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Plains GP Holdings LP Class A PAGP

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Morningstar’s Analysis

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Plains Continues to Execute Well in Competitive Permian Environment in Q3

Stephen Ellis Sector Strategist

Analyst Note

| Stephen Ellis |

Plains’ third-quarter results were better than management’s expectations, as higher-than-expected Permian volume growth was more than enough to offset expenses related to a fire at a fractionation plant in Canada. Overall, 2021 EBITDA guidance remained unchanged at $2.175 billion, and we expect to slightly lower our 2021 EBITDA forecast of $2.26 billion by $50 million to $75 million, but the difference is immaterial for our fair value estimate and narrow moat rating. Our forecast implies some incremental upside to fourth-quarter management forecasts, given Plains' recent strong execution.

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Company Profile

Business Description

Plains All American provides transportation, storage, processing, fractionation, and marketing services for crude oil, refined products, natural gas liquids, liquefied petroleum gas, and related products. Assets are geographically diverse, spanning the United States and in Alberta, Canada, but heavily concentrated in major U.S. shale basins like the Permian, Stack, and Bakken.

333 Clay Street, Suite 1600
Houston, TX, 77002
T +1 713 646-4100
Sector Energy
Industry Oil & Gas Midstream
Most Recent Earnings Sep 30, 2021
Fiscal Year End Dec 31, 2021
Stock Type Distressed
Employees 4,400