The following is a summary of the Plains All American Pipeline, L.P. Common Units (PAA) Q3 2024 Earnings Call Transcript:

Financial Performance:

• Plains All American Pipeline reported Q3 adjusted EBITDA of $659 million, with projections to be at the top end of the 2024 EBITDA guidance range of $2.725 billion to $2.775 billion.

• For 2024, adjusted free cash flow is expected to be approximately $1.45 billion, accommodating charges from legal settlements and bolt-on acquisition costs.

• Decrease in CapEx budget to $360 million for 2024, reflecting deferred project spending.

Business Progress:

• Successfully advancing on Permian volume growth, remaining within the 200,000 to 300,000 barrels per day growth forecast.

• Completed the acquisition of the Fivestones Permian gathering system which complements existing operations.

• On track with the Fort Saskatchewan fractionation expansion, aiming for completion in the first half of 2025.

• Achieved a credit rating upgrade to Baa2 from Moody's, now meeting the mid BBB rating target from all three credit agencies.

Opportunities:

• Strategic bolt-on acquisitions continue to present opportunities for growth and enhancement of financial profiles.

• Focused investment in key areas such as Edmonton and Eastern Canada, aiming for more fee-based earnings and expansion of the Fort Saskatchewan project.

Risks:

• Challenges remain in navigating the volatile macro environment with geopolitical unrest, potential OPEC supply changes, and general economic uncertainties.

• The recent legal settlements regarding the 2015 oil spill have been resolved, providing more certainty in future cash flows but had led to a significant charge to earnings.

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