Plains All American Pipeline LP Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Plains All American Pipeline LP filed its Q1 2024 10-Q report detailing financial performance and unit information.</b>

AI Summary

PLAINS ALL AMERICAN PIPELINE LP (PAAPU) filed a Quarterly Report (10-Q) with the SEC on May 10, 2024. Plains All American Pipeline LP filed a 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of fiscal year 2024. The company's principal business is energy and transportation. The filing includes data for common units and preferred units (Series A and Series B). Financial data includes product and service revenues, and accumulated other comprehensive income.

Why It Matters

For investors and stakeholders tracking PLAINS ALL AMERICAN PIPELINE LP, this filing contains several important signals. This 10-Q provides investors with a quarterly update on the financial health and operational performance of Plains All American Pipeline LP. The detailed financial statements and disclosures within the report are crucial for understanding the company's revenue streams, asset base, and any changes in its capital structure.

Risk Assessment

Risk Level: medium — PLAINS ALL AMERICAN PIPELINE LP shows moderate risk based on this filing. The filing is a standard quarterly report (10-Q), which typically contains routine financial information. However, the complexity of pipeline operations and energy markets introduces inherent risks.

Analyst Insight

Review the detailed financial statements and segment information in the 10-Q to assess Plains All American Pipeline LP's performance in its core energy transportation business.

Key Numbers

• 2024-03-31 — Period of Report (Conformed period of report)
• 2024-05-10 — Filed As Of Date (Filed as of date)
• 2024 — Fiscal Year (Fiscal year end)
• Q1 — Quarter (Filing values)

Key Players & Entities

• PLAINS ALL AMERICAN PIPELINE LP (company) — Filer name
• PAAPU (company) — Ticker symbol
• 2024-03-31 (date) — Period of report
• 2024-05-10 (date) — Filed as of date
• 333 CLAY STREET SUITE 1600 (address) — Business address
• HOUSTON (location) — Business address city
• TX (location) — Business address state
• 77002 (postal_code) — Business address zip

FAQ

Industry Context

Plains All American Pipeline LP operates in the energy and transportation sector, primarily focusing on the transportation, storage, fractionation, blending, and marketing of crude oil and refined products.

Regulatory Implications

The company is subject to various regulations governing the operation of pipelines and the transportation of energy products, including environmental and safety standards.

What Investors Should Do

1. Analyze the revenue and net income figures for the first quarter of 2024.
2. Examine the details of common and preferred units, including Series A and Series B.
3. Review any disclosures related to accumulated other comprehensive income and its components.

Year-Over-Year Comparison

This is the initial 10-Q filing for the period ending March 31, 2024, following the previous fiscal year-end report.

Filing Documents

• paa-20240331.htm (10-Q) — 1664KB
• paaq12024exhibit311.htm (EX-31.1) — 10KB
• paaq12024exhibit312.htm (EX-31.2) — 10KB
• paaq12024exhibit321.htm (EX-32.1) — 4KB
• paaq12024exhibit322.htm (EX-32.2) — 4KB
• 0001070423-24-000014.txt (&nbsp;) — 8604KB
• paa-20240331.xsd (EX-101.SCH) — 55KB
• paa-20240331_cal.xml (EX-101.CAL) — 83KB
• paa-20240331_def.xml (EX-101.DEF) — 383KB
• paa-20240331_lab.xml (EX-101.LAB) — 673KB
• paa-20240331_pre.xml (EX-101.PRE) — 500KB
• paa-20240331_htm.xml (XML) — 1444KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Item 1. UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS: Condensed Consolidated Balance Sheets: As of March 3 1 , 202 4 and December 31, 20 23 3 Condensed Consolidated Statements of Operations: For the three months ended March 31 , 202 4 and 202 3 4 Condensed Consolidated Statements of Comprehensive Income : For the three months ended March 31 , 202 4 and 202 3 5 Condensed Consolidated Statements of Changes in Accumulated Other Comprehensive Income/(Loss): For the three months ended March 31 , 202 4 and 202 3 5 Condensed Consolidated Statements of Cash Flows: For the three months ended March 31 , 202 4 and 202 3 6 Condensed Consolidated Statements of Changes in Partners' Capital: For the three months ended March 31 , 202 4 and 202 3 7 Notes to the Condensed Consolidated Financial Statements: 1. Organization and Basis of Consolidation and Presentation 8 2. Revenues and Accounts Receivable 10 3. Net Income Per Common Unit 13 4. Inventory, Linefill and Long-term Inventory 14 5. Debt 15 6. Partners' Capital and Distributions 16 7. Derivatives and Risk Management Activities 17 8. Related Party Transactions 21 9. Commitments and Contingencies 23 10. Segment Information 28

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 32

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Item 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 49

CONTROLS AND PROCEDURES

Item 4. CONTROLS AND PROCEDURES 50

OTHER INFORMATION

PART II. OTHER INFORMATION

LEGAL PROCEEDINGS

Item 1. LEGAL PROCEEDINGS 51

RISK FACTORS

Item 1A. RISK FACTORS 51

UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

Item 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 51

DEFAULTS UPON SENIOR SECURITIES

Item 3. DEFAULTS UPON SENIOR SECURITIES 51

MINE SAFETY DISCLOSURES

Item 4. MINE SAFETY DISCLOSURES 51

OTHER INFORMATION

Item 5. OTHER INFORMATION 51

EXHIBITS

Item 6. EXHIBITS 52

SIGNATURES

SIGNATURES 55 2 Table of Contents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Item 1. UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (in millions, except unit data) March 31, 2024 December 31, 2023 (unaudited) ASSETS CURRENT ASSETS Cash and cash equivalents $ 331 $ 450 Trade accounts receivable and other receivables, net 4,040 3,760 Inventory 453 548 Other current assets 177 155 Total current assets 5,001 4,913 PROPERTY AND EQUIPMENT 21,162 21,143 Accumulated depreciation ( 5,491 ) ( 5,361 ) Property and equipment, net 15,671 15,782 OTHER ASSETS Investments in unconsolidated entities 2,878 2,820 Intangible assets, net 1,807 1,875 Linefill 981 976 Long-term operating lease right-of-use assets, net 298 313 Long-term inventory 299 265 Other long-term assets, net 421 411 Total assets $ 27,356 $ 27,355 LIABILITIES AND PARTNERS' CAPITAL CURRENT LIABILITIES Trade accounts payable $ 3,991 $ 3,844 Short-term debt 554 446 Other current liabilities 599 713 Total current liabilities 5,144 5,003 LONG-TERM LIABILITIES Senior notes, net 7,244 7,242 Other long-term debt, net 64 63 Long-term operating lease liabilities 261 274 Other long-term liabilities and deferred credits 997 1,041 Total long-term liabilities 8,566 8,620 COMMITMENTS AND CONTINGENCIES (NOTE 9) PARTNERS' CAPITAL Series A preferred unitholders ( 71,090,468 and 71,090,468 units outstanding, respectively) 1,510 1,509 Series B preferred unitholders ( 800,000 and 800,000 units outstanding, respectively) 787 787 Common unitholders ( 701,071,031 and 701,008,749 units outstanding, respectively) 8,042 8,126 Total partners' capital excluding noncontrolling interests 10,339 10,422 Noncontrolling interests 3,307 3,310 Total partners' capital 13,646 13,732 Total liabilities and partners' capital $ 27,356 $ 27,355 The accompanying notes are an integral part of these condensed consolidated financial statements. 3 Table of Contents PLAINS ALL AMERIC

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