You are Trying to View a Premium Article

Daily News You Can't Find Anywhere Else

Plains All American Earnings Dive as Company Expects $1 Billion in Expansion Capital Investment in 2020


Industry Segment: Pipelines | Word Count: 580 Words

SUGAR LAND--August 6, 2020--Researched by Industrial Info Resources (Sugar Land, Texas)--Like other midstream companies, Plains All American Pipeline LP (NYSE:PAA) (Houston, Texas) suffered in second-quarter 2020. The company reported net income of $142 million, compared with $446 million in the prior-year quarter. Plains again cut planned expansion capital spending for 2020-21 by $100 million, with it expected to be $1.45 billion for both years. In the company's recent earnings conference call, Chief Executive Officer Willie Chiang said Plains invested approximately $650 million in expansion capital in the first half of this year and was expecting spending in the second half to be $350 million, resulting in $1 billion in growth spending this year, followed by $450 million in 2021. Chiang said spending would be lower in 2022 onward.

Other companies featured: ExxonMobil (NYSE:XOM), MPLX LP (NYSE:MPLX), Holly Energy Partners (NYSE:HEP)

This Premium Article can be purchased individually or as part of a subscription

Subscribe Now! All Fields Required...

Subscription Type: Pricing Help?

  • Pay-Per-Article - $5.95
  • Annual Subscription - $235.00
  • Annual Subscription with Archive - $395.00