- Earnings call transcript Q3 2022

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Operator

Hello and thank you for standing by. Welcome to the PAA and PAGP Third Quarter Earnings Call. [Operator Instructions] Please be advised that today's conference is being recorded. I’d like to hand the conference over to your speaker, Roy Lamoreaux, Vice President, Investor Relations, Communications and Government Relations.

Roy Lamoreaux

Thank you, Therese. to American’s welcome earnings quarter and call. afternoon Plains third All XXXX Good is Investor an on the slide today’s posted Today’s presentation the also available Events at call. will News section Relations plains.com, replay where audio be following and under website regarding financial are Important Slide forward-looking provided and statements on non-GAAP disclosures measures X. call on of Slide An today’s overview X. is provided other located in is condensed balance The materials consolidating sheet reference for appendix. PAGP and the President Al and hosted by Willie Chairman Swanson, Today’s Executive and Vice Financial call be will Chief and Chiang, Officer. I; Other will including members Vice available Harry Accounting Herbold, Officer; President be Pefanis, Chief Chris Vice Executive and Vice Jeremy Senior and Chief our Officer. Chandler, and President, of team Officer; and for Chief Goebel, Executive our Q&A, President; President Commercial Operating Chris Finance will over With now call turn Willie. the to that, I

Wilfred Chiang

and our billion We guidance by $X.XX capture additional you, our performance our EBITDA, you, and Crude our we continued segments. adjusted strong segments increased margin-based to for attributable third XXXX this $XXX expectations, NGL quarter and Oil us was year-to-year goals results due favorable which prices to long-term In is of guidance. thank and execution opportunities. announced summary, February NGL adjusted $XXX joining strong volumes, reflecting EBITDA afternoon. the third is of outperformance above our million in to and our both million Today, million. quarter our Crude of in both The $XX full PAA, higher Roy above increase initial by Thank everyone, year driven Oil commodity initiatives and

pipeline, our in million acquisition the total an ownership we today, Cactus an of $XX XX%. Additionally, additional and to closed X% bringing II announced

our quarter equity of year capital leverage expect our with of to targeted the end of range. holders. below both X.Xx ended the and the supports This returns leverage midpoint we increasing Importantly, at X.Xx, to a

discuss I financial shortly. allocation As today's out a capital multiyear which laid within framework such, we will and earnings release,

uncertainty volatility Before that, to on on to the continued and commodity industry why I reiterate supply global expect global markets, demand continue fundamentals. and remain our views we in wanted to tight. remain constructive economic energy long-term Notwithstanding we

have Slide on for impacted for needs energy investment strategic while there's commercial historic in development. events. sector, time, or number lower recent XXX historical reducing reasons, growth. and reduced seen million approximately greatly time frame. grow and number tight further U.S. a [ph] of the been in petroleum world of reserve plus by remain and barrels draws OPEC capacity of a Global same At of inventories of over the been short-cycle the years at geopolitical buffers level are American we and levels the shown to and As past markets demand X, upstream the global below have supply the form resource North spare production Year-to-date, continues same remain inventories

summarized As made meaningful inflection on Plains. positive we've such, initiatives. is and for point a goals as progress And our long-term on XXXX Slide X,

capital debt. absolute have accelerate leverage years, holders cash allocation clarity well providing commercial reducing when objectives greater to ahead our with our operating, For this combined focused the performance, solid maximizing on financial by flow success of us The several expectations framework. free while we equity on deleveraging and and our achieve enabled of to initial to last effort, and returns multiyear

unit $X.XX capital afternoon, our XXXX. framework to the to As intend provided and we quarterly release distribution annualized currently in our follows. a allocation as per updates recommend Board this payable of increase press described February in our to financial We

ratio of $X.XX increases common of a we anticipate until distribution process unit unit review reaching targeting annualized of targeted 'XX, ratings. of of achieving our end approximately part as equivalent approximately year with objective credit X.XX XXXX. Beyond the and our maintaining per consistent X.XXx and XXX%. in to in mid-BBB We coverage Board, anticipate targeted And our distribution our leverage budget each annual the range low below with migrating

remain which of component business unit will of capital a dynamic repurchases environment allocation allocation assessment a framework our be Additionally, outlook, capital and will opportunistic options. market

the completed look we remain This expansions NGL value on Cactus acquisition Crude focused driving and resilience of commitments, bolt-on gain facility, the by In As shareholder the allowing in facilities and win-win and more over a Advantage we opportunities. II ownership potential capital-efficient optimize and exchange lease of us contractual to we operate in noncash our with existing Oil recently underpinned by a energy leveraging the and such capacity brownfield opportunities and the our earnings acquisitions debottlenecking emerging Empress further interest for of assets to forward, additional long-term efficiently the Canada, infrastructure. improving our time. full and as alignment optimization JV at transaction assets processing of includes existing existing

debottlenecking capital-efficient the over to our around X additional hope turn quarters. expansion Saskatchewan able call share and and facilities Additionally, next to over details Al. the that, be we to will I projects evaluate to coming continue With

Al Swanson

third X. operating have detail adjusted driven margin-based full reported XXX% of of appendix as plus our shift XX guidance minus today’s EBITDA of our which reflect Slide provides segment X $XXX year-over-year could volatility shows commodity increased first adjusted year capital EBITDA supporting into XX on as and through We've the of X I quarter EBITDA flow performance. note Permian, key provide primarily financial our our our our across XXXX of Thanks, ample quarter opportunities. after which XXXX cash quarter-over-quarter or on XXXX in that on remaining Slides includes adjusted Willie. metrics volumes contain asset strong benefit we prices our XXXX. Slide by systems, and our progress $X.XX current result located been walks markets, would capacity the distributions primarily higher and million in half million We distribution third of metrics at is to summary multiyear A and closed million sales $XX well guidance our financial performance. by more a increased free as within key $XXX Canadian goals, framework. which the allocation $XXX third the strong coverage capital billion, that million quarter left of and have $XXX million target but and

proportional a II Additionally, PAA's going on be future consolidated forward, Permian the statements. basis earnings into to Cactus be will JV, and reported consolidated will a Similar volumes basis. financial on

more wanted detail share providing announcement, come early allocation on comments formal to few guidance year. directional capital to Before with a on next XXXX today's I

primarily expect operating on Permian in contracted to continue driven Oil leverage improving long-haul margins our and growth We our by short-term opportunities. business, Crude

capital benefits. For sales anticipate current absent to EBITDA allocation third-party indicate volumes $XXX segment, facility regard financial could million XX. Slides guidance. XX lower spreads. to summarized long-term lower lower The roughly currently our capital NGL NGL XXXX we XXXX and frac adjusted our XXXX framework and CX+ through weather by turnaround of versus forward In markets allocation, Furthermore, year-over-year combination spec proposed segment of strategy are due these on

unit shareholder respect long-term, Board multiyear our earnings $X.XX and by than distribution. recommend to to is We returns capital quarterly to free are focused ensuring manner, making to a implement generating distribution to to in accretive our common in increasing release, earlier paid an annualized February holders, which capital on a quarter flexibility. to in we on detailed our Slide balance press of one would our investments of normally increase per XX our cash returns quarterly for With flow equity holders and sheet returns be disciplined sustainable equity increasing as meaningful of and improving we change shown intend

bottlenecking a or as $XXX have of we program, we capital outstanding. coverage. distribution of process. coverage until expect component to of target will and investments capital of year we to our reaching continue that leverage on outlook annualized units annual capital common driven NGL per capital the long-term our increases and million we XXXX, repurchases XXX%. annual of Directors increases of part by process. growth subsequent of XX, budgeting existing our ratio as allocation excess Slide DCF our Upon flow authorization will of to continue Subject opportunities common coverage, and budgeting $XXX reaching summarized $X.XX investment to our will and infrastructure. that Opportunistic our evaluated investment targeted with be program. Crude positioning, cash on disciplined going process, our and approximately forward part equity Beyond business Oil Board expansion annual high-return anticipate our approach, routine per X% through Since a respect will inception financial unit the our evaluate remain as distribution our future approximately we With of continue currently focusing our million targeting term, allocation program, to distribution Longer repurchased opportunities self-fund unit

sheet, leverage below as on described X.XXx migrating balance have achieved the of range end Slide we our target anticipate in low our our to of goals X.XX XXXX. XX, and Regarding leverage

approach take maintaining long-term and to We rating. maintaining of a a will focusing objective holders financial improving equivalent on with flexibility, consistent return and equity increasing prudent while achieving cash our mid-BBB

Upon increasing of X were at X.XXX% what in call. November described to first conditions, by treasury common a on potential the XX-day treasury plus XXXX. rates. to B the to beginning at and a our based approximately holders par. year have a to X-month on we LIBOR callable turn have annual a anticipate $XXX turn equity new XXXX potential issued wanted Even The yield update holders holders option the to contains with A the With X.XX%. equity leverage Willie. million fixed of par. security preferred has rate XX, both increase, the January market pricing approximately capital changes I of floating, a Series for Series in call and period is and security obtain Before today's right XXXX, of to to After we of per we on XXX% would flexibility If to yield will U.S. in I dividends the increasing back of yield call will in provide still reprice the repricing, on million XX-year currently the A based to back exercised, X.XX%. for security of right security the plus securities. will security rate the XXXX to increase opportunity returns a B preferred the the to at issued I a call consistent year. with Series shift XXX% at becomes the financial the have Series brief we reprice to that, The total a continue current on Willie, approximately late shifting manner X% during has reprice XX% to floating If would years, current onetime lowering $XX ample

Wilfred Chiang

Today's Al. reflect Thanks, of and quarter solid execution. results another performance

monitoring reducing environment. and that allocation to made multiyear macro flexibility geopolitical believe current the provide fundamentals we and on positioned constructive the remain long-term perform We've leverage capital clarity will has steady well longer-term progress events, continue Although to additional business current and creating which our us framework. and additional financial our in

the will we the formal look further XXXX today's through to forward Roy execution I'll a February. A of and We long-term your to business Q&A. our We Slide turn priorities. call that, to our call our and XX. with allocation appreciate our to continue of providing key approach along to us and on With over is continued disciplined guidance provided in interest takeaways on lead updates capital from earnings the take support call summary

Roy Lamoreaux

questions. Therese, Thanks, Instructions] Willie. call ready for to [Operator now open the we're

Operator

first [Operator Michael Our Wells from Blum Fargo. question from Instructions] is

Michael Blum

start can we scales with tilted the really distribution Maybe here. growth like seems announcement It towards the growth distribution, over buybacks. you

through just talk if of you could wondering process I’m the So kind there. thought

Wilfred Chiang

for Michael. Sure, the question. Thanks

and about things allocation of we the a to most multiyear the back as returns we to is which We distribute matrix that the reason flow and it's far goal that improve buybacks. back articulated -- that with have. we get we we've the that, a cash getting ability And progress think made do is, so think And look about of -- have company way our pretty returns is versus we've reason the think as to as additional the able process, to it's to really And for help efficient at unitholders strategy. be as that far that back dynamic unitholders. and we distribution really can that capital value the this number the to for to

Michael Blum

comments sure Got XXXX. Permian it. perhaps I’m for to are wanted I just of to growth. majors slight thoughts on I some on into and your would get love some Also, ask this year the you from saw where latest trending, about the things both of slowdown. a

to land. of kind the get want the of lay I So

Wilfred Chiang

Well, Michael, give comments. you I'll some

with rest a being of successful business. and gathering the joint our the talking number been give validate a But go XX% until to expected. in where growth, I February that a 'XX through we've now, going - next are capture months going is really the what ultimately venture roughly barrels XXX volumes of the at volumes, to right XXX as we Year-end kind producers. it's year will market running roughly our year-end look it XXX,XXX if detailed to to to be wait stands that's next the in have We which with growth highlight into increase of very you to XXXX, are take and day. capture But rigs, the promised in to what lockstep about rigs of in we'll guidance. We feeds to that able we’ve

Operator

Our Research. question Stanley Keith with coming be next from will Wolfe

Keith Stanley

distribution, wanted I to little you ask. can explain for with more dividend future XXX% minimum using came the sticking DCF I guess, how the you also -- how coverage threshold And growth? to a

press the going capital. which of rates pretty is a about talked variable source expensive You to

did uses that you growth down a what’s equity? dividend balance trying pay alternative how to against very robust So plan preferred like

Wilfred Chiang

Stanley. Mr. Keith, Yes,

the take talk press. Al Let about that let me I'll and

CapEx further present leverage a down adequate be to well governor On for XXX% might sure routine kind the And CapEx cash our to is, we're there you XXX% as as from able be annual expectations, extra coverage we've anything really program cash of coverage, on take itself. increase, driving the of flow make and multiyear to we cover our dry powder this the out a got for to is know, bit put as that as funding that be and prepared trajectory little target we're what our able flow. to

forward. to So want press? CapEx in the the XXX% to you is going really fund that our the we’re conservative take future sure make and can do Al,

Al Swanson

capital it the our of DCF probably today. less Yes, I'll it the of XX-XX X, XX%. was view of it's money equity a than repriced take the a trade probably [ph] how that be Between that, shot yield cost component XX%. today on now if basis -- right press. is X%, We what, a XX-year at XX.X%. and at, the today, would be XX-XX about X We would

deleveraging the expensive, not more leverage to our expensive having So to a you use our that that of heard move our term. comments continue near while more take too components out the excuse me, i.e., capital. down. to to it's at it cost hit our relative a when objective -- in in and you to objective it's just look We're still of debt got or leveraging, go to Clearly, leverage use new into is

common try But providing use traction today, reduce to markets to may we prudent current point, pretty surely leveraging with some and believe be cost. want that. this. It's what point. take call all to we important to don't coming that equity with equity use to year this table our But it be or X the could a of -- see is do way out down the the would actually that manageable deal capital to to at capacity So are we options we relative road. on have the the to And don't thing the that try at

when to do we to be get So a with it. into our we deal little able control position destiny bit a

Keith Stanley

you - The of takes leverage debt below repay you end repay free and assuming year. on to could that question clarify continue gave you in next be flow range some a puts your the your low I to - Got that Is that with and of through it. on some cash second the just if expectation ‘XX XXXX?

Al Swanson

Yes.

and distribution -- reduce when intent look the of We to will into disciplined cash if what the have our we very growth being we expect to on you are the debt. intent be again, think believe down operate And new and future, to of a will we debt that do, while and Our want now. to there with cash have reevaluate after as pay well. in and a can flow We flow future. capital below bottom don’t to still debt point do to distributions. continue mentioning continue the we’ll range and increase get flexibility. investments, We intend to then we is line we a strong But migrate reduce for setting the

Operator

Reynolds Our of Brian next UBS. question from comes

Brian Reynolds

follow-up on of the capital allocation quickly questions. just Maybe to some

You've got debt million year refinanced $X.X 'XX. be could also the press you long-term $X.X billion convert that in next and have in that but can

just just of that kind priorities refinance the question. you press? use remind particularly call potentially And kind just that curious us Is as like now? the Can the credit a reduction plus and liquidity, to your cash year, follow-up of given year rates priority your for a the I are equity your your So to a enter guess revolver from the of what you it it in debt? to manage ability

Al Swanson

this Brian, Al. is

end we'll included As the more earning of we or out we had take where before note the $XXX could of million It September, The that next the here take have it out liquidity the $X.X it of billion first year. at year which matures it would just of became is cash out early end balance par year. than of sheet. cash on taken yesterday. next But we

to will stop, intend an fully to Fed part at and and that year. the may deleveraging. to But we so looking press rates become know are the next we those be and not issue. remain going don't Again, access not would take be our obviously, retiring the $X.X that retire up floats Our out. We the would while year where one the the next would of expect market be billion intent will and

Brian Reynolds

movements movements. Great. with just And refinery PADD a a noisy, question. maybe operational simple like seems It particularly were X some little

curious talk that’s you you quarter and about if singular think continue trend that’s can that’s that the something Or intra-basin into that could quarter. for Just of if of if those a - kind could during the volumes a event XXXX. more

Wilfred Chiang

Jeremy, one? you that why take don't

Jeremy Goebel

Jeremy. you're at in seen the some X of in basin side. and you a the which Rockies movements low diesel the even seen you've with Cushing movements, this offline facilities higher and crack Canada The inventories on spreads growth ton Brian, is up PADD yields seeing specifically haven't

expect runs and long So to refining as strong. as that remains demand continue refining we would

So to volumes of And production Basin. would intra-basin expect that look almost as would movements expect a function in continue volumes you intra-basin the well. grow you accordingly, it to are grow the and Permian that can as the the gathering growth at continue

Wilfred Chiang

And we there's our that a When about Brian, to you access think about. flexibility talk a point and multiple reinforcing just system, markets. to like always

coast. I'll the if barrels But have capability be So that markets remind to going -- you just that that. are the they want to the do it to such could go we if to Cushing,

of flexibility. that's of kind the benefit So

Operator

is question next from Securities. of JPMorgan Jeremy Our Tonet

Jeremy Tonet

I here quick in a on the real guidance. little bit more It’s just Jeremy. to dive want

I now uptick. what now. between think provide August could for Crude August just color if and to Oil changed drive on $XX.XX was that more $XX.XX bit you was it wondering and in I’m a

Al Swanson

of quarter some the of opportunities Yes. it. The performance is majority we've seen it primarily the bulk were up margin likely Canada in of and third

but temporary We our on also margin majority of spot it. of the movements kind just were opportunities seen assets the some

Jeremy Tonet

Cactus. to over pivoting then And it. Got

color provide to some acquisition, you or accretion multiple expected. regards if wondering with Just could

there to opportunities. see fits trying other that in Just how versus

Wilfred Chiang

a It it's is for was on if And side. win-win That look we're downstream you It in at the Jeremy, strengthen stronger relationship. side. to our take think It assets, I think a is one. our now they're Enbridge allows the about think us allows was it this about on selling. stronger And us, we you set up deal everybody. negotiated way both and this way gathering let was if The Enbridge, a was deal. West the interested me good deal.

more forward. far at integration. into as to I’ll able really that is additional fits venture that get be as and it our extract joint it not volumes And as probably synergies some multiple go will and leave we the discussion. So expectation

Operator

Our Jean from next is question from Salisbury Bernstein.

Jean Salisbury

I crude does payments. understand this want that people to you in effectively that mean I on increased segment your last versus then Gulf On that don’t go level the Slide that EBITDA also Coast? to of year. over just the a pipelines and like driving Coast out that crude kind are and the is then make volumes the just wanted have quarter but Permian setup? bridge to and are pipeline both MVC of what's MVC getting - pipelines And MVCs sure the I helpful to on you call rates Gulf spot you’re going paying sustainable a BMS XX,

Jeremy Goebel

we some are receiving but Jean, we're this -- some is Jeremy. with tariffs. placing MVCs we're Yes, incentive also

We levels this start fully expect expect first to go away to shift we which shortly. MVC to as that year their happen to that

So spreads temporal as be have in say as that you has I'd been different. expect would spreads the but that widen, to been

on not that continue more standpoint, corridor Cushing, Corpus. from as MVC. a recontracting across that's components Cushing's a to There is on in -- are the both the well basis add as term so corridor we some to And

for levels. coast So of the demand there's at plenty increasing to capacity

Jean Salisbury

that XXXX? was wondering we be That just update then I assuming for the Got sense. on any if any expansion. been Fort there’s CapEx makes And Should it. Sask in

Wilfred Chiang

February still that We're -- we'll specific info our would it the talk developing that, point. share in about. project, more have Jean. don't a have call, I hopefully, anything our February, to to little We Yes. we'll at that on leave

Operator

question is America. Mitra PAUSE of from next from Our Bank Neel

Indraneel Mitra

maintain year? as fixed in spread light look at rate you and Are to distribution from your the has of of volumetric term in Just the able exposure? exposure. some How this every up that long-haul you increase looking to at to the are commodity gathering be some exposure and your Canada benefit you year to that well. Obviously, volumetric frac pipelines looking wanted

Wilfred Chiang

getting a you out comment of do the about fixed some made earlier volatility of I We're firm kind additional and up taking volumes. looking at volumes. absolutely how

day. But don't on single So question we're that specific in working if I get a there? I know areas every

Indraneel Mitra

Yes.

kind I Canadian asking looking certain in with Permian? are assets comfortable you of the just was fixed increase. run rate distribution you volumetric commodity when all you a the exposure I think with at evaluated kind the how growth or of just Are the

Wilfred Chiang

where Maybe a question. definitely look prices, you your X, if question, take spreads. I look higher at, got at you the if to had average a more in think And we started $XX. the close us $XX. when year expectations roughly if modest at PLA, benefits your going for I primarily we it we of understand we're crude probably environment, frac And about oil year, to the in

we So forward, that as oil we is to related think been But able our price. there's factored to as that's forward. capture and in distribution about we coverage going going to all some think be that of a we're of piece go

Indraneel Mitra

in We've Got exports had question Corpus your the row, it. of Cactus Christi Christi X And benefited. out then to is and my Gulf exposure. in record Corpus Coast quarters II second I a regards in for disproportionately

in MVC minimum part impact then of wondering from volume of exports. second how So think that about Christi of sustainable was I be, round light the Corpus that the think you going the to should is we And growth would of the how Wink-to-Webster. commitments second

Wilfred Chiang

one? to want you take Jeremy, that

Jeremy Goebel

Sure.

of expansion Christi completed depth all the Corpus the [ph] the of the [ph] of docks. channels benefit will On the

benefits dock pipeline rates but the the the up So export. capacity there's pipelines capacity owners. which marginal owners, going filling are for plenty are the up of to The

out Right exports the there's expect why continue capacity substantial used but is price which expand. those. for it's Corpus significant a the any the there yielding other exports Gulf highest receive to and now, we'd So There best of port. of Coast to many Christi got there's to across as twice portion is logistics as

that your I So answers think first question.

The one volume on commitments? -- was second minimum it

Indraneel Mitra

Wink-to-Webster. On

Jeremy Goebel

Wink-to-Webster. in this thing. this on with absorbed same those the expect ramped They And February. next has consistent MVCs would from is we year of and production year. Impact said year, February what we next year in Oh, growth

we we have from that shippers you due larger might natural the book as pace felt takeaway back longer thought there take is Wink-to-Webster there the Houston, on place. others. gas to is where lease be growth so to expect bumps impact And Midland. term, And or some with But their moving in to fully

because So that forward priced into for all necessarily the are guidance. it and doesn’t will barrels export all differential that’s our into it - import the priced be

to for need the coast But absorbed over next fully production you’ll those margins to the year. by on our some pipelines So we growth. full be time, MVCs of expect heal to be to

Wilfred Chiang

that your answer Does question?

Indraneel Mitra

It did. did. It

Wilfred Chiang

it's from continue view you our Fundamentally, is that sources crude export And the oil. is if demand and about America. we think going the global to for think coming North

So we the think it's for a pretty constructive U.S. environment exports in

Operator

next question Energy Pickering [ph] Partners. is from from Our Michael coming

Unidentified Analyst

a made crude I on just earlier wanted growth. comment to go year-over-year back to you

you or if about were can first, Just elaborate you talking specifically volumes or EBITDA both?

Wilfred Chiang

XXX barrels make right assumption when a XXXX, checking about the our year-end running communicate the to to now. we We're 'XX, in the to talked XXX,XXX I'm to just sure count day. effectively, count, of sorry. The Permian, volumes And year-end, numbers I rig was about horizontal rigs. were roughly from roughly XXX 'XX giving rig XXX you I was

Unidentified Analyst

you that I think you thought growing but ‘XX. And Crude maybe I about comment missed a segment or might made was I earnings. was I - in volumes have it And explicitly Okay. curious the about if

Wilfred Chiang

something give overall Crude you wanted didn't you to to add We any guidance do -- give didn't No. you have Jeremy, I volumes. on that?

Jeremy Goebel

Yes.

I his it would expect I year-over-year we think growth. the was script, comment from was that think actually Al in

from field. benefits gathering the And production growth system in our so remember,

margins gathering the business same a and volumes step-up it some we in on on saw to comment MVCs increased was of the that as think see well increased with incremental year, side say as this Wink-to-Webster the growth we growth I So due just type to the on project. would the to long-haul expect

was think I comment. that the

Unidentified Analyst

you that maybe from I uplift you that deck do Okay. think like guess, allowance any loss that outweigh any think would then pipeline, or you follow-on, as And on would - expect would growth things price assume the would my that? you do conservatism - like the

Jeremy Goebel

directional indication in some provide We for frac the of update Crude to the spreads Jeremy. NGL was it's to since February. year. next been is get this were for significant. guidance We'll guidance intent The not the Michael, on impact business of just so everybody Oil, trying

Wilfred Chiang

The that heads outages piece into. probably there's other we that give have wanted you planned to is up you some insight wouldn't on

So there heads as an will up well. we a impact that to give that wanted on be

the NGL business. on So

Unidentified Analyst

when business, Got downtime quarter? expansion had smaller then it. if related the so, like to resolved? timing the you mentioned is for that And that look And NGL what’s completed the on last the or

Wilfred Chiang

it on supplier, because give not business, so on Sask it's impacts straddle that. it's hold plant you I'm I'll third-party going to that Fort a off specifics only Yes. our third-party

Jeremy Goebel

it independent the that of you And is referenced. project

Operator

final our Sunil Seaport from from And Global. comes Sibal question

SunilSibal

could of staying So much hedged us on point sense at is of you NGL of your the XXXX time? segment, this NGL how for a exposure give

Wilfred Chiang

at Sunil, February. that not this point. going we're to share share We'll more in

SunilSibal

at I to Then that if right. on XXXX with guidance X All the metrics the laid you regard look Slide out update.

like seems moving million. it So by is adjusted the $XX EBIT up - EBITDA

to flat August guidance. your DCF versus the However, comment guide is to

what’s curious keeps just that difference flat. the the DCS was I So

Al Swanson

down. as on interest. being then some the take keep a shot our of earnings it. Yes. those Last noncontrolling round. is been around to the noncontrolling on And one interest we last Canadian timing rounded entities This have different of is we've kind probably One, just should distributions at on unconsolidated Al. quarter, to numbers trying as distributions well I'll and taxes; two,

different Good things. thing, question. no number a of So one

SunilSibal

of still look flow? these some cash all your at But when the you cash so kind factors free of free recoup up, you going flow is

Al Swanson

Correct.

Operator

remarks. this turn at like And the over the to company I'd closing it for back time, to

Wilfred Chiang

forward us Great. you look your and Thanks, company. joining to nice for interest giving in your Have our Therese. a updates. for We’ll evening. and Thanks, questions everyone,

Operator

day. Good

good You now disconnect. may evening. Have a

Plains All American Pipeline (PAA) 3 Nov 222022 Q3 Earnings call transcript