PAGP - Earnings call 3 2022 | Plains GP Holdings, L.P.

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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 are condensed balance The materials consolidating sheet reference for appendix. PAGP and the

Pefanis, Officer. our President President Operating including and Al Executive Finance and hosted by Herbold, President Vice Willie Officer; Officer; Commercial Chairman Swanson, and Today's President, members and Executive Chris and our available Vice President; Chief Financial Chris Chandler, call will be Chief Senior will of Chief Executive and Chiang, Accounting Jeremy Other Harry Officer. Chief be Goebel, Vice CEO; team for Vice and Q&A,

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

Wilfred Chiang

expectations, announced Oil our our adjusted Today, in PAA, Thank segments. quarter results you, this us of strong Roy, afternoon. million. our continued third summary, attributable and In was joining NGL EBITDA, thank strong Crude to initiatives our and third for both goals and everyone, reflecting execution we and performance you, quarter above $XXX long-term of

to to which both our adjusted Crude XXXX guidance increased full capture driven in opportunities. and outperformance guidance. is additional the our due favorable by of commodity initial We prices year The Oil is above February NGL by $X.XX $XX our EBITDA volumes, million million margin-based billion, $XXX year-to-year segments higher increase and

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

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

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

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

As in development. shown for number investment sector, on reasons, a lower the reducing of Slide X, the years there's of upstream and been level resource number past a of for

At demand while form been have impacted in and of continues the recent energy and same supply reduced global by time, buffers grow spare are historical to geopolitical OPEC+ greatly the events. inventories capacity further

Year-to-date, million below and needs markets Global we remain strategic over or frame. American XXX a world commercial production U.S. time cycle at barrels same have inventories the tight, reserve historic seen short draws petroleum remain approximately of levels and the growth. North

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

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

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

anticipate common we approximately unit targeted a budget year until $X.XX of annual XXX%. our of part each as review distribution targeting coverage approximately with increases annualized 'XX, per distribution process ratio Beyond the unit Board, of reaching

maintaining equivalent of the our below migrating our credit our and in targeted to in range We low of X.XXx ratings. anticipate X.XXx objective with XXXX, and and end leverage consistent achieving mid-BBB

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

potential value resilience infrastructure. and shareholder and As and debottlenecking of leveraging on expansions includes existing commitments, as earnings the existing This opportunities. we by JV in of contractual our NGL such brownfield assets and with by alignment optimization look underpinned forward, improving interest emerging bolt-on our II the oil capital-efficient we the acquisition acquisitions opportunities Cactus Advantage and driving of and additional focused energy crude remain the

processing In time. a facility, to recently operate and at assets in completed we more transaction for full win-win ownership a the our facilities further exchange to optimize existing us efficiently allowing over Canada, noncash of gain Empress lease the long-term capacity

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

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

Al Swanson

the reported commodity $XXX within higher prices EBITDA third Willie. across as opportunities. volumes increased We margin-based quarter benefit of our adjusted Canadian as the well Permian, includes Thanks, of primarily million, which systems

and EBITDA performance. XX which appendix XX segment contain Slide on quarter-over-quarter and in our walks, year-over-year today's detail more provide third quarter adjusted

of progress through our target X. our on a XXX% capital located adjusted which as third after XXXX year XXXX. our $X.XX volatility million, by XXXX performance. Slide in X I our of left distribution goals, reflect closed minus operating note strong current Slides at of by driven metrics primarily coverage million our first on capital have X and $XX summary could framework. been markets, distributions that half our EBITDA increased We've have strong remaining sales result that $XXX and asset shows financial but to A into and $XXX free of provides multiyear or XXXX capacity guidance quarter is $XXX guidance metrics the billion of million key plus allocation ample shift full supporting we the flow financial cash and million, would our key

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

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

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

sales lower could by these XXXX our lower currently of facility For guidance. markets versus turnaround CX+ spec to million indicate XXXX frac spreads. NGL third-party The due absent year-over-year current and benefits. adjusted Furthermore, roughly XXXX segment EBITDA lower NGL of segment, combination forward we weather $XXX volumes anticipate

regard allocation, proposed on In framework XX. financial long-term XX are capital through and our summarized to Slides allocation strategy capital

generating and We meaningful cash holders, multiyear are free focused equity capital and flexibility. returns balance flow disciplined on improving shareholder investments sheet of returns increasing accretive to by making ensuring

paid to as in equity press which is increasing $X.XX we respect our for on release, to February, normally X manner, in returns a sustainable we detailed With unit increase our of long-term, common to capital earlier implement our than to our our distribution. to quarter Board XX an annualized per be change shown Slide and would recommend to quarterly intend of a distribution in holders earnings quarterly

Beyond continue allocation of process. per of annual common year of anticipate Directors ratio as capital until to that Board reaching XXX%. targeted approximately distribution a will part we positioning, of evaluate XXXX, financial investment opportunities budgeting Subject program, our unit we per with and our outlook currently coverage increases process, $X.XX our unit to annualized business targeting distribution

allocation the approximately remain distribution of as $XXX the authorization X% Since growth budgeting Upon by Opportunistic increases repurchases our annual $XXX capital or a be will of outstanding. of of common component reaching our evaluated inception long-term part coverage, driven million we will of program, units program. process. our million our our and have future equity DCF target subsequent repurchased

we our to term, as Slide NGL will focusing and flow respect high-return disciplined With opportunities leverage to continue we annual oil expansion coverage. routine XX, cash going continue capital excess crude investments and capital approach, through Longer infrastructure. bottlenecking expect self-fund forward on existing that on investment our and summarized our to

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

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

and Before treasury securities. back a plus issued Series of and of based potential yield contains to XX-year to provide to security Willie, Series X% a rate the the A onetime XXXX equity turn changes has B wanted reprice the on our brief the for option preferred U.S. I security in holders X.XX%. The currently pricing on call Series to A update a I

have increasing XXX% will to yield security January XX-day the the during beginning based If in holders anticipate period XX% would obtain opportunity will at XXXX. late current the the the repricing, we approximately call to treasury we reprice a par. right right The After on is exercised, rates. a

first fixed the of a at yield in B the on for floating security years, of par. X.XXX% XXXX, X.XX%. security XXX% to Upon callable at November Series the shifting a plus X X-month shift LIBOR XX, new to has rate XXXX floating, becomes a issued

million still annual ample total common million conditions, on with both year approximately to described manner year. we per capital call. a reprice would approximately leverage to holders of with consistent market returns have have flexibility current at equity what increase lowering If dividends potential the in $XXX to by increase, continue and we increasing $XX to were a Even financial preferred today's

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

Wilfred Chiang

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

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

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

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

Roy Lamoreaux

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

Operator

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

Michael Blum

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

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

Wilfred Chiang

Sure, Michael. question. Thanks for the

process, matrix the our ability pretty that is back we value to look additional and which We have. to goal we be And flow, for the of and of the it's company with to cash to that dynamic can capital about unitholders. the as help is, a have distribute number the things, allocation we a improve really at think able reason

as made back far for to the get buybacks. this reason that that returns that about as we've And distribution And -- the as versus strategy. -- efficient we to that we've back returns progress unitholders that, we multiyear way give far it's to think think and so them is do the really most articulated

Michael Blum

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

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

Wilfred Chiang

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

are it XXX going to wait Year-end until expected. going we've in in be producers. to But lockstep roughly in where guidance. really what to and day. ] validate rigs, a premised is running growth stands kind barrels rigs We a right of we [ what to have and XXX roughly the to next 'XX year-end the about to it's February, number of XXXX, year, are next give as to XXX,XXX go detailed We with XX% now, increase we'll months through talking that's

feeds joint But you take business. capture market able venture, very volumes been the gathering that rest volumes, -- ultimately at if into our of I capture the being will look our which to that growth, of in the highlight successful we've the with a

Operator

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

Keith Stanley

variable And distribution, sticking came coverage little XXX% threshold a wanted using with guess, to like the press also future uses how of against that a a very you trying to pay plan DCF pretty I robust balance growth? ask, -- I explain rates, going did the minimum dividend for dividend so you to you down to about talked you which source can expensive preferred is the equity? growth how what's how capital, more alternative

Wilfred Chiang

the take I'll about press. Al that, Keith, and let Stanley, Yes, talk let Mr. me

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

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

Al Swanson

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

while still to more the our So you not more it's it expensive, at capital. components relative of when expensive it's cost of look

in to new comments to got use our in into hit to is to a me, and go our objective leverage term. near you just having too or leveraging, Clearly, that the take We're a to deleveraging use excuse down. leverage our that out move -- i.e., objective debt continue heard

leveraging believe pretty we the the surely that transaction may try point, be out try some we with providing, to cost. to current we to want that at use reduce have to point. prudent at But capacity relative that. use equity manageable this deal -- the would don't to to markets So and to common actually It's take what don't equity are capital to today, it

of we the down options see thing this. And X coming road. on important way that do is X with could call our all the But year or table be the

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

Keith Stanley

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

Al Swanson

Yes.

and flow reduce be of to And investments, will on intent will Our we capital debt. again, continue distribution distributions. if intent -- you cash what after have strong the disciplined think being we mentioning a are still with to our very

range to growth flexibility. future, can to new and we'll cash point the in debt to there We the don't and now. to to the increase We for do want debt reduce have do, into when pay then well. and while, We a a and we we expect we believe bottom below continue intend is reevaluate future. look But flow as get setting line the that operate of migrate down

Operator

Our from Brian next UBS. question Reynolds of comes

Brian Reynolds

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

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

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

Al Swanson

Brian, this is Al.

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

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

Brian Reynolds

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

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

Wilfred Chiang

that take you don't why Jeremy, one?

Jeremy Goebel

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

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

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

Wilfred Chiang

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

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

of kind the that's of So benefit flexibility.

Operator

Our next of Jeremy is Tonet question JPMorgan Securities. from

Jeremy Tonet

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

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

Al Swanson

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

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

Jeremy Tonet

Got Cactus. it. pivoting to then over And

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

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

Wilfred Chiang

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

far fits integration. really it as So as

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

Operator

Salisbury is Our Jean Bernstein. next from question from

Jean Ann Salisbury

I a quarter EBITDA both helpful bridge Slide then understand MVC just pipeline make wanted On out also of crude driving this to kind year. volumes and increased segment call what's sure have the crude payments. and of XX, you last the I versus

but your paying going want are And Coast that pipelines does don't pipelines then sustainable rates are a Gulf that that just getting BMS that the effectively spot you're MVCs ] [ the over to go on I the people Gulf to So and that mean Permian like -- you on to MVC is setup? level in Coast?

Jeremy Goebel

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

We as the levels, MVC expect their to away shift that which that to expect happen start we fully to shippers go to shortly.

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

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

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

Jean Ann Salisbury

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

Wilfred Chiang

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

Operator

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

Indraneel Mitra

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

Wilfred Chiang

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

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

Indraneel Mitra

Yes.

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

Wilfred Chiang

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

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

Indraneel Mitra

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

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

Wilfred Chiang

want one? you that to Jeremy, take

Jeremy Goebel

Sure.

Corpus the continued [indiscernible] expansion the depth which of docks. the of of ] all will the benefit [ On Christi channels

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

substantial there's capacity to So expand.

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

that question. answers your first think I So

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

Indraneel Mitra

On Wink-to-Webster.

Jeremy Goebel

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

place. might to some term, where And others. gas longer But thought the due with takeaway be bumps to or we take so that natural growth is we fully on there pace expect

Wink-to-Webster back And in to Midland. lease as book there impact Houston, the have their from you moving felt larger shippers is

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

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

Indraneel Mitra

Yes, I am.

Wilfred Chiang

your Does question? that answer

Indraneel Mitra

It did. did. It

Wilfred Chiang

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

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

Operator

Michael Our next Pickering question coming is from from Cusimano Partners. Energy

Michael Cusimano

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

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

Wilfred Chiang

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

Michael Cusimano

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

Wilfred Chiang

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

Jeremy Goebel

Yes.

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

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

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

I was think comment. the that

Michael Cusimano

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

Jeremy Goebel

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

Wilfred Chiang

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

give heads So on that a so business. well, we there on -- to as be impact that NGL will an wanted the up

Michael Cusimano

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

Wilfred Chiang

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

Jeremy Goebel

And it referenced. is of the independent you project that

Operator

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

Sunil Sibal

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

Wilfred Chiang

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

Sunil Sibal

$XX so Then with EBITDA EBIT to right. update, seems out XXXX you up million. if the metrics it I look laid at that like X by guidance the All on Slide regard the -- adjusted is moving

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

the was just keeps the curious, difference what's flat? DCS that I So

Al Swanson

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

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

Sunil Sibal

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

Al Swanson

Correct.

Operator

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

Wilfred Chiang

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

Operator

day. Good

Have good disconnect. evening. now may You a

Plains GP (PAGP) 2 Nov 222022 Q3 Earnings call transcript