Plains All American Pipeline LP Files Q2 2024 10-Q

TL;DR

**PAA Q2 10-Q dropped: Financials and ops details out.**

AI Summary

Plains All American Pipeline LP (PAA) filed its 10-Q for the period ending June 30, 2024. The company reported financial results for the second quarter and the first half of 2024. Key financial data and operational updates are detailed within the filing, reflecting the company's performance in the energy transportation sector.

Why It Matters

This filing provides investors and analysts with the latest financial performance and operational details for Plains All American Pipeline LP, crucial for understanding the company's current standing and future outlook in the midstream energy sector.

Risk Assessment

Risk Level: medium — As a publicly traded entity filing a 10-Q, Plains All American Pipeline LP is subject to standard market and operational risks inherent in the energy infrastructure sector.

Key Numbers

• 2024-06-30 — Reporting Period End Date (Indicates the end of the financial quarter being reported.)
• 2024-01-01 — Reporting Period Start Date (Indicates the beginning of the financial year-to-date period.)

Key Players & Entities

• PLAINS ALL AMERICAN PIPELINE LP (company) — Filer of the 10-Q
• 20240630 (date) — End of the reporting period
• 7136544100 (phone_number) — Business phone number

FAQ

Filing Documents

• paa-20240630.htm (10-Q) — 2136KB
• paaq22024exhibit311.htm (EX-31.1) — 10KB
• paaq22024exhibit312.htm (EX-31.2) — 10KB
• paaq22024exhibit321.htm (EX-32.1) — 4KB
• paaq22024exhibit322.htm (EX-32.2) — 4KB
• 0001070423-24-000020.txt ( ) — 9916KB
• paa-20240630.xsd (EX-101.SCH) — 57KB
• paa-20240630_cal.xml (EX-101.CAL) — 86KB
• paa-20240630_def.xml (EX-101.DEF) — 398KB
• paa-20240630_lab.xml (EX-101.LAB) — 705KB
• paa-20240630_pre.xml (EX-101.PRE) — 522KB
• paa-20240630_htm.xml (XML) — 1786KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Item 1. UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS: Condensed Consolidated Balance Sheets: As of June 30 , 2024 and December 31, 2023 3 Condensed Consolidated Statements of Operations: For the three and six months ended June 30 , 2024 and 2023 4 Condensed Consolidated Statements of Comprehensive Income: For the three and six months ended June 30 , 2024 and 2023 5 Condensed Consolidated Statements of Changes in Accumulated Other Comprehensive Income/(Loss): For the six months ended June 30 , 2024 and 2023 5 Condensed Consolidated Statements of Cash Flows: For the six months ended June 3 0 , 2024 and 2023 6 Condensed Consolidated Statements of Changes in Partners' Capital: For the three and six months ended June 3 0 , 2024 and 2023 7 Notes to the Condensed Consolidated Financial Statements: 1. Organization and Basis of Consolidation and Presentation 9 2. Revenues and Accounts Receivable 11 3. Net Income Per Common Unit 14 4. Inventory, Linefill and Long-term Inventory 15 5. Debt 16 6. Partners' Capital and Distributions 17 7. Derivatives and Risk Management Activities 19 8. Related Party Transactions 23 9. Commitments and Contingencies 25 10. Segment Information 30

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 34

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Item 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 53

CONTROLS AND PROCEDURES

Item 4. CONTROLS AND PROCEDURES 54

OTHER INFORMATION

PART II. OTHER INFORMATION

LEGAL PROCEEDINGS

Item 1. LEGAL PROCEEDINGS 55

RISK FACTORS

Item 1A. RISK FACTORS 55

UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

Item 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 55

DEFAULTS UPON SENIOR SECURITIES

Item 3. DEFAULTS UPON SENIOR SECURITIES 55

MINE SAFETY DISCLOSURES

Item 4. MINE SAFETY DISCLOSURES 55

OTHER INFORMATION

Item 5. OTHER INFORMATION 55

EXHIBITS

Item 6. EXHIBITS 56

SIGNATURES

SIGNATURES 60 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) June 30, 2024 December 31, 2023 (unaudited) ASSETS CURRENT ASSETS Cash and cash equivalents $ 553 $ 450 Trade accounts receivable and other receivables, net 4,208 3,760 Inventory 502 548 Other current assets 124 155 Total current assets 5,387 4,913 PROPERTY AND EQUIPMENT 21,254 21,143 Accumulated depreciation ( 5,638 ) ( 5,361 ) Property and equipment, net 15,616 15,782 OTHER ASSETS Investments in unconsolidated entities 2,862 2,820 Intangible assets, net 1,741 1,875 Linefill 980 976 Long-term operating lease right-of-use assets, net 312 313 Long-term inventory 290 265 Other long-term assets, net 265 411 Total assets $ 27,453 $ 27,355 LIABILITIES AND PARTNERS' CAPITAL CURRENT LIABILITIES Trade accounts payable $ 4,015 $ 3,844 Short-term debt 765 446 Other current liabilities 626 713 Total current liabilities 5,406 5,003 LONG-TERM LIABILITIES Senior notes, net 7,139 7,242 Other long-term debt, net 72 63 Long-term operating lease liabilities 279 274 Other long-term liabilities and deferred credits 979 1,041 Total long-term liabilities 8,469 8,620 COMMITMENTS AND CONTINGENCIES (NOTE 9) PARTNERS' CAPITAL Series A preferred unitholders ( 71,090,468 and 71,090,468 units outstanding, respectively) 1,512 1,509 Series B preferred unitholders ( 800,000 and 800,000 units outstanding, respectively) 787 787 Common unitholders ( 701,081,299 and 701,008,749 units outstanding, respectively) 7,977 8,126 Total partners' capital excluding noncontrolling interests 10,276 10,422 Noncontrolling interests 3,302 3,310 Total partners' capital 13,578 13,732 Total liabilities and partners' capital $ 27,453 $ 27,355 The accompanying notes are an integral part of these condensed consolidated financial statements. 3 Table of Contents PLAINS ALL AMERICA

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