Plains All American Pipeline LP Files Q3 2024 10-Q

TL;DR

PAA's Q3 10-Q is in. Check financials for energy infra performance.

AI Summary

Plains All American Pipeline LP filed its 10-Q for the period ending September 30, 2024. The filing details financial performance and operational updates for the third quarter and the first nine months of the year. Key financial figures and segment performance are presented, reflecting the company's activities in energy transportation and infrastructure.

Why It Matters

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

Risk Assessment

Risk Level: medium — The company operates in the volatile energy sector, subject to commodity price fluctuations and regulatory changes.

Key Numbers

• N/A — Revenue (Specific revenue figures for the quarter and year-to-date are not directly extractable from the provided header information.)
• N/A — Net Income (Specific net income figures for the quarter and year-to-date are not directly extractable from the provided header information.)
• N/A — Operating Expenses (Specific operating expense figures for the quarter and year-to-date are not directly extractable from the provided header information.)

Key Players & Entities

• PLAINS ALL AMERICAN PIPELINE LP (company) — Filer of the 10-Q
• 7136544100 (dollar_amount) — Business phone number
• 20240930 (date) — Period of report
• 20241108 (date) — Filing date

FAQ

Filing Documents

• paa-20240930.htm (10-Q) — 2223KB
• paaq32024exhibit103.htm (EX-10.3) — 95KB
• paaq32024exhibit104.htm (EX-10.4) — 22KB
• paaq32024exhibit311.htm (EX-31.1) — 10KB
• paaq32024exhibit312.htm (EX-31.2) — 10KB
• paaq32024exhibit321.htm (EX-32.1) — 4KB
• paaq32024exhibit322.htm (EX-32.2) — 4KB
• image_0a.jpg (GRAPHIC) — 13KB
• paaltiplogoa.jpg (GRAPHIC) — 16KB
• 0001070423-24-000027.txt ( ) — 10458KB
• paa-20240930.xsd (EX-101.SCH) — 60KB
• paa-20240930_cal.xml (EX-101.CAL) — 90KB
• paa-20240930_def.xml (EX-101.DEF) — 428KB
• paa-20240930_lab.xml (EX-101.LAB) — 726KB
• paa-20240930_pre.xml (EX-101.PRE) — 543KB
• paa-20240930_htm.xml (XML) — 1840KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Item 1. UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS: Condensed Consolidated Balance Sheets: As of S eptember 30, 2024 and December 31, 2023 3 Condensed Consolidated Statements of Operations: For the three and nine months ended September 30, 2024 and 2023 4 Condensed Consolidated Statements of Comprehensive Income: For the three and nine months ended September 30, 2024 and 2023 5 Condensed Consolidated Statements of Changes in Accumulated Other Comprehensive Income/(Loss): For the nine months ended September 30, 2024 and 2023 5 Condensed Consolidated Statements of Cash Flows: For the nine months ended September 30, 2024 and 2023 6 Condensed Consolidated Statements of Changes in Partners' Capital: For the three and nine months ended Sep tember 30, 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 54

CONTROLS AND PROCEDURES

Item 4. CONTROLS AND PROCEDURES 55

OTHER INFORMATION

PART II. OTHER INFORMATION

LEGAL PROCEEDINGS

Item 1. LEGAL PROCEEDINGS 56

RISK FACTORS

Item 1A. RISK FACTORS 56

UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

Item 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 56

DEFAULTS UPON SENIOR SECURITIES

Item 3. DEFAULTS UPON SENIOR SECURITIES 56

MINE SAFETY DISCLOSURES

Item 4. MINE SAFETY DISCLOSURES 56

OTHER INFORMATION

Item 5. OTHER INFORMATION 56

EXHIBITS

Item 6. EXHIBITS 57

SIGNATURES

SIGNATURES 61 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) September 30, 2024 December 31, 2023 (unaudited) ASSETS CURRENT ASSETS Cash and cash equivalents $ 640 $ 450 Trade accounts receivable and other receivables, net 3,952 3,760 Inventory 436 548 Other current assets 141 155 Total current assets 5,169 4,913 PROPERTY AND EQUIPMENT 21,464 21,143 Accumulated depreciation ( 5,813 ) ( 5,361 ) Property and equipment, net 15,651 15,782 OTHER ASSETS Investments in unconsolidated entities 2,846 2,820 Intangible assets, net 1,674 1,875 Linefill 991 976 Long-term operating lease right-of-use assets, net 298 313 Long-term inventory 257 265 Other long-term assets, net 269 411 Total assets $ 27,155 $ 27,355 LIABILITIES AND PARTNERS' CAPITAL CURRENT LIABILITIES Trade accounts payable $ 3,675 $ 3,844 Short-term debt 765 446 Other current liabilities 696 713 Total current liabilities 5,136 5,003 LONG-TERM LIABILITIES Senior notes, net 7,140 7,242 Other long-term debt, net 72 63 Long-term operating lease liabilities 269 274 Other long-term liabilities and deferred credits 1,006 1,041 Total long-term liabilities 8,487 8,620 COMMITMENTS AND CONTINGENCIES (NOTE 9) PARTNERS' CAPITAL Series A preferred unitholders ( 71,090,468 and 71,090,468 units outstanding, respectively) 1,513 1,509 Series B preferred unitholders ( 800,000 and 800,000 units outstanding, respectively) 787 787 Common unitholders ( 703,669,059 and 701,008,749 units outstanding, respectively) 7,935 8,126 Total partners' capital excluding noncontrolling interests 10,235 10,422 Noncontrolling interests 3,297 3,310 Total partners' capital 13,532 13,732 Total liabilities and partners' capital $ 27,155 $ 27,355 The accompanying notes are an integral part of these condensed consolidated financial statements. 3 Table of Contents PLAINS ALL

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