ii) that performance condition has yet to be
satisfied. LTIP awards that are deemed to be dilutive are reduced
by a hypothetical unit repurchase based on the remaining
unamortized fair value, as prescribed by the treasury stock method
in guidance
issued by the FASB.
| | |
| (5) | |
The possible conversion of our Series A preferred units was
excluded from the calculation of diluted adjusted net income per
common unit for the three and twelve months ended December 31,
2016 as the effect was antidilutive.
|
|
PLAINS GP HOLDINGS AND SUBSIDIARIES | FINANCIAL SUMMARY (unaudited)
|
| CONDENSED CONSOLIDATING STATEMENTS OF
OPERATIONS(1) |
(in millions, except per share data)
|
| |
|
|
|
|
| Three Months Ended |
|
|
| Three Months Ended | | | | | | | December 31, 2016 | | | | December 31, 2015 | | | | | | | PAA |
|
| Consolidating Adjustments (2) |
|
| PAGP | | | | PAA |
|
| Consolidating Adjustments (2) |
|
| PAGP | | | | | | | | | | | | | | | | | | | | | | | | |
| REVENUES | | | | | |
$
|
5,952
| | | |
$
|
-
| | | | |
$
|
5,952
| | | | |
$
|
4,996
| | | |
$
|
-
| | | | |
$
|
4,996
| | | | | | | | | | | | | | | | | | | | | | | | | |
| COSTS AND EXPENSES | | | | | | | | | | | | | | | | | | | | | | | | |
Purchases and related costs
| | | | | | |
5,234
| | | | |
-
| | | | | |
5,234
| | | | | |
4,135
| | | | |
-
| | | | | |
4,135
| |
Field operating costs
| | | | | | |
289
| | | | |
-
| | | | | |
289
| | | | | |
343
| | | | |
-
| | | | | |
343
| |
General and administrative expenses
| | | | | | |
68
| | | | |
1
| | | | | |
69
| | | | | |
61
| | | | |
1
| | | | | |
62
| |
Depreciation and amortization
| | | | | |
|
143
|
| | |
|
-
|
| | | |
|
143
|
| | | |
|
113
|
| | |
|
-
|
| | | |
|
113
|
|
Total costs and expenses
| | | | | | |
5,734
| | | | |
1
| | | | | |
5,735
| | | | | |
4,652
| | | | |
1
| | | | | |
4,653
| | | | | | | | | | | | | | | | | | | | | | | | | |
| OPERATING INCOME | | | | | | |
218
| | | | |
(1
|
)
| | | | |
217
| | | | | |
344
| | | | |
(1
|
)
| | | | |
343
| | | | | | | | | | | | | | | | | | | | | | | | | |
| OTHER INCOME/(EXPENSE) | | | | | | | | | | | | | | | | | | | | | | | | |
Equity earnings in unconsolidated entities
| | | | | | |
61
| | | | |
-
| | | | | |
61
| | | | | |
49
| | | | |
-
| | | | | |
49
| |
Interest expense, net
| | | | | | |
(127
|
)
| | | |
(3
|
)
| | | | |
(130
|
)
| | | | |
(111
|
)
| | | |
(3
|
)
| | | | |
(114
|
)
|
Other expense, net
| | | | | |
|
(14
|
)
| | |
|
-
|
| | | |
|
(14
|
)
| | | |
|
-
|
| | |
|
-
|
| | | |
|
-
|
| | | | | | | | | | | | | | | | | | | | | | | | |
| INCOME BEFORE TAX | | | | | | |
138
| | | | |
(4
|
)
| | | | |
134
| | | | | |
282
| | | | |
(4
|
)
| | | | |
278
| |
Current income tax expense
| | | | | | |
(41
|
)
| | | |
-
| | | | | |
(41
|
)
| | | | |
(12
|
)
| | | |
-
| | | | | |
(12
|
)
|
Deferred income tax benefit/(expense)
| | | | | |
|
30
|
| | |
|
(1
|
)
| | | |
|
29
|
| | | |
|
(22
|
)
| | |
|
(28
|
)
| | | |
|
(50
|
)
| | | | | | | | | | | | | | | | | | | | | | | | |
| NET INCOME | | | | | | |
127
| | | | |
(5
|
)
| | | | |
122
| | | | | |
248
| | | | |
(32
|
)
| | | | |
216
| |
Net income attributable to noncontrolling interests
| | | | | |
|
(1
|
)
| | |
|
(129
|
)
| | | |
|
(130
|
)
| | | |
|
(1
|
)
| | |
|
(190
|
)
| | | |
|
(191
|
)
| NET INCOME/(LOSS) ATTRIBUTABLE TO PAGP | | | | | |
$
|
126
|
| | |
$
|
(134
|
)
| | | |
$
|
(8
|
)
| | | |
$
|
247
|
| | |
$
|
(222
|
)
| | | |
$
|
25
|
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| BASIC AND DILUTED NET INCOME/(LOSS) PER CLASS A SHARE | | | | | | | | | |
$
|
(0.08
|
)
| | | | | | | | | | |
$
|
0.29
|
| | | | | | | | | | | | | | | | | | | | | | | | |
| BASIC AND DILUTED WEIGHTED AVERAGE CLASS A SHARES OUTSTANDING | | | | | | | | |
|
101
|
| | | | | | | | | | |
|
86
|
|
|
________________________
|
| (1) |
|
A reverse split of PAGP's Class A shares was completed on November
15, 2016. The effect of the reverse split has been retroactively
applied to all share and per-share amounts presented.
| | |
| (2) | |
Represents the aggregate consolidating adjustments necessary to
produce consolidated financial statements for PAGP.
|
|
| PLAINS GP HOLDINGS AND SUBSIDIARIES | FINANCIAL SUMMARY (unaudited)
|
| CONDENSED CONSOLIDATING STATEMENTS OF
OPERATIONS (1) |
(in millions, except per share data)
| |
|
| | |
|
|
|
| Twelve Months Ended | | | Twelve Months Ended | | | | | | December 31, 2016 | | | December 31, 2015 | | | | | | PAA |
|
| Consolidating Adjustments (2) |
|
| PAGP | | | PAA |
|
| Consolidating Adjustments (2) |
|
| PAGP | | | | | | | | | | | | | | | | | | | | | | |
| REVENUES | | | | |
$
|
20,182
| | | |
$
|
-
| | | | |
$
|
20,182
| | | |
$
|
23,152
| | | |
$
|
-
| | | | |
$
|
23,152
| | | | | | | | | | | | | | | | | | | | | | | |
| COSTS AND EXPENSES | | | | | | | | | | | | | | | | | | | | | | |
Purchases and related costs
| | | | | |
17,233
| | | | |
-
| | | | | |
17,233
| | | | |
19,726
| | | | |
-
| | | | | |
19,726
| |
Field operating costs
| | | | | |
1,182
| | | | |
-
| | | | | |
1,182
| | | | |
1,454
| | | | |
-
| | | | | |
1,454
| |
General and administrative expenses
| | | | | |
279
| | | | |
3
| | | | | |
282
| | | | |
278
| | | | |
3
| | | | | |
281
| |
Depreciation and amortization
| | | | |
|
494
|
| | |
|
1
|
| | | |
|
495
|
| | |
|
432
|
| | |
|
1
|
| | | |
|
433
|
|
Total costs and expenses
| | | | | |
19,188
| | | | |
4
| | | | | |
19,192
| | | | |
21,890
| | | | |
4
| | | | | |
21,894
| | | | | | | | | | | | | | | | | | | | | | | |
| OPERATING INCOME | | | | | |
994
| | | | |
(4
|
)
| | | | |
990
| | | | |
1,262
| | | | |
(4
|
)
| | | | |
1,258
| | | | | | | | | | | | | | | | | | | | | | | |
| OTHER INCOME/(EXPENSE) | | | | | | | | | | | | | | | | | | | | | | |
Equity earnings in unconsolidated entities
| | | | | |
195
| | | | |
-
| | | | | |
195
| | | | |
183
| | | | |
-
| | | | | |
183
| |
Interest expense, net
| | | | | |
(467
|
)
| | | |
(13
|
)
| | | | |
(480
|
)
| | | |
(432
|
)
| | | |
(11
|
)
| | | | |
(443
|
)
|
Other income/(expense), net
| | | | |
|
33
|
| | |
|
-
|
| | | |
|
33
|
| | |
|
(7
|
)
| | |
|
-
|
| | | |
|
(7
|
)
| | | | | | | | | | | | | | | | | | | | | | |
| INCOME BEFORE TAX | | | | | |
755
| | | | |
(17
|
)
| | | | |
738
| | | | |
1,006
| | | | |
(15
|
)
| | | | |
991
| |
Current income tax expense
| | | | | |
(85
|
)
| | | |
-
| | | | | |
(85
|
)
| | | |
(84
|
)
| | | |
-
| | | | | |
(84
|
)
|
Deferred income tax benefit/(expense)
| | | | |
|
60
|
| | |
|
(53
|
)
| | | |
|
7
|
| | |
|
(16
|
)
| | |
|
(82
|
)
| | | |
|
(98
|
)
| | | | | | | | | | | | | | | | | | | | | | |
| NET INCOME | | | | | |
730
| | | | |
(70
|
)
| | | | |
660
| | | | |
906
| | | | |
(97
|
)
| | | | |
809
| |
Net income attributable to noncontrolling interests
| | | | |
|
(4
|
)
| | |
|
(562
|
)
| | | |
|
(566
|
)
| | |
|
(3
|
)
| | |
|
(688
|
)
| | | |
|
(691
|
)
| NET INCOME ATTRIBUTABLE TO PAGP | | | | |
$
|
726
|
| | |
$
|
(632
|
)
| | | |
$
|
94
|
| | |
$
|
903
|
| | |
$
|
(785
|
)
| | | |
$
|
118
|
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| BASIC AND DILUTED NET INCOME PER CLASS A SHARE | | | | | | | | | | | |
$
|
0.94
|
| | | | | | | | | |
$
|
1.41
|
| | | | | | | | | | | | | | | | | | | | | | |
| BASIC AND DILUTED WEIGHTED AVERAGE CLASS A SHARES OUTSTANDING | | | | | | | |
|
99
|
| | | | | | | | | |
|
83
|
|
|
________________________
|
| (1) |
|
A reverse split of PAGP's Class A shares was completed on November
15, 2016. The effect of the reverse split has been retroactively
applied to all share and per-share amounts presented.
| | |
| (2) | |
Represents the aggregate consolidating adjustments necessary to
produce consolidated financial statements for PAGP.
| | |
|
|
| |
| |
| |
|
| |
| |
| | PLAINS GP HOLDINGS AND SUBSIDIARIES | | | | | | | | | | | | | | FINANCIAL SUMMARY (unaudited)
|
|
|
|
|
|
|
| | | | | | | | | | | | | | | | | | | |
| CONDENSED CONSOLIDATING BALANCE SHEET DATA | | | | | | | | | | | | | |
(in millions)
| | | | | | | | | | | | | | | | December 31, 2016 | | | December 31, 2015 | | | PAA | | Consolidating Adjustments (1) | | PAGP | | | PAA | | Consolidating Adjustments (1) | | PAGP | ASSETS | | | | | | | | | | | | | |
Current assets
| |
$
|
4,272
| |
$
|
3
| | |
$
|
4,275
| | |
$
|
2,969
| |
$
|
3
| | |
$
|
2,972
|
Property and equipment, net
| | |
13,872
| | |
18
| | | |
13,890
| | | |
13,474
| | |
19
| | | |
13,493
|
Goodwill
| | |
2,344
| | |
-
| | | |
2,344
| | | |
2,405
| | |
-
| | | |
2,405
|
Investments in unconsolidated entities
| | |
2,343
| | |
-
| | | |
2,343
| | | |
2,027
| | |
-
| | | |
2,027
|
Deferred tax asset
| | |
-
| | |
1,876
| | | |
1,876
| | | |
-
| | |
1,835
| | | |
1,835
|
Linefill and base gas
| | |
896
| | |
-
| | | |
896
| | | |
898
| | |
-
| | | |
898
|
Long-term inventory
| | |
193
| | |
-
| | | |
193
| | | |
129
| | |
-
| | | |
129
|
Other long-term assets, net
| |
|
290
| |
|
(4
|
)
| |
|
286
| | |
|
386
| |
|
(3
|
)
| |
|
383
|
Total assets
| |
$
|
24,210
| |
$
|
1,893
|
| |
$
|
26,103
| | |
$
|
22,288
| |
$
|
1,854
|
| |
$
|
24,142
| | | | | | | | | | | | | |
| LIABILITIES AND PARTNERS' CAPITAL | | | | | | | | | | | | | |
Current liabilities
| |
$
|
4,664
| |
$
|
2
| | |
$
|
4,666
| | |
$
|
3,407
| |
$
|
2
| | |
$
|
3,409
|
Senior notes, net of unamortized discounts and debt issuance costs
| | |
9,874
| | |
-
| | | |
9,874
| | | |
9,698
| | |
-
| | | |
9,698
|
Other long-term debt, net of unamortized debt issuance costs
| | |
250
| | |
-
| | | |
250
| | | |
677
| | |
557
| | | |
1,234
|
Other long-term liabilities and deferred credits
| |
|
606
| |
|
-
|
| |
|
606
| | |
|
567
| |
|
-
|
| |
|
567
|
Total liabilities
| | |
15,394
| | |
2
| | | |
15,396
| | | |
14,349
| | |
559
| | | |
14,908
| | | | | | | | | | | | | |
|
Partners' capital excluding noncontrolling interests
| | |
8,759
| | |
(7,022
|
)
| | |
1,737
| | | |
7,881
| | |
(6,119
|
)
| | |
1,762
|
Noncontrolling interests
| |
|
57
| |
|
8,913
|
| |
|
8,970
| | |
|
58
| |
|
7,414
|
| |
|
7,472
|
Total partners' capital
| |
|
8,816
| |
|
1,891
|
| |
|
10,707
| | |
|
7,939
| |
|
1,295
|
| |
|
9,234
|
Total liabilities and partners' capital
| |
$
|
24,210
| |
$
|
1,893
|
| |
$
|
26,103
| | |
$
|
22,288
| |
$
|
1,854
|
| |
$
|
24,142
|
|
________________________
|
| (1) |
|
Represents the aggregate consolidating adjustments necessary to
produce consolidated financial statements for PAGP.
|
|
|
| |
| |
|
| |
| | PLAINS GP HOLDINGS AND SUBSIDIARIES | | | | | | | | | | FINANCIAL SUMMARY (unaudited)
|
|
|
|
|
|
|
|
|
| | | | | | | | | |
| COMPUTATION OF BASIC AND DILUTED NET
INCOME PER CLASS A SHARE(1) | | | | | | | | | |
(in millions, except per share data)
| | | | | | | | | | | | Three Months Ended | | | Twelve Months Ended | | | December 31, | | | December 31, | | | 2016 | | 2015 | | | 2016 | | 2015 | Basic and Diluted Net Income per Class A Share | | | | | | | | | |
Net income/(loss) attributable to PAGP
| |
$
|
(8
|
)
| |
$
|
25
| | |
$
|
94
| |
$
|
118
|
Basic and diluted weighted average Class A shares outstanding
| | |
101
| | | |
86
| | | |
99
| | |
83
| | | | | | | | | |
|
Basic and diluted net income/(loss) per Class A share
| |
$
|
(0.08
|
)
| |
$
|
0.29
| | |
$
|
0.94
| |
$
|
1.41
|
|
________________________
|
| (1) |
|
A reverse split of PAGP's Class A shares was completed on November
15, 2016. The effect of the reverse split has been retroactively
applied to all share and per-share amounts presented.
|
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20170207006475/en/
Plains All American Pipeline, L.P. and Plains GP Holdings Ryan
Smith, 866-809-1291 Director, Investor Relations or Al
Swanson, 800-564-3036 Executive Vice President, CFO
|
Feb 07, 2017 |
|