PAA Also Furnishes 2017 Full-Year
Guidance
Plains All American Pipeline, L.P. (NYSE: PAA) and Plains GP
Holdings (NYSE: PAGP) today reported fourth-quarter and full-year
2016 results.
Plains All American Pipeline,
L.P.
Summary Financial
Information (unaudited)
(in millions, except per unit data)
Three Months Ended
Twelve Months Ended December 31,
December 31, GAAP Results
2016 2015 %
Change
2016 2015 %
Change
Net income attributable to PAA $ 126 $ 247 (49 )% $ 726 $
903 (20 )%
Diluted net income per common unit $ 0.14 $ 0.24
(42 )% $ 0.43 $ 0.77 (44 )%
Diluted weighted average common
units outstanding 662
399 66 %
466
396 18 %
Distribution per common unit declared for the
period $ 0.55 $ 0.70 (21.4 )%
$
2.50
$
2.78
(10.1
)%
Three Months Ended Twelve Months
Ended December 31, December 31, Non-GAAP
Results (1) 2016
2015 %
Change
2016 2015 %
Change
Adjusted net income attributable to PAA $ 278 $ 304 (9 )% $
1,062 $ 1,191 (11 )%
Diluted adjusted net income per common
unit $ 0.37 $ 0.38 (3 )% $ 1.14 $ 1.48 (23 )%
Adjusted
EBITDA (2) $ 600 $ 575 4 % $ 2,169 $ 2,213 (2 )%
________________________
(1)
See the section of this release entitled
"Non-GAAP Financial Measures and Selected Items Impacting
Comparability" and the tables attached hereto for information
regarding certain selected items that PAA believes impact
comparability of financial results between reporting periods, as
well as for information regarding non-GAAP financial measures (such
as adjusted EBITDA) and their reconciliation to the most directly
comparable measures as reported in accordance with GAAP.
(2)
During the fourth quarter of 2016, we
modified our definition of adjusted EBITDA to exclude depreciation
and amortization expense associated with equity method investments.
Prior period amounts have been recast to reflect this change.
“PAA reported fourth-quarter 2016 adjusted EBITDA of $600
million which was essentially in line with the fourth-quarter
guidance furnished last November and full-year 2016 adjusted EBITDA
of $2.169 billion,” said Greg Armstrong, Chairman and CEO of Plains
All American.
“Looking forward, we are encouraged by the significant increase
in drilling and completion activities in the Permian Basin observed
over the latter half of 2016 and continuing into 2017. These
activity levels have increased our conviction in significant
Permian Basin production growth in 2017 and beyond as we discussed
on our acquisition related conference call on January 25th.”
Segment adjusted EBITDA for the fourth quarter and full year of
2016 is presented below:
Summary of
Selected Financial Data by Segment(1)(unaudited)
(in millions)
Three Months
Ended Three Months Ended December 31,
2016 December 31, 2015 Transportation
Facilities Supply and
Logistics
Transportation Facilities Supply
and
Logistics
Segment adjusted EBITDA $ 278 $ 171 $ 151
$ 268 $ 150 $ 157
Percentage change in
segment adjusted EBITDA versus 2015 period 4
% 14 % (4
)% Twelve Months Ended Twelve
Months Ended December 31, 2016 December 31, 2015
Transportation Facilities Supply and
Logistics
Transportation Facilities Supply and
Logistics
Segment adjusted EBITDA $ 1,141 $ 667 $ 359
$ 1,056 $ 588 $ 568
Percentage change in
segment adjusted EBITDA versus 2015 period 8
% 13 % (37
)%
________________________
(1)
During the fourth quarter of 2016, we
modified our primary segment performance measure to segment
adjusted EBITDA from segment profit. Prior period segment amounts
have been recast to reflect this change. See additional discussion
below.
Fourth-quarter 2016 Transportation segment adjusted EBITDA
increased by 4% versus comparable 2015 results. This increase was
primarily driven by increased volumes and margins on certain of our
Permian Basin pipelines, earnings from our 40% interest in the
Saddlehorn pipeline which was placed in service in the third
quarter of 2016 and lower operating expenses, partially offset by
the sale of certain of our Gulf Coast pipelines in early 2016.
Fourth-quarter 2016 Facilities segment adjusted EBITDA increased
by 14% versus comparable 2015 results. This increase was primarily
due to contributions from the Western Canada NGL assets acquired in
August 2016 and contributions from ongoing projects at our Fort
Saskatchewan facility as well as lower operating expenses.
Fourth-quarter 2016 Supply and Logistics segment adjusted EBITDA
decreased by 4% relative to comparable 2015 results. This decrease
was primarily driven by lower volumes and margins associated with
our U.S. crude oil lease gathering activities due to less favorable
market conditions as a result of increased competition and lower
crude oil production in certain regions.
During the fourth quarter of 2016, we modified our primary
segment performance measure to segment adjusted EBITDA from segment
profit. Segment adjusted EBITDA forms the basis of our internal
financial reporting and is the primary measure used by our Chief
Operating Decision Maker (“CODM”) in assessing performance and
allocating resources among our operating segments. In conjunction
with this change, we modified our adjusted EBITDA metric to exclude
depreciation and amortization expense associated with equity method
investments. Prior period amounts have been recast to reflect this
change. The 2016 fourth quarter and full year impact of this
modification increased adjusted EBITDA by $13 million and $50
million, respectively, and the 2015 fourth quarter and full year
impact of this modification increased adjusted EBITDA by $12
million and $45 million, respectively, within the Transportation
segment.
2017 Full-Year Guidance
Full-year 2017 financial and operating guidance is presented
below:
FINANCIAL AND
OPERATING GUIDANCE (unaudited)
(in millions, except per barrel data)
Twelve Months Ended December 31,
2015 2016
2017 (G) 2017 vs 2016 + / - Segment
Adjusted EBITDA Transportation $ 1,056 $ 1,141 $
1,315
15
% Facilities 588 667
680
2
% Supply and Logistics 568 359
365
2
%
Other Income/(Expense), Net
1 2 -
Adjusted EBITDA (1) $ 2,213
$ 2,169 $ 2,360
9 % Interest expense, net (2) (417 ) (451 ) (500 ) 11
% Maintenance capital (220 ) (186 ) (180 ) (3 )% Current income tax
expense (84 ) (85 ) (70 ) (18 )% Other (18 ) (33 )
(10 ) (70 )%
Implied DCF (1) $
1,474 $ 1,414 $
1,600 13 % Operating
Data Transportation Average Daily Volumes (MBbls/d)
4,453 4,637
5,250
13
% Segment Adjusted EBITDA per Barrel $ 0.65 $ 0.67 $
0.69
3
%
Facilities Average Capacity (MMBbls/Mo) 126 129 130
1 % Segment Adjusted EBITDA per Barrel $ 0.39 $ 0.43 $
0.44
2
%
Supply and Logistics Average Daily Volumes
(MBbls/d) 1,168 1,160 1,250 8 % Segment Adjusted EBITDA per Barrel
$ 1.33 $ 0.85 $
0.80
(6
)%
Expansion Capital $ 2,170 $
1,405 $ 800 $ (605 )
First Quarter Adjusted EBITDA as Percentage of Full
Year 29 % 29 % 23 %
________________________
(G)
2017 Guidance forecasts are intended to be
+ / - amounts.
(1)
See the section of this release entitled
"Non-GAAP Financial Measures and Selected Items Impacting
Comparability" and the Financial Data Reconciliations table
attached hereto for information regarding non-GAAP financial
measures and, for the 2015 and 2016 periods, their reconciliation
to the most directly comparable measures as reported in accordance
with GAAP. We do not provide a reconciliation of non-GAAP financial
measures to the equivalent GAAP financial measures on a
forward-looking basis as it is impractical to forecast certain
items that we have defined as “Selected Items Impacting
Comparability” without unreasonable effort, due to the uncertainty
and inherent difficulty of predicting the occurrence and financial
impact of and the periods in which such items may be recognized.
Thus, a reconciliation of non-GAAP financial measures to the
equivalent GAAP financial measures could result in disclosure that
could be imprecise or potentially misleading.
(2)
Excludes certain non-cash items impacting
interest expense such as amortization of debt issuance costs and
terminated interest rate swaps.
Plains GP Holdings
PAGP owns an indirect non-economic controlling interest in PAA’s
general partner and an indirect limited partner interest in PAA. As
the control entity of PAA, PAGP consolidates PAA’s results into its
financial statements, which is reflected in the condensed
consolidating balance sheet and income statement tables included at
the end of this release. Information regarding PAGP’s distributions
is reflected below:
Q4 2016
Q3 2016 Q4 2015
Distribution per Class A share declared
for the period (1)
$ 0.55 $ 0.55 $ 0.62
Q4 2016 distribution
percentage change from prior periods - % (11.3 )%
________________________
(1)
A reverse split of PAGP's Class A shares
was completed on November 15, 2016. The effect of the reverse split
has been retroactively applied to all per-share amounts
presented.
Conference Call
PAA and PAGP will hold a conference call at 11:00 a.m. ET on
Wednesday, February 8, 2017 to discuss the following items:
1. PAA's fourth-quarter and full-year 2016
performance;
2. Financial and operating guidance for
2017;
3. An update on major capital expansion
projects;
4. Capitalization and liquidity; and
5. PAA and PAGP’s outlook for the future.
Prior to the conference call, PAA will furnish a current report
on Form 8-K that will include material in this earnings release. A
copy of the 8-K and a slide presentation for the conference call
will be available at www.plainsallamerican.com, where PAA and PAGP
routinely post important information.
Conference Call Webcast Instructions
To access the internet webcast of the conference call, please go
to www.plainsallamerican.com, under the “Investor Relations”
section of the website (Navigate to: Investor Relations / either
“PAA” or “PAGP” / News & Events / Quarterly Earnings).
Following the live webcast, an audio replay in MP3 format will be
available on the website within two hours after the end of the call
and will be accessible for a period of 365 days.
Non-GAAP Financial Measures and Selected Items Impacting
Comparability
To supplement our financial information presented in accordance
with GAAP, management uses additional measures known as “non-GAAP
financial measures” in its evaluation of past performance and
prospects for the future. The primary additional measures used by
management are earnings before interest, taxes, depreciation and
amortization (including our proportionate share of depreciation and
amortization of unconsolidated entities) and adjusted for certain
selected items impacting comparability (“adjusted EBITDA”) and
implied distributable cash flow (“DCF”).
Management believes that the presentation of such additional
financial measures provides useful information to investors
regarding our performance and results of operations because these
measures, when used to supplement related GAAP financial measures,
(i) provide additional information about our core operating
performance and ability to fund distributions to our unitholders
through cash generated by our operations and (ii) provide investors
with the same financial analytical framework upon which management
bases financial, operational, compensation and planning/budgeting
decisions. We also present these and additional non-GAAP financial
measures, including adjusted net income attributable to PAA and
basic and diluted adjusted net income per common unit, as they are
measurements that investors, rating agencies and debt holders have
indicated are useful in assessing us and our results of operations.
These non-GAAP measures may exclude, for example, (i) charges for
obligations that are expected to be settled with the issuance of
equity instruments, (ii) the mark-to-market of derivative
instruments that are related to underlying activities in another
period (or the reversal of such adjustments from a prior period),
the mark-to-market related to our Preferred Distribution Rate Reset
Option, gains and losses on derivatives that are related to
investing activities (such as the purchase of linefill) and
inventory valuation adjustments, as applicable, (iii) long-term
inventory costing adjustments, (iv) items that are not indicative
of our core operating results and business outlook and/or (v) other
items that we believe should be excluded in understanding our core
operating performance. These measures may further be adjusted to
include amounts related to deficiencies associated with minimum
volume commitments whereby we have billed the counterparties for
their deficiency obligation and such amounts are recognized as
deferred revenue in “Accounts payable and accrued liabilities” on
our Consolidated Financial Statements. Such amounts are presented
net of applicable amounts subsequently recognized into revenue.
Furthermore, the calculation of these measures contemplates tax
effects as a separate reconciling item, where applicable. We have
defined all such items as “selected items impacting comparability.”
Due to the nature of the selected items, certain selected items
impacting comparability may impact certain non-GAAP financial
measures, referred to as adjusted results, but not impact other
non-GAAP financial measures. We do not necessarily consider all of
our selected items impacting comparability to be non-recurring,
infrequent or unusual, but we believe that an understanding of
these selected items impacting comparability is material to the
evaluation of our operating results and prospects.
Although we present selected items impacting comparability that
management considers in evaluating our performance, you should also
be aware that the items presented do not represent all items that
affect comparability between the periods presented. Variations in
our operating results are also caused by changes in volumes,
prices, exchange rates, mechanical interruptions, acquisitions,
expansion projects and numerous other factors. These types of
variations are not separately identified in this release, but will
be discussed, as applicable, in management’s discussion and
analysis of operating results in our Annual Report on Form
10-K.
Our definition and calculation of certain non-GAAP financial
measures may not be comparable to similarly-titled measures of
other companies. Adjusted EBITDA, Implied DCF and other non-GAAP
financial performance measures are reconciled to Net Income (the
most directly comparable measure as reported in accordance with
GAAP) for the historical periods presented in the tables attached
to this release, and should be viewed in addition to, and not in
lieu of, our Consolidated Financial Statements and notes thereto.
In addition, we encourage you to visit our website at
www.plainsallamerican.com (in particular the section under
“Financial Information” entitled “Non-GAAP Reconciliations” within
the “Investor Relations” tab), which presents a reconciliation of
our commonly used non-GAAP and supplemental financial measures.
Forward Looking Statements
Except for the historical information contained herein, the
matters discussed in this release consist of forward-looking
statements that involve certain risks and uncertainties that could
cause actual results or outcomes to differ materially from results
or outcomes anticipated in the forward-looking statements. These
risks and uncertainties include, among other things, declines in
the volume of crude oil, refined product and NGL shipped,
processed, purchased, stored, fractionated and/or gathered at or
through the use of our assets, whether due to declines in
production from existing oil and gas reserves, reduced demand,
failure to develop or slowdown in the development of additional oil
and gas reserves, whether from reduced cash flow to fund drilling
or the inability to access capital, or other factors; the effects
of competition; market distortions caused by producer
over-commitments to new or recently constructed infrastructure
projects, which impacts volumes, margins, returns and overall
earnings; unanticipated changes in crude oil market structure,
grade differentials and volatility (or lack thereof); environmental
liabilities or events that are not covered by an indemnity,
insurance or existing reserves; maintenance of our credit rating
and ability to receive open credit from our suppliers and trade
counterparties; fluctuations in refinery capacity in areas supplied
by our mainlines and other factors affecting demand for various
grades of crude oil, refined products and natural gas and resulting
changes in pricing conditions or transportation throughput
requirements; the occurrence of a natural disaster, catastrophe,
terrorist attack (including eco-terrorist attacks) or other event,
including attacks on our electronic and computer systems; failure
to implement or capitalize, or delays in implementing or
capitalizing, on expansion projects, whether due to permitting
delays, permitting withdrawals or other factors; tightened capital
markets or other factors that increase our cost of capital or limit
our ability to obtain debt or equity financing on satisfactory
terms to fund additional acquisitions, expansion projects, working
capital requirements and the repayment or refinancing of
indebtedness; the successful integration and future performance of
acquired assets or businesses and the risks associated with
operating in lines of business that are distinct and separate from
our historical operations; the currency exchange rate of the
Canadian dollar; continued creditworthiness of, and performance by,
our counterparties, including financial institutions and trading
companies with which we do business; inability to recognize current
revenue attributable to deficiency payments received from customers
who fail to ship or move more than minimum contracted volumes until
the related credits expire or are used; non-utilization of our
assets and facilities; increased costs, or lack of availability, of
insurance; weather interference with business operations or project
construction, including the impact of extreme weather events or
conditions; the availability of, and our ability to consummate,
acquisition or combination opportunities; the effectiveness of our
risk management activities; shortages or cost increases of
supplies, materials or labor; the impact of current and future
laws, rulings, governmental regulations, accounting standards and
statements and related interpretations; fluctuations in the debt
and equity markets, including the price of our units at the time of
vesting under our long-term incentive plans; risks related to the
development and operation of our assets, including our ability to
satisfy our contractual obligations to our customers; factors
affecting demand for natural gas and natural gas storage services
and rates; general economic, market or business conditions and the
amplification of other risks caused by volatile financial markets,
capital constraints and pervasive liquidity concerns; and other
factors and uncertainties inherent in the transportation, storage,
terminalling and marketing of crude oil and refined products, as
well as in the storage of natural gas and the processing,
transportation, fractionation, storage and marketing of natural gas
liquids as discussed in the Partnerships' filings with the
Securities and Exchange Commission.
Plains All American Pipeline, L.P. is a publicly traded master
limited partnership that owns and operates midstream energy
infrastructure and provides logistics services for crude oil, NGLs,
natural gas and refined products. PAA owns an extensive network of
pipeline transportation, terminalling, storage and gathering assets
in key crude oil and NGL producing basins and transportation
corridors and at major market hubs in the United States and Canada.
On average, PAA handles over 4.6 million barrels per day of crude
oil and NGL in its Transportation segment. PAA is headquartered in
Houston, Texas. More information is available at
www.plainsallamerican.com.
Plains GP Holdings is a publicly traded entity that owns an
indirect, non-economic controlling general partner interest in PAA
and an indirect limited partner interest in PAA, one of the largest
energy infrastructure and logistics companies in North America.
PAGP is headquartered in Houston, Texas.
PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES
FINANCIAL SUMMARY (unaudited)
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
(in millions, except per unit data)
Three Months Ended Twelve
Months Ended December 31, December 31,
2016 2015 2016
2015 REVENUES $ 5,952 $ 4,996 $
20,182 $ 23,152
COSTS AND EXPENSES Purchases and
related costs 5,234 4,135 17,233 19,726 Field operating costs 289
343 1,182 1,454 General and administrative expenses 68 61 279 278
Depreciation and amortization 143 113
494 432 Total costs and expenses 5,734
4,652 19,188 21,890
OPERATING INCOME 218 344 994
1,262
OTHER INCOME/(EXPENSE) Equity earnings in
unconsolidated entities 61 49 195 183 Interest expense, net (127 )
(111 ) (467 ) (432 ) Other income/(expense), net (14 )
- 33 (7 )
INCOME
BEFORE TAX 138 282 755 1,006 Current income tax expense (41 )
(12 ) (85 ) (84 ) Deferred income tax benefit/(expense) 30
(22 ) 60 (16 )
NET
INCOME 127 248 730 906 Net income attributable to
noncontrolling interests (1 ) (1 ) (4 )
(3 )
NET INCOME ATTRIBUTABLE TO PAA $ 126 $ 247
$ 726 $ 903
NET INCOME PER COMMON
UNIT: Net income allocated to common unitholders — Basic $ 91 $
95 $ 200 $ 305 Basic weighted average common units outstanding 660
398 464 394 Basic net income per common unit $ 0.14 $ 0.24
$ 0.43 $ 0.78 Net income allocated to
common unitholders — Diluted $ 91 $ 95 $ 200 $ 305 Diluted weighted
average common units outstanding 662 399 466 396 Diluted net income
per common unit $ 0.14 $ 0.24 $ 0.43 $ 0.77
NON-GAAP ADJUSTED
RESULTS
(in millions, except per unit data)
Three Months Ended
Twelve Months Ended December 31, December 31,
2016 2015 2016 2015 Adjusted net
income attributable to PAA $ 278 $ 304 $ 1,062
$ 1,191 Diluted adjusted net income per common unit $
0.37 $ 0.38 $ 1.14 $ 1.48
Adjusted EBITDA $ 600 $ 575 $ 2,169 $ 2,213
PLAINS ALL AMERICAN PIPELINE, L.P. AND
SUBSIDIARIES FINANCIAL SUMMARY (unaudited)
CONDENSED
CONSOLIDATED BALANCE SHEET DATA
(in millions)
December 31,
December 31, 2016
2015 ASSETS Current assets $ 4,272 $ 2,969 Property
and equipment, net 13,872 13,474 Goodwill 2,344 2,405 Investments
in unconsolidated entities 2,343 2,027 Linefill and base gas 896
898 Long-term inventory 193 129 Other long-term assets, net
290 386 Total assets $ 24,210 $ 22,288
LIABILITIES AND PARTNERS' CAPITAL Current
liabilities $ 4,664 $ 3,407 Senior notes, net of unamortized
discounts and debt issuance costs 9,874 9,698 Other long-term debt
250 677 Other long-term liabilities and deferred credits 606
567 Total liabilities 15,394 14,349
Partners' capital excluding noncontrolling interests 8,759 7,881
Noncontrolling interests 57 58 Total
partners' capital 8,816 7,939 Total
liabilities and partners' capital $ 24,210 $ 22,288
DEBT
CAPITALIZATION RATIOS
(in millions)
December 31, December 31, 2016
2015 Short-term debt (1) $ 1,715 $ 999 Long-term debt
10,124 10,375 Total debt $ 11,839 $
11,374 Long-term debt $ 10,124 $ 10,375 Partners'
capital 8,816 7,939 Total book
capitalization $ 18,940 $ 18,314 Total book
capitalization, including short-term debt $ 20,655 $ 19,313
Long-term debt-to-total book capitalization 53 % 57 %
Total debt-to-total book capitalization, including short-term debt
57 % 59 %
________________________
(1)
At December 31, 2016, short-term debt
includes borrowings of approximately $1,303 million for short-term
hedged inventory purchases and borrowings of approximately $410
million for cash margin deposits with our clearing brokers, which
are associated with financial derivatives used for hedging
purposes.
PLAINS ALL AMERICAN PIPELINE, L.P. AND
SUBSIDIARIES FINANCIAL SUMMARY (unaudited)
OPERATING
DATA(1)
Three Months Ended
Twelve Months Ended December 31, December 31,
2016 2015 2016 2015
Transportation segment (average daily volumes in
thousands of barrels per day): Tariff activities volumes Crude
oil pipelines (by region): Permian Basin (2) 2,197 1,963 2,146
1,849 South Texas / Eagle Ford (2) 284 331 284 306 Western 171 190
188 215 Rocky Mountain (2) 454 433 449 440 Gulf Coast 373 537 497
532 Central (2) 397 362 394 413 Canada 374 377 381 392 Crude oil
pipelines 4,250 4,193 4,339 4,147 NGL pipelines 190 189 184 193
Tariff activities total volumes 4,440 4,382 4,523 4,340 Trucking
118 109 114 113 Transportation segment total volumes 4,558 4,491
4,637 4,453
Facilities segment (average monthly
volumes):
Crude oil, refined products and NGL
terminalling and storage
(average monthly capacity in
millions of barrels)
110 103 107 100
Rail load / unload volumes
(average volumes in thousands
of barrels per day)
42 172 83 210
Natural gas storage
(average monthly working
capacity in billions of cubic feet)
97 97 97 97
NGL fractionation
(average volumes in thousands
of barrels per day)
122 111 115 103
Facilities segment total volumes
(average monthly volumes in
millions of barrels) (3)
131 128 129 126
Supply and Logistics segment (average
daily volumes in thousands of barrels per day): Crude oil lease
gathering purchases 895 899 894 943 NGL sales 346 266 259 223
Waterborne cargos 7 2 7 2 Supply and Logistics segment total
volumes 1,248 1,167 1,160 1,168
________________________
(1)
Average volumes are calculated as total
volumes for the period (attributable to our interest) divided by
the number of days or months in the period.
(2)
Region includes volumes (attributable to
our interest) from pipelines owned by unconsolidated entities.
(3)
Facilities segment total is calculated as
the sum of: (i) crude oil, refined products and NGL terminalling
and storage capacity; (ii) rail load and unload volumes multiplied
by the number of days in the period and divided by the number of
months in the period; (iii) natural gas storage working capacity
divided by 6 to account for the 6:1 mcf of natural gas to crude Btu
equivalent ratio and further divided by 1,000 to convert to monthly
volumes in millions; and (iv) NGL fractionation volumes multiplied
by the number of days in the period and divided by the number of
months in the period.
PLAINS ALL AMERICAN PIPELINE, L.P. AND
SUBSIDIARIES FINANCIAL SUMMARY (unaudited)
COMPUTATION OF
BASIC AND DILUTED NET INCOME PER COMMON
UNIT(1)
(in millions, except per unit data)
Three Months Ended Twelve Months Ended
December 31, December 31, 2016
2015 2016 2015 Basic Net
Income per Common Unit Net income attributable to PAA $ 126 $
247 $ 726 $ 903 Distributions to Series A preferred units (34 ) -
(122 ) - Distributions to general partner - (155 ) (412 ) (608 )
Distributions to participating securities - (1 ) (4 ) (6 )
Undistributed loss allocated to general partner - 4 14 16 Other
(1 ) - (2 ) - Net income
allocated to common unitholders in accordance with application of
the two-class method $ 91 $ 95 $ 200 $ 305
Basic weighted average common units outstanding (2)
660 398 464 394 Basic net income per common unit $ 0.14
$ 0.24 $ 0.43 $ 0.78
Diluted
Net Income per Common Unit Net income attributable to PAA $ 126
$ 247 $ 726 $ 903 Distributions to Series A preferred units (34 ) -
(122 ) - Distributions to general partner - (155 ) (412 ) (608 )
Distributions to participating securities - (1 ) (4 ) (6 )
Undistributed loss allocated to general partner - 4 14 16 Other
(1 ) - (2 ) - Net income
allocated to common unitholders in accordance with application of
the two-class method $ 91 $ 95 $ 200 $ 305
Basic weighted average common units outstanding (2)
660 398 464 394 Effect of dilutive securities: Weighted average
LTIP units (3) 2 1 2
2 Diluted weighted average common units outstanding
662 399 466 396
Diluted net income per common unit (4) $ 0.14
$ 0.24 $ 0.43 $ 0.77
________________________
(1)
We calculate net income allocated to
common unitholders based on the distributions pertaining to the
current period’s net income. After adjusting for the appropriate
period's distributions, the remaining undistributed earnings or
excess distributions over earnings, if any, are allocated to the
general partner, common unitholders and participating securities in
accordance with the contractual terms of our partnership agreement
in effect for the period and as further prescribed under the
two-class method.
The Simplification Transactions, which
closed on November 15, 2016, included the permanent elimination of
our IDRs and the economic rights associated with our 2% general
partner interest in exchange for the issuance by us of
approximately 244.7 million common units and the assumption of
Plains AAP, L.Ps.'s ("AAP") debt. As such, beginning with the
distribution pertaining to the fourth quarter of 2016, our general
partner is no longer entitled to receive distributions on the IDRs
or 2% general partner interest.
(2)
We have considered the common units issued
in connection with the Simplification Transactions to be
outstanding for the entire fourth quarter of 2016 in the
calculation of weighted average common units outstanding to more
closely reflect the ownership interests in us with rights to the
distributions for the periods included in the calculation of net
income allocated to common unitholders.
(3)
Our Long-term Incentive Plan ("LTIP")
awards that contemplate the issuance of common units are considered
dilutive unless (i) vesting occurs only upon the satisfaction of a
performance condition and (ii) that performance condition has yet
to be satisfied. LTIP awards that are deemed to be dilutive are
reduced by a hypothetical unit repurchase based on the remaining
unamortized fair value, as prescribed by the treasury stock method
in guidance issued by the FASB.
(4)
The possible conversion of our Series A
preferred units was excluded from the calculation of diluted net
income per common unit for the three and twelve months ended
December 31, 2016 as the effect was antidilutive.
PLAINS ALL AMERICAN PIPELINE, L.P. AND
SUBSIDIARIES FINANCIAL SUMMARY (unaudited)
SELECTED
FINANCIAL DATA BY SEGMENT(1)
(in millions)
Three Months
Ended Three Months Ended December 31, 2016
December 31, 2015 Supply and
Supply and Transportation Facilities
Logistics Transportation Facilities
Logistics Revenues (2) $ 396 $ 290 $ 5,665 $ 391 $ 261 $
4,706 Purchases and related costs (2) (25 ) (9 ) (5,596 ) (23 ) (7
) (4,464 ) Field operating costs (2) (3) (131 ) (90 ) (65 ) (159 )
(94 ) (94 ) Equity-indexed compensation expense - field operating
costs (5 ) (1 ) - - 1 - Segment general and administrative expenses
(3) (4) (20 ) (13 ) (22 ) (22 ) (14 ) (24 ) Equity-indexed
compensation expense - general and administrative (5 ) (3 ) (5 ) -
- (1 ) Equity earnings in unconsolidated entities 61 - - 49 - -
Adjustments(5): Depreciation and amortization of
unconsolidated entities 13 - - 12 - - (Gains)/losses from
derivative activities net of inventory valuation adjustments - (2 )
217 - 2 (4 ) Long-term inventory costing adjustments - - (51 ) - -
37 Deficiencies under minimum volume commitments, net (11 ) (3 ) -
- - - Equity-indexed compensation expense 5 2 3 2 1 2 Net
(gain)/loss on foreign currency revaluation - - 5 - - (1 ) Line 901
incident - - -
18 - - Segment
adjusted EBITDA $ 278 $ 171 $ 151 $ 268
$ 150 $ 157 Maintenance capital
$ 35 $ 23 $ - $ 43 $ 20
$ 3
Twelve
Months Ended Twelve Months Ended
December 31, 2016 December 31, 2015 Supply
and Supply and Transportation
Facilities Logistics Transportation
Facilities Logistics Revenues (2) $ 1,584 $ 1,107 $
19,018 $ 1,594 $ 1,050 $ 21,945 Purchases and related costs (2) (94
) (26 ) (18,627 ) (108 ) (24 ) (21,018 ) Field operating costs (2)
(3) (537 ) (347 ) (291 ) (652 ) (377 ) (433 ) Equity-indexed
compensation expense - field operating costs (14 ) (5 ) (1 ) (5 ) -
- Segment general and administrative expenses (3) (4) (88 ) (58 )
(93 ) (89 ) (65 ) (102 ) Equity-indexed compensation expense -
general and administrative (15 ) (10 ) (15 ) (6 ) (5 ) (11 ) Equity
earnings in unconsolidated entities 195 - - 183 - -
Adjustments (5): Depreciation and amortization of unconsolidated
entities 50 - - 45 - - (Gains)/losses from derivative activities
net of inventory valuation adjustments - (2 ) 406 - 4 106 Long-term
inventory costing adjustments - - (58 ) - - 99 Deficiencies under
minimum volume commitments, net 44 2 - - - - Equity-indexed
compensation expense 16 7 10 11 5 11 Net (gain)/loss on foreign
currency revaluation - (1 ) 10 - - (29 ) Line 901 incident -
- - 83
- - Segment adjusted EBITDA $
1,141 $ 667 $ 359 $ 1,056
$ 588 $ 568 Maintenance capital $ 121
$ 55 $ 10 $ 144 $ 68 $ 8
________________________
(1)
During the fourth quarter of 2016, we
modified our primary segment performance measure to segment
adjusted EBITDA from segment profit. Segment adjusted EBITDA forms
the basis of our internal financial reporting and is the primary
measure used by our CODM in assessing performance and allocating
resources among our operating segments. Prior period segment
amounts have been recast to reflect this change.
(2)
Includes intersegment amounts.
(3)
Field operating costs and Segment general
and administrative expenses exclude equity-indexed compensation
expense, which is presented separately in the table above.
(4)
Segment general and administrative
expenses reflect direct costs attributable to each segment and an
allocation of other expenses to the segments. The proportional
allocations by segment require judgment by management and are based
on the business activities that exist during each period.
(5)
Represents adjustments utilized by our
CODM in the evaluation of segment results. Many of these
adjustments are also considered selected items impacting
comparability when calculating consolidated non-GAAP financial
measures such as Adjusted EBITDA. See the "Selected Items Impacting
Comparability" table on the following page for additional
discussion.
PLAINS ALL AMERICAN PIPELINE, L.P. AND
SUBSIDIARIES FINANCIAL SUMMARY (unaudited)
SELECTED ITEMS
IMPACTING COMPARABILITY
(in millions, except per unit data)
Three Months Ended Twelve Months Ended
December 31, December 31, 2016
2015 2016 2015 Selected Items
Impacting Comparability (1): Gains/(losses) from
derivative activities net of inventory valuation adjustments (2) $
(227 ) $ 2 $ (374 ) $ (110 ) Long-term inventory costing
adjustments (3) 51 (37 ) 58 (99 ) Deficiencies under minimum volume
commitments, net (4) 14 - (46 ) - Equity-indexed compensation
expense (5) (10 ) (5 ) (33 ) (27 ) Net gain/(loss) on foreign
currency revaluation (6) (7 ) 1 (8 ) 21 Line 901 incident (7)
- (18 ) - (83 ) Selected
items impacting comparability - Adjusted EBITDA $ (179 ) $ (57 ) $
(403 ) $ (298 ) Deferred income tax expense (8) - - - (22 ) Tax
effect on selected items impacting comparability 27
- 67 32 Selected items
impacting comparability - Adjusted net income attributable to PAA $
(152 ) $ (57 ) $ (336 ) $ (288 ) Impact to basic net income
per common unit $ (0.23 ) $ (0.14 ) $ (0.72 ) $ (0.71 ) Impact to
diluted net income per common unit $ (0.23 ) $ (0.14 ) $ (0.71 ) $
(0.71 )
________________________
(1)
Certain of our non-GAAP financial measures
may not be impacted by each of the selected items impacting
comparability.
(2)
We use derivative instruments for risk
management purposes and our related processes include specific
identification of hedging instruments to an underlying hedged
transaction. Although we identify an underlying transaction for
each derivative instrument we enter into, there may not be an
accounting hedge relationship between the instrument and the
underlying transaction. In the course of evaluating our results of
operations, we identify the earnings that were recognized during
the period related to derivative instruments for which the
identified underlying transaction does not occur in the current
period and exclude the related gains and losses in determining
adjusted results. In addition, we exclude gains and losses on
derivatives that are related to investing activities, such as the
purchase of linefill. We also exclude the impact of corresponding
inventory valuation adjustments, as applicable, as well as the
mark-to-market adjustment related to our Preferred Distribution
Rate Reset Option.
(3)
We carry crude oil and NGL inventory that
is comprised of minimum working inventory requirements in
third-party assets and other working inventory that is needed for
our commercial operations. We consider this inventory necessary to
conduct our operations and we intend to carry this inventory for
the foreseeable future. Therefore, we classify this inventory as
long-term on our balance sheet and do not hedge the inventory with
derivative instruments (similar to linefill in our own assets). We
treat the impact of changes in the average cost of the long-term
inventory (that result from fluctuations in market prices) and
writedowns of such inventory that result from price declines as a
selected item impacting comparability.
(4)
We have certain agreements that require
counterparties to deliver, transport or throughput a minimum volume
over an agreed upon period. Substantially all of such agreements
were entered into with counterparties to economically support the
return on our capital expenditure necessary to construct the
related asset. Some of these agreements include make-up rights if
the minimum volume is not met. We record a receivable from the
counterparty in the period that services are provided or when the
transaction occurs, including amounts for deficiency obligations
from counterparties associated with minimum volume commitments. If
a counterparty has a make-up right associated with a deficiency, we
defer the revenue attributable to the counterparty’s make-up right
and subsequently recognize the revenue at the earlier of when the
deficiency volume is delivered or shipped, when the make-up right
expires or when it is determined that the counterparty’s ability to
utilize the make-up right is remote. We include the impact of
amounts billed to counterparties for their deficiency obligation,
net of applicable amounts subsequently recognized into revenue, as
a selected item impacting comparability. We believe the inclusion
of the contractually committed revenues associated with that period
is meaningful to investors as the related asset has been
constructed, is standing ready to provide the committed service and
the fixed operating costs are included in the current period
results.
(5)
Our total equity-indexed compensation
expense includes expense associated with awards that will or may be
settled in units and awards that will or may be settled in cash.
The awards that will or may be settled in units are included in our
diluted net income per unit calculation when the applicable
performance criteria have been met. We consider the compensation
expense associated with these awards as a selected item impacting
comparability as the dilutive impact of the outstanding awards is
included in our diluted net income per unit calculation and the
majority of the awards are expected to be settled in units. The
portion of compensation expense associated with awards that are
certain to be settled in cash is not considered a selected item
impacting comparability.
(6)
During the periods presented, there were
fluctuations in the value of the Canadian dollar to the U.S.
dollar, resulting in gains and losses that were not related to our
core operating results for the period and were thus classified as a
selected item impacting comparability.
(7)
Includes costs recognized during the
period related to the Line 901 incident that occurred in May 2015,
net of amounts we believe are probable of recovery from
insurance.
(8)
Includes the initial cumulative effect of
a change in Canadian tax legislation impacting the period.
PLAINS ALL AMERICAN PIPELINE, L.P. AND
SUBSIDIARIES FINANCIAL SUMMARY (unaudited)
FINANCIAL DATA
RECONCILIATIONS
(in millions)
Three Months Ended
Twelve Months Ended December 31,
December 31, 2016 2015
2016 2015 Net Income to Adjusted
EBITDA and Implied DCF Reconciliations Net Income $ 127 $ 248 $
730 $ 906 Interest expense, net 127 111 467 432 Income tax expense
11 34 25 100 Depreciation and amortization 143 113 494 432
Depreciation and amortization of unconsolidated entities (1) 13 12
50 45 Selected items impacting comparability - Adjusted EBITDA (2)
179 57 403 298
Adjusted EBITDA $ 600 $ 575 $ 2,169 $ 2,213 Interest
expense, net (3) (123 ) (107 ) (451 ) (417 ) Maintenance capital
(58 ) (66 ) (186 ) (220 ) Current income tax expense (41 ) (12 )
(85 ) (84 ) Adjusted equity earnings in unconsolidated entities,
net of distributions (4) (9 ) (6 ) (29 ) (14 ) Distributions to
noncontrolling interests (5) (1 ) (1 ) (4 )
(4 ) Implied DCF (6) $ 368 $ 383 $ 1,414
$ 1,474
________________________
(1)
Over the past several years, we have
increased our participation in pipeline strategic joint venture
projects, which are accounted for under the equity method of
accounting. Management excludes our proportionate share of the
depreciation and amortization expense associated with such
unconsolidated entities when reviewing Adjusted EBITDA.
(2)
Certain of our non-GAAP financial measures
may not be impacted by each of the selected items impacting
comparability.
(3)
Excludes certain non-cash items impacting
interest expense such as amortization of debt issuance costs and
terminated interest rate swaps.
(4)
Equity earnings are adjusted for our
proportionate share of the depreciation and amortization of
unconsolidated entities, as such expenses are excluded from the
calculation of Adjusted EBITDA.
(5)
Includes distributions that pertain to the
current period's net income, which are paid in the subsequent
period.
(6)
Including net costs recognized during the
period related to the Line 901 incident that occurred during May
2015, Implied DCF would have been $365 million and $1,391 million
for the three and twelve months ended December 31, 2015.
PLAINS ALL AMERICAN PIPELINE, L.P. AND
SUBSIDIARIES FINANCIAL SUMMARY (unaudited)
COMPUTATION OF
BASIC AND DILUTED ADJUSTED NET INCOME PER COMMON UNIT
(1)
(in millions, except per unit data)
Three Months Ended Twelve Months Ended
December 31, December 31, 2016
2015 2016 2015 Basic Adjusted
Net Income per Common Unit Net income attributable to PAA $ 126
$ 247 $ 726 $ 903
Selected items impacting comparability -
Adjusted net income attributable to PAA (2)
152 57 336 288
Adjusted net income attributable to PAA 278 304 1,062 1,191
Distributions to Series A preferred units (34 ) - (122 ) -
Distributions to general partner - (155 ) (412 ) (608 )
Distributions to participating securities - (1 ) (4 ) (6 )
Undistributed loss allocated to general partner - 3 10 11 Other
(1 ) - (1 ) - Adjusted
net income allocated to common unitholders in accordance with
application of the two-class method $ 243 $ 151 $ 533
$ 588 Basic weighted average common units
outstanding (3) 660 398 464 394 Basic adjusted net income
per common unit $ 0.37 $ 0.38 $ 1.15 $ 1.49
Diluted Adjusted Net Income per Common Unit
Net income attributable to PAA $ 126 $ 247 $ 726 $ 903 Selected
items impacting comparability - Adjusted net income attributable to
PAA (2) 152 57 336
288 Adjusted net income attributable to PAA 278 304 1,062
1,191 Distributions to Series A preferred units (34 ) - (122 ) -
Distributions to general partner - (155 ) (412 ) (608 )
Distributions to participating securities - (1 ) (4 ) (6 )
Undistributed loss allocated to general partner - 3 10 11 Other
(1 ) - (1 ) - Adjusted
net income allocated to common unitholders in accordance with
application of the two-class method $ 243 $ 151 $ 533
$ 588 Basic weighted average common units
outstanding (3) 660 398 464 394 Effect of dilutive securities:
Weighted average LTIP units (4) 2 1
2 2 Diluted weighted average common
units outstanding 662 399 466
396 Diluted adjusted net income per
common unit (5) $ 0.37 $ 0.38 $ 1.14 $ 1.48
________________________
(1)
We calculate adjusted net income allocated
to common unitholders based on the distributions pertaining to the
current period’s net income. After adjusting for the appropriate
period's distributions, the remaining undistributed earnings or
excess distributions over earnings, if any, are allocated to the
general partner, common unitholders and participating securities in
accordance with the contractual terms of our partnership agreement
and as further prescribed under the two-class method.
The Simplification Transactions, which
closed on November 15, 2016, included the permanent elimination of
our IDRs and the economic rights associated with our 2% general
partner interest in exchange for the issuance by us of
approximately 244.7 million common units and the assumption of
AAP's debt. As such, beginning with the distribution pertaining to
the fourth quarter of 2016, our general partner is no longer
entitled to receive distributions on the IDRs or 2% general partner
interest.
(2)
Certain of our non-GAAP financial measures
may not be impacted by each of the selected items impacting
comparability.
(3)
We have considered the common units issued
in connection with the Simplification Transactions to be
outstanding for the entire fourth quarter of 2016 in the
calculation of weighted average common units outstanding to more
closely reflect the ownership interests in us with rights to the
distributions for the periods included in the calculation of
adjusted net income allocated to common unitholders.
(4)
Our Long-term Incentive Plan ("LTIP")
awards that contemplate the issuance of common units are considered
dilutive unless (i) vesting occurs only upon the satisfaction of a
performance condition and (ii) that performance condition has yet
to be satisfied. LTIP awards that are deemed to be dilutive are
reduced by a hypothetical unit repurchase based on the remaining
unamortized fair value, as prescribed by the treasury stock method
in guidance
issued by the FASB.
(5)
The possible conversion of our Series A
preferred units was excluded from the calculation of diluted
adjusted net income per common unit for the three and twelve months
ended December 31, 2016 as the effect was antidilutive.
PLAINS GP HOLDINGS AND SUBSIDIARIES FINANCIAL
SUMMARY (unaudited)
CONDENSED
CONSOLIDATING STATEMENTS OF OPERATIONS (1)
(in millions, except per share data)
Three Months Ended
Three Months Ended December 31, 2016 December 31,
2015 PAA Consolidating
Adjustments (2)
PAGP PAA
Consolidating
Adjustments (2)
PAGP REVENUES $ 5,952 $ - $
5,952 $ 4,996 $ - $ 4,996
COSTS AND EXPENSES
Purchases and related costs 5,234 - 5,234 4,135 - 4,135 Field
operating costs 289 - 289 343 - 343 General and administrative
expenses 68 1 69 61 1 62 Depreciation and amortization 143
- 143 113 -
113 Total costs and expenses 5,734 1 5,735
4,652 1 4,653
OPERATING INCOME 218 (1 ) 217 344 (1 )
343
OTHER INCOME/(EXPENSE) Equity earnings in
unconsolidated entities 61 - 61 49 - 49 Interest expense, net (127
) (3 ) (130 ) (111 ) (3 ) (114 ) Other expense, net (14 )
- (14 ) - -
-
INCOME BEFORE TAX 138 (4 ) 134 282 (4 ) 278
Current income tax expense (41 ) - (41 ) (12 ) - (12 ) Deferred
income tax benefit/(expense) 30 (1 ) 29
(22 ) (28 ) (50 )
NET
INCOME 127 (5 ) 122 248 (32 ) 216 Net income attributable to
noncontrolling interests (1 ) (129 ) (130 )
(1 ) (190 ) (191 )
NET INCOME/(LOSS)
ATTRIBUTABLE TO PAGP $ 126 $ (134 ) $ (8 ) $ 247
$ (222 ) $ 25
BASIC AND DILUTED NET
INCOME/(LOSS) PER CLASS A SHARE $ (0.08 ) $ 0.29
BASIC AND DILUTED WEIGHTED AVERAGE CLASS A SHARES
OUTSTANDING 101 86
________________________
(1)
A reverse split of PAGP's Class A shares
was completed on November 15, 2016. The effect of the reverse split
has been retroactively applied to all share and per-share amounts
presented.
(2)
Represents the aggregate consolidating
adjustments necessary to produce consolidated financial statements
for PAGP.
PLAINS GP HOLDINGS AND SUBSIDIARIES
FINANCIAL SUMMARY (unaudited)
CONDENSED
CONSOLIDATING STATEMENTS OF OPERATIONS (1)
(in millions, except per share data)
Twelve Months Ended Twelve Months Ended
December 31, 2016 December 31, 2015 PAA
Consolidating
Adjustments (2)
PAGP PAA
Consolidating
Adjustments (2)
PAGP REVENUES $ 20,182 $ - $
20,182 $ 23,152 $ - $ 23,152
COSTS AND EXPENSES
Purchases and related costs 17,233 - 17,233 19,726 - 19,726 Field
operating costs 1,182 - 1,182 1,454 - 1,454 General and
administrative expenses 279 3 282 278 3 281 Depreciation and
amortization 494 1 495
432 1 433 Total costs and
expenses 19,188 4 19,192 21,890 4 21,894
OPERATING
INCOME 994 (4 ) 990 1,262 (4 ) 1,258
OTHER
INCOME/(EXPENSE) Equity earnings in unconsolidated entities 195
- 195 183 - 183 Interest expense, net (467 ) (13 ) (480 ) (432 )
(11 ) (443 ) Other income/(expense), net 33 -
33 (7 ) - (7 )
INCOME BEFORE TAX 755 (17 ) 738 1,006 (15 ) 991
Current income tax expense (85 ) - (85 ) (84 ) - (84 ) Deferred
income tax benefit/(expense) 60 (53 ) 7
(16 ) (82 ) (98 )
NET
INCOME 730 (70 ) 660 906 (97 ) 809 Net income attributable to
noncontrolling interests (4 ) (562 ) (566 )
(3 ) (688 ) (691 )
NET INCOME ATTRIBUTABLE
TO PAGP $ 726 $ (632 ) $ 94 $ 903 $ (785 )
$ 118
BASIC AND DILUTED NET INCOME PER
CLASS A SHARE $ 0.94 $ 1.41
BASIC AND
DILUTED WEIGHTED AVERAGE CLASS A SHARES OUTSTANDING 99
83
________________________
(1)
A reverse split of PAGP's Class A shares
was completed on November 15, 2016. The effect of the reverse split
has been retroactively applied to all share and per-share amounts
presented.
(2)
Represents the aggregate consolidating
adjustments necessary to produce consolidated financial statements
for PAGP.
PLAINS
GP HOLDINGS AND SUBSIDIARIES FINANCIAL SUMMARY
(unaudited)
CONDENSED
CONSOLIDATING BALANCE SHEET DATA
(in millions)
December 31, 2016 December 31, 2015
PAA Consolidating
Adjustments (1)
PAGP PAA Consolidating
Adjustments (1)
PAGP ASSETS Current assets $ 4,272 $ 3 $ 4,275 $
2,969 $ 3 $ 2,972 Property and equipment, net 13,872 18 13,890
13,474 19 13,493 Goodwill 2,344 - 2,344 2,405 - 2,405 Investments
in unconsolidated entities 2,343 - 2,343 2,027 - 2,027 Deferred tax
asset - 1,876 1,876 - 1,835 1,835 Linefill and base gas 896 - 896
898 - 898 Long-term inventory 193 - 193 129 - 129 Other long-term
assets, net 290 (4 ) 286 386 (3
) 383 Total assets $ 24,210 $ 1,893 $ 26,103 $ 22,288
$ 1,854 $ 24,142
LIABILITIES AND PARTNERS'
CAPITAL Current liabilities $ 4,664 $ 2 $ 4,666 $ 3,407 $ 2 $
3,409 Senior notes, net of unamortized discounts and debt issuance
costs 9,874 - 9,874 9,698 - 9,698 Other long-term debt, net of
unamortized debt issuance costs 250 - 250 677 557 1,234 Other
long-term liabilities and deferred credits 606 -
606 567 - 567 Total
liabilities 15,394 2 15,396 14,349 559 14,908 Partners'
capital excluding noncontrolling interests 8,759 (7,022 ) 1,737
7,881 (6,119 ) 1,762 Noncontrolling interests 57
8,913 8,970 58 7,414
7,472 Total partners' capital 8,816 1,891
10,707 7,939 1,295 9,234 Total
liabilities and partners' capital $ 24,210 $ 1,893 $ 26,103
$ 22,288 $ 1,854 $ 24,142
________________________
(1) Represents the aggregate consolidating
adjustments necessary to produce consolidated financial statements
for PAGP.
PLAINS GP
HOLDINGS AND SUBSIDIARIES FINANCIAL SUMMARY (unaudited)
COMPUTATION OF
BASIC AND DILUTED NET INCOME PER CLASS A SHARE
(1)
(in millions, except per share data)
Three Months Ended
Twelve Months Ended December 31, December 31,
2016 2015 2016 2015 Basic and
Diluted Net Income per Class A Share Net income/(loss)
attributable to PAGP $ (8 ) $ 25 $ 94 $ 118 Basic and diluted
weighted average Class A shares outstanding 101 86 99 83
Basic and diluted net income/(loss) per Class A share $ (0.08 ) $
0.29 $ 0.94 $ 1.41
________________________
(1) A reverse split of PAGP's Class A shares was
completed on November 15, 2016. The effect of the reverse split has
been retroactively applied to all share and per-share amounts
presented.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170207006475/en/
Plains All American Pipeline, L.P. and Plains GP HoldingsRyan
Smith, 866-809-1291Director, Investor RelationsorAl Swanson,
800-564-3036Executive Vice President, CFO
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