Earnings call transcript Q2 2023

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Operator

Good morning, and thank you for standing by. Welcome to the PAA and PAGP Second Quarter 2023 Earnings Call. [Operator Instructions] Please be advised that today's conference is being recorded.

I would now like to hand the conference over to your speaker today, Blake Fernandez, Vice President of Investor Relations. Please go ahead.

Blake Fernandez

Michelle. you, Thank welcome earnings and All second American Good to 'XX call. quarter morning, Plains presentation the where Today's under posted following is slide on and will be section today's replay call. the Investor Events of audio plains.com an also available News website Relations forward-looking X. disclosures on regarding measures provided and statements Important financial non-GAAP are Slide

be for Chiang, the are reference materials other of and quarter the X. appendix. from Al Vice and call on Slide Swanson, Willie other management The our President as located PAGP in hosted condensed CEO; and Highlights and team. provided members consolidating Chairman well Today's will balance by sheet Executive are as CFO,

I Willie. now will call the that, over to With turn

Willie Chiang

Blake. everyone Thank Good joining and morning, us. for you, thanks

quarter Gathering the of at an optimization In our release Fort Acquisition earlier Bolt-on update segment this and second along the on closing results, morning, we Permian efforts July Saskatchewan. strong we XXth, on NGL provided our with announced

meaningful towards 'XX announcements These our goals. full-year and targets progress reflect executing on

a our year-to-date performance As to adjusted for of now the $X.XX Acquisition, Bolt-on the of a and expect our EBITDA and -- we as billion, high-end result, XXXX. billion the be performance result at bulk $X.XX year-to-date to range our

guidance detail lower share contemplates located Permian will slightly call. 'XX revised portion that Our also on outlook and Al production commodity driven Slide his and additional some in and is lower-than-expected of of July. updated overview our by June prices X, occurred impacts weather-related in the A high-level

a for million million Plains' with the OMOG flow. was from interest interest, the excess $XXX Slide on JV transaction net remaining JV X, $XXX via XX% Energy which summarized our non-operated approximately to funded acquired As Permian free-cash or Diamondback in negotiated

to us on are summary of business discipline regard of Slide with in existing This on objective today's efficient is and Midland the announcements our provided consistent of further footprint. optimization, and growth With capital a with updates our NGL our core complementing Basin the X. aligns Diamondback

In X a day barrel Sask expansion. XX,XXX sanctioned we a Fort Train summary, debottleneck and

to Fort which our system. Y-grade across Fort expands increasing in our projects We commercial our our also Sask Co-Ed tenure fractionation XX pipeline complex, connectivity contract into entered years weighted-average to and pipeline. substantially gathering our added commitments We Co-Ed both the further fractionation integrates NGL capacity and Sask

Overall, $XXX generate returns million approximately we excess on annual investment a -- PAA our rate $XXX expectations $XXX capital. year total average the coming expect of This million communicated NGL million of projects to fits investment the unlevered to capital in multiyear our growth spend net of hurdle to previously for capital years. within of over

expected a XXXX, beyond a offsetting with is supply have contributions $X.XX and associated which at supply XXXX the be by Fort announcements agreements to expiry from we overall The NGL approximately frac pipeline frac in XX,XXX connectivity $X.XX combination expires exposed day. per the agreement. of expansion and in Co-Ed per gallon projects the neutral spread of the environment of agreement Sask end these Lastly, the spread that volumes a our reduces party barrels EBITDA third to

in Importantly, more segment, end fee-based of a by the underpinned and is contracts. earnings our result level durable predictable long-term NGL

not and Additionally, at facility expansion required longer X the higher-cost a meet we're Fort it Train a thresholds. exploring of as no Sask return did joint-venture our

messages. I turning over you want to to Al, Before call back the three leave -- with

exceeded to be our we've targets of the we and high-end guidance range. through expect mid-year, EBITDA at First, our full-year

long-term our help in disciplined we quality premier and closed an that an which overtime. improve Second, durability Permian segment, cash-flow improves further our NGL the strategic third, footprint And Acquisition -- announced we several of manner. Bolt-on efficient actions Permian will attractive the our stream in

capital flow, align actions generating reducing our to disciplined, cash capital unitholders. goals returns free multi-year of remaining these of increasing with our of leverage All and

that, over will turn call I Al. With to the

Al Swanson

Thanks, Willie.

reported our million. Crude $XXX volumes in This quarter benefits includes Oil PAA our from adjusted across increased of to systems We second segment. attributable EBITDA

turn As a mentioned seasonally on planned as our weaker and last call, the arounds NGL sales lower segment demand. of result experienced volumes

XX more performance. detail provide today's and in guidance our of contains appendix walks, updated located overview XX on An is Slides which second-quarter Slide our X. XXXX on

of result to performance high-end of now and billion. a As of Oil at $X.XX the to EBITDA acquisition, in partial both segments of we Crude full-year our NGL adjusted the expect benefit OMOG be business year-to-date $X.XX guidance billion and our the

to Crude segment driven continue growth increases. by tariff expect We Oil our year-over-year Permian in volume

material highly a impact hedged not from and For Canadian do frac remain wildfires. the lower or segment, the expect spreads NGL we

Shifting remain continued debt capital to reducing two, our we significant discipline; capital to holders; one, to of and allocation, as X, three, flexibility. committed financial equity increasing illustrated returns and on capital Slide

year-end we of free cash-flow reduction expect cash XXXX, to $X.X billion flow of $XXX operations, million free For from leverage after X.X-times. billion below in with generate in cash distributions available net-debt $X.X resulting for flow

capital $XXX million today's continue and to Maintenance capital consistent Investment which to announcement. and $XXX guidance We the will of self-fund NGL include million to anticipated related previous net XXXX is PAA, and with

back I that, to With will turn Willie. the call

Willie Chiang

Al. Thanks,

continues of results very both and the on to and we drive remain Today's NGL quarter delivering continue strong confident goals initiatives. our ability to markets. and execution Macro crude volatility another in reflect our uncertainty in

combination with to in mitigate hedges steps and entering into However, hedge crude crude long-haul substantial this our a our in by the position short-term contracts business, NGL we of business. previously proactively risk took along

be as meeting American Plains the demand. long-term, well-positioned global to critical North growing Over to continue supply will remains

capital through increase As previously capital we of distribution continuing framework, in remain meaningfully growth. outlined our unitholders allocation multiyear targeted focused on to to returns

sheet distribution as we updates X.X% X. and and providing and appreciate strength, cash on forward flow Slide in look We conference support on balance call free November. to continued your earnings generation interest significant yield, shown will our a have further We

the With to to call us turn Q&A. lead that, Blake into I'll over

Blake Fernandez

Thanks, Willie.

the yourself one enter to we please As session, follow-up. one and Q&A limit question

to participants practical as our in queue. return free this please time those available This to will morning. address from to feel us the For as with many allow questions, questions additional

Additionally, the be additional will address may IR any have. questions available to team you

call now to questions. we're for Michelle, ready open the

Operator

from question Spiro with Dounis first comes [Operator Instructions] Citi. The

open. Your line is

Spiro Dounis

and good operator, Thanks, everybody. morning,

with question, to upper the Acquisition. First of tell the even were you the this can trending range, guidance, half from Bolt-on maybe I probably before what towards start

to and year. of sounds maybe curious So outlook versus there that could I'm the could It into how is maybe upgraded speak Bolt-on. puts like much you of legacy end be operations some the the takes

Willie Chiang

is the to way really close is characterize the the Yes, smaller closed is Hasn't Spiro, The a expected would transaction yet. Bolt-on amount. of piece I it here.

business. performance so months, five actually or closed, going but in be it the it's -- has So predominantly it's over

Spiro Dounis

helpful. Great, Thanks, Willie. that's

the segment. going NGL just one Second to

back to around didn't Curious go else, you're there. you the there optimization rate. and here. X hurdle still And, could the what's been that can on dynamics of Train beyond So the meet bring what Canada, just maybe through project then burner announced pursuing some today anything maybe in

Willie Chiang

options. to as a think going to discipline But one we Jeremy? parts these touch about but let always things, we of lot around I'm all open the drive to the Yes, Jeremy is this I with think this. When there's thing capital think option want for the whole that, project. about high-return on about moving you comment on optimization

Jeremy Goebel

our alternatives. that we're through that. we team Spiro, able were we East some some at between Train Sure. have system. and to doing to our that we to his offer Chris it the were capacity opportunities comment, I at about X identified lower-cost is, package think a in looking have around Sarnia, The way the meet and think brownfield able existing needs

a to the to a get the found way that more was partnership decided way partner problem. our same arrangement better capital-efficient versus substantially to we commercial a So hence and place solve a

Spiro Dounis

then are in you the of it of terms background. still in now. Or And and terms else optimization, more anything potentially Understood. is different of -- kind Canada in

Willie Chiang

Chris.

Chris Chandler

Good this is morning, Chris Spiro, Chandler.

to continue our some opportunities system. We compelling across find pretty

Fort about course, some Edmonton opportunities the capacity facility. we fractionation extraction just Of Medicine have our as outside have we and Empress, facility. also our Jeremy site, at of Sarnia, talked mentioned, NGL we unutilized plant Ontario But Sask in the Hat at

grow targeted investments all business areas. to further we're all So in we ways those and of optimize look making to at our small those

there excited pursue So -- there we're I to think and continues a opportunities, to be is them.

Willie Chiang

of as you additional up some things end finding work, the things And build typically way out, Spiro, these opportunities. optimization you these

kind as process go continuing So a we things. of through it's

Spiro Dounis

there. it good weekend, leave Have I'll a Great. everybody.

Willie Chiang

Thanks, Spiro.

Operator

Instructions] [Operator The next UBS. question Brian from Reynolds with comes

open. is line Your

Brian Reynolds

everyone. morning to update. follow-up Hi, just as Maybe to guidance good the a

shifts given volume in XQ of the kind place just fundamental Permian Just questions you're around intra-basin going the volumes forward, took back-half pure that any seeing or Thanks. expectations. whether your acquisition in

Al Swanson

volumes, Okay, questions is two acquisition. so there. the Midland acquisition impact think I On Basin This there's us. a intra-basin doesn't

There's to it's basically flow no So volumes it. component already Midland. intra-basin something it straight operate we so -- gross into

has so timing there half year, been be expectations completions point, a been second overall is little it's in-line. year. function was going The I'd far capacity to get at first its would it's I exceeding we're the think Permian. of the of this largely part question this behind The a second your but bit What below far As the few last the I still trending is months so say year have say of there activity as, a of productive expectations. in the bit. for

Willie Chiang

disciplined, and there are you plant in not flare. to and weather time. have a were was really Also, of we June had some back-half been with ended that July. It producers aware the price gas Spiro lower period very weather, And that hot in the issues of up problems we weather-related, flat some

as to probably as not there So is incentive try to produce. incentive much --

prices have little a decisions with behind So, through OPEC we more today by that. we're constructive, more the highlighted think Oil support been it.

we range. the our we guidance. just of of but of the Permian all the into our -- XXX, outlook little year of still high-end below -- bit the So think guidance, year with guidance think have end volume incorporated We as on about we're to even at be the a that, going actually we've rest this

Brian Reynolds

about you all through being XXXX Great. a through then maybe can would on ahead numbers. color. tailwind that as as are I And that should commitments fully Thanks. a we just . we the follow-up, us that how into think give an be worked XXXX volume could we that And worked update early be in and think XXXX, look as about minimum those appreciate

Jeremy Goebel

to work at would pipelines. would look there's is the that through two they're some those time still that I it period that deficiency. the are on accruing deficiencies, I pipelines accruing say way The

few view through. would going to work as I it to that's take something So a years

at the and of on deficiency. first, using shipped, are barrels deficiency look -- that have last the any the committed, shipped pipeline, as the you are next spot is that's commitments then the barrel barrels the because Just to other it credits

do to space the will on years a take time basis, from that. so through. a get deficiency So that It available capacity working takes barrels couple probably standpoint, through to of

Willie Chiang

still shrinks And We our to with strengthen production. increasing outlook Brian, as hasn't changed. capacity the expect spreads

we've you made As Permian and the we've for probably the capacity sales Gulf 'XX. protect this of contracts know, chatted kind takeaway and essentially of that about year -- to for predominantly next Coast, the on

of between Permian rates So ultimately that costs. gives would expect and the out transportation should a us we expand incremental the bit to buffer, little Coast that and Gulf

Brian Reynolds

All makes Appreciate of sense. Enjoy your rest the morning. time. the

Willie Chiang

Thanks, Brian.

Operator

[Operator Mizuho. with Instructions] next The question comes Gabriel Moreen from

open. is line Your

Gabriel Moreen

good the Hi, wondering tweaking Permian to of you CapEx of a to I in speak if your everyone. morning, year this little outlook can was bit light outlook. for maybe the

think, late, with if annualize I You're bit you guidance, little guess, running I it. a your

outlook? range a wondering, given little CapEx So there possibility a coming I'm you're volume the is end lower that Permian just of

Willie Chiang

Chris Gabe, company. go discipline Chris? will of across cover through a the we work that. keep Chandler to capital There's lot that

Chris Chandler

good Gabe. We do to continue optimize XXXX. Yes, for spend morning, our

our infrastructure kind second there different Speaking prices, of have as color pacing Permian. Willie we're expect in our system in timing period expected gathering half do And adverse to needed mentioned regions with investment projects, our Permian of the and for lower schedules. some match pick some of to customer year. production leaving of with growth weather a complete we up projects the that we On the buckets, the in investments,

and for NGL project we of we Plains to try existing new the Fort then Sask announced appropriately. guidance $XXX we're of to within XXXX that our able at to fund time going just project to be remember, And XXXX. So that million a portion net

some So there, parts we're year. reiterating are current guidance the but there moving for our

Gabriel Moreen

done these at are then of to gathering this I a little And of within and you then you do of acquisition? And One on the bit ask JV, question these Chris. of deal renewing Thanks, that commitments? is, downstream of when may gathering extending realize M&A kind what commercially be or two-parter. Understood. sensitive to a land just and more kind further a what like. extent deals either getting in it's the lay terms maybe looking

Jeremy Goebel

buying producer, not had being being it it generally was look in if Sure. the us bit improvement them, producer. us that then there's from owner we're The shipper being way an one we We contractual converted is at the to with as business something I but or more and for partners and relationship. a the being the a appropriate partners

So reflect that terms strengthened were to relationship. there is a the --

We have with forward a them to in great look this and relationship growing area. Diamondback with

Gabriel Moreen

thanks. Great,

Operator

[Operator Instructions] next question The Wells Blum Michael comes with from Fargo.

is open. line Your

Michael Blum

Good you. Thank everyone morning, .

here going that to of this thoughts just the expect a other opportunity, one-off and here be on on of years? think stay should couple do acquisition over So is next I to kind get tuck-in kind of to just this see we your potential you or deals there's wanted tuck-in whether

Willie Chiang

this Michael, the that we way across mean, we've these disciplined great a rise this. synergies approach can around to the But we're got extract be as I is anyone And look if it going North is remain we should particularly very us. France very, Willie. in this So America, there's at Permian. opportunities,

lot And do, Acquisitions, Bolt-on we a what these so it's like of when bite Acquisitions that size things think us. about Bolt-on sense might to you make

So continue projects end if there we there up stay opportunities to Jeremy, lot look a hurdle to we've our on meet we that would to of this? things, returns, at expect are with to we rates anything consider look disciplined and But add of few. are going return that and strong strategic going and are the got are I a at them. and to we

Jeremy Goebel

the Cactus II interest year Michael, say transaction, No, it's West I that just with advantage would last in this one. consistent in the

So disciplined. got to this Willie it's very It's something We're is fit for going got be said, us. work like it's for them. a trend, to to but

with a uses. we we lot, rest the said, our As look capital it's of to got potential but at compete for

Michael Blum

Okay great, be Canada in the that today's to investment going of on helps. light announcement And that you're then just making.

kind capital your long-term Just spend that confirm of wanted unchanged. are to annual rates

Willie Chiang

that I'll take Absolutely. one.

stay We $XXX timing a because range said number go We've million the lumpiness to to there of expect you million some but some could as between the to we can around average be forward. the years. for range stay in expect $XXX us projects, that of within

Michael Blum

you. Thank

Willie Chiang

you. Thank

Operator

Research. question Stanley from Instructions] [Operator The comes Keith next Wolfe with

is open. Your line

Keith Stanley

frac Hi, good morning. I expansion wanted to stay project. on the

existing want And off. money the the in the neutral from dynamics on itself so the more you in and you the the give project XXXX to color because have Could offset? EBITDA clarify, in of project on be contract is EBITDA or beyond there just existing some rolling contract I would why way. assume favorable is just that

Jeremy Goebel

This Keith. is Sure, Jeremy.

relationship and So about with was ago, so that contract into we're the have XX changing counterparty entered that that unit. years we

be But exposure is it is. the would in -- is where this wouldn't $X.XX, of projects, is view brownfield uniqueness The you for $XXX series small It's at of commodity as $X.XX, of sense between facilities. just it it's a That's be. view frac it a connectivity to portion. I you how gathering So expansion projects. We depends at look a on the million your gave expansion. the at the money have

So term. this of series with long customer a bases for diverse is projects very

of the we're So durability the cash predictability. flow about and excited

it converting cash nature to customer contractual but this one-third have this taking exposure are we of flow changing we the as of a basically our spread part process. and it's servicing frac So durable that

Willie Chiang

to a have, side really to talk flow back Keith, seasonality as it we and integrated our go add increase thing. reinforces we to our of at look but flatten trying to it. the system maybe and the you cash saddle portion forward. It about the just when that goes fee-based of should one we And This it, saddle

term So as should we units. think about we for as that predictable more long our valuation durable earnings far help think

Keith Stanley

Got it. Thanks.

I'm sorry, And stick question. my second with NGLs going to for

at QX, XXXX although comment Can XXXX, down came to with on in you where turnarounds lot $XX they relatedly, in a you and have then coming is year, big open frac exposure seem impact on of obviously you QX. at now. looking million all these kind oil how spreads -- in Just pretty And back a just this NGLs pricing? are propane like stand

impact a assume we turnaround and in Or should benefit should forward? XXXX reverse how that we that? would think So be looking about

Jeremy Goebel

Sure. There's two there. questions

On turnaround, year. this that big material the I I next turnarounds the was impact don't year. don't we any have think quite projected think for for And

you'll maintenance production. from the flow cash the in think won't it yes, standpoint, But would million. neighborhood additional impact a them. capital So capital is you so $XX the there's substantial I -- goes and capital have I standpoint, view have don't that into a from But maintenance some of

you question, Your other repeat can that?

Willie Chiang

Really, Keith, spread to disclose what frac we do on going we're don't frac exposure. this. take and exposure, spec I'll

They've frac back. coming right, high. You're spread come They're exposure were off significantly.

at I we we what we frac tell And year, of the as probably we environment try definitely at more the be how improving go - do about forward. And we'll to XXXX, forward time hedge spread far would thoughtful share and very the XXXX. is as as end we'll but you - look the for is market into share

Keith Stanley

you. Thank

Willie Chiang

you. Thank

Operator

next the Truist next comes Securities. Neal for from question. Dingmann standby Please with The question

is Your open. line

Neal Dingmann

detail. Can 'XX one just twofold, talk you. expand Thank little CapEx, X.X on secondly, you target? around on that guys. And just about more capital Thanks the then a allocation

Willie Chiang

Al?

Al Swanson

question on Neal? first capital. was The

Neal Dingmann

For 'XX.

Al Swanson

of second second with million you you the are For - stick is still your for next could would 'XX? to we're there? re-ask I what number Neal, your years. going question? one, $XXX $XXX to million And

Neal Dingmann

sorry, cut just got second. I one I'm for off

Willie Chiang

CapEx million, allocation? on And to then ask 'XX be CapEx? targets across hear you $XXX my $XXX second on could our with years. capital Did your question consistent 'XX will you the comment million

Neal Dingmann

target. got X.X know on the - just I Yes, you've

So I'm would have how can you versus we wondering, free that? do you think you you cash taking load? taking keep below? it get for what of if keep you just Or flow, below payout sort - - that Would debt about

Al Swanson

this is of the that back our little of below in year, move expect X.X that Yes. is a this the in guidance our Clearly, will At capital little can requirements working what bit. at we the function to that be be year a point half year-end. it times a

below we still range stated articulated And over term. few to Our quarters, near last operate X.XX%. remains we've for X.XX% as to the intend the that

there's extra cash change we part. expect half. so reduce the Bolt-on will bit. at back really little lined still flow X.X If in to rest Acquisition, can if get that And be the no allocation little other the Clearly, times we a or But is with moving out. a But another really, we're successful debt that below. dynamic the capital of do

Willie Chiang

that Neal, does question? your answer

Neal Dingmann

you. Thank Yes.

Willie Chiang

Okay. Thank you.

Operator

Please for with question question. comes the Bank standby of America. next Neel The from Mitra next

Your line is open.

Neel Mitra

think the issues just I could quarter. I to Willie, some in was with you question. speak intra-basin of my and issues gathering, your and quarter were to with some alluded Permian if intra-basin. in taking slides that And second you in wondering the second for Thanks growth the just the Hi, that of seeing faced

I think wanted just now to but this, your what of understand production underpinned that issues alluded some the are peers some of to resolved?

Willie Chiang

it that probably very earlier wanting disciplined you my an to have lower harder. remained really gas issues In any price incentive people hot lot to weather also of Neel, didn't to And give processing. around had what flare and not was the we've push affected producers is comments, seen environment try that a Yes. a

of have I I July. know discipline And kind really there's of anything it there's that were producers don't know. do the it's improved. more was and And Jeremy, looking you So, add? then, had. since back to capital you for, don't if June half and

Jeremy Goebel

a would producers led lot completing wells I to environment. Yes. that of into not say that

wells So and had, push intending they're throttle they August going time not they produce the that the completions forward what that that wells to, to complete period. maybe they had, they into all were

Neel Mitra

coming at my look that with forward out you're of And a for looking at an question, season extends II, how know affects competitor the understand Cactus recontracting then that recontracting to improved. when has possibly it second with, you I if Perfect. open Okay. curve or wanted maybe how I ahead

So long-haul Thank recontracting? just your general thoughts you. type on the

Jeremy Goebel

front would constructive nearly of continue our say volatile as we Neel, back dialogue Sure, The I have prospective of customers. end. to is view been rates at end what the hasn't with the

II continue. Cactus to discussions There's the at our rates those attractive options customers. on extend for So pipeline

one is pretty clear. So that

advantages I'd customers asset with say our for Cactus base us I time. others, for integrated business model and and periods unique and of aligns us provides long our

as you information. more we guys when function update we'll timing expect and So, of when a that fully do to we and have

Neel Mitra

Thank you much. very

Operator

with Please Sibal standby for question comes Global. Sunil the next question. Seaport next The from

open. is line Your

Sunil Sibal

hi. Good morning, Yes, everybody.

bit So, wanted a understand to Bolt-on I little just better Acquisition. about

of return economics this are talk and your it So volumes you as those? if kind about better volumes gathering get you seems those on like And kind reported already just on will part of could Acquisition? that Bolt-on of

Willie Chiang

Jeremy?

Jeremy Goebel

Sure.

impact Because and correct. that specific long-haul doesn't gathering operated asset and change. consolidated intra-basin. we XX% had was asset wouldn't interest or You're the volumes over the That gross

we us think aligns want - just and in well it before, to be said further they it. I drill with it

They feel comfortable us with very with as relationship operators. the

makes use us position. sense it it Diamondback however recycle wants can that this to And acquire that capital. So into to for

Sunil Sibal

question capital then on bit a broader is And allocation. second little Okay.

XXXX, have of terms to the So take And you target you want second should in be than up you maturity in end of you care still it like like bond metrics. the will able leverage up higher half, coming seems seems it in that. to the where

of a I'm geared more So for over leverage towards process period taking of of are perhaps time? that capacity of what Or creating of X.XX% to X.XX%? the perhaps in is curious, kind longer kind longer-term terms goal just of kind - this thought out of

Willie Chiang

I'll allocation, can to is certainly my Al you capital add it. Sunil, thoughts this give on then Willie. and

cash One, we there's to drive two As about allocation, things. free need capital primary think we flow.

but we cash free disciplined don't one not particularly on You you - the you're everything can't around do, flow. second if driving around is CapEx. And really do anything

how what the think we we and as So order forward. going - allocate we of

capital One, capital to commitment return we laid framework. unitholders. to our protect We the want out allocation to this

to going then high-return the and the list. Bolt-on are that makes the press help high that's business, will the down that efficiently projects to buybacks further consider we And us on list. So probably sense grow strategic to opportunistic be we go

flexibility Because and strong a sheet. financial balance we want to maintain

juggle we But what and forth. the kind of think and that order. kind that's Al? way as you the back see that's So, about it, priority the I of the way

Al Swanson

No, low to is same the with and industry some X.XX% as able weather And in I capacity would need repaid to things end on be target yes, below. at to out able that sheet, balance is as have note well million to as the up the to question, $XXX the Again, of fund $XXX at we October, leverage that have intend an through, our ups or partially and I add, coming to. we on downs be Yes. accurate, X.XX% operate of be Willie. as that to million. June will We our exited so commented we've that. cash, left earlier

valuation. Ultimately, at that. some over to we that point due And out there's good with those use of of would this don't near-term press, hopefully, in be time but the do to to the a But believe be using time, should we future, plan be it will no the would We would equity common look that taking expect at address some that. capacity. we

Sunil Sibal

Thanks. Good.

Operator

like would now remarks. I call closing turn show company the this back I time. at the to for to questions no further

Willie Chiang

us time this and joining morning. We listen, hope a you for soon to nice your thanks Well, everyone, weekend. and see have Thanks.

Operator

conference Thank This for concludes call. participating. today's you

You may disconnect. now

Plains All American Pipeline (PAA) 4 Aug 232023 Q2 Earnings call transcript