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

oil_gas_transmission

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)

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