We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Plains All American (PAA) Q1 Earnings Top Estimates, Sales Lag
Read MoreHide Full Article
Plains All American Pipeline, L.P. (PAA - Free Report) reported first-quarter 2024 adjusted earnings of 41 cents per unit, which surpassed the Zacks Consensus Estimate of 39 cents by 5.1%. The bottom line remained flat year over year.
The company reported GAAP earnings of 29 cents per unit compared with 52 cents in the year-ago period.
Total Revenues
Net sales of $12 billion missed the Zacks Consensus Estimate of $13.2 billion by 8.8%. The top line also declined 2.8% from the year-ago quarter’s figure of $12.3 billion.
Plains All American Pipeline, L.P. Price and EPS Surprise
Total costs and expenses amounted to $11.6 billion, down 2% year over year. The decrease was primarily due to a decline in purchases and related costs.
Net interest expenses totaled $95 million, down 3.1% from the prior-year quarter’s level.
Segmental Performance
The Crude Oil segment’s adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) were $553 million, up 7% from the year-ago quarter’s figure. This increase was due to higher tariff volumes on its pipelines, tariff escalations and contributions from acquisitions.
Adjusted EBITDA for the NGL segment came in at $159 million, down 17% from the prior-year period’s figure. The decrease was due to lower realized frac spreads.
Financial Update
As of Mar 31, 2024, cash and cash equivalents were $331 million compared with $450 million as of Dec 31, 2023.
As of Mar 31, 2024, long-term debt was $7.308 billion compared with $7.305 billion as of Dec 31, 2023.
As of Mar 31, 2024, long-term debt-to-total book capitalization was 41%, which remained unchanged from the figure recorded as of Dec 31, 2023.
Guidance
For 2024, Plains All American expects adjusted EBITDA in the range of $2.625-$2.725 billion. Adjusted free cash flow is anticipated to be $1.55 billion (excluding changes in assets and liabilities).
PAA remains focused on disciplined capital investments, anticipating full-year 2024 investment and maintenance capital of $375 million and $230 million, respectively.
Murphy Oil Corporation (MUR - Free Report) delivered first-quarter 2024 adjusted net earnings of 85 cents per share, which outpaced the Zacks Consensus Estimate of 82 cents by 3.7%.
The company delivered an average earnings surprise of 10% in the last four quarters. The Zacks Consensus Estimate for 2024 earnings is pegged at $4.68 per share.
TotalEnergies SE (TTE - Free Report) reported first-quarter 2024 operating earnings of $2.14 (€1.97) per share, which surpassed the Zacks Consensus Estimate of $1.96 by 9.2%.
TTE’s long-term (three to five years) earnings growth rate is 4.4%. The Zacks Consensus Estimate for 2024 earnings is pegged at $9.18 per share.
ONEOK, Inc. (OKE - Free Report) reported first-quarter 2024 operating earnings per share of $1.09, which missed the Zacks Consensus Estimate of $1.13 by 3.5%.
OKE’s long-term earnings growth rate is 3.3%. The Zacks Consensus Estimate for 2024 earnings is pegged at $4.98 per share.
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Bigstock
Plains All American (PAA) Q1 Earnings Top Estimates, Sales Lag
Plains All American Pipeline, L.P. (PAA - Free Report) reported first-quarter 2024 adjusted earnings of 41 cents per unit, which surpassed the Zacks Consensus Estimate of 39 cents by 5.1%. The bottom line remained flat year over year.
The company reported GAAP earnings of 29 cents per unit compared with 52 cents in the year-ago period.
Total Revenues
Net sales of $12 billion missed the Zacks Consensus Estimate of $13.2 billion by 8.8%. The top line also declined 2.8% from the year-ago quarter’s figure of $12.3 billion.
Plains All American Pipeline, L.P. Price and EPS Surprise
Plains All American Pipeline, L.P. price-eps-surprise | Plains All American Pipeline, L.P. Quote
Highlights of the Release
Total costs and expenses amounted to $11.6 billion, down 2% year over year. The decrease was primarily due to a decline in purchases and related costs.
Net interest expenses totaled $95 million, down 3.1% from the prior-year quarter’s level.
Segmental Performance
The Crude Oil segment’s adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) were $553 million, up 7% from the year-ago quarter’s figure. This increase was due to higher tariff volumes on its pipelines, tariff escalations and contributions from acquisitions.
Adjusted EBITDA for the NGL segment came in at $159 million, down 17% from the prior-year period’s figure. The decrease was due to lower realized frac spreads.
Financial Update
As of Mar 31, 2024, cash and cash equivalents were $331 million compared with $450 million as of Dec 31, 2023.
As of Mar 31, 2024, long-term debt was $7.308 billion compared with $7.305 billion as of Dec 31, 2023.
As of Mar 31, 2024, long-term debt-to-total book capitalization was 41%, which remained unchanged from the figure recorded as of Dec 31, 2023.
Guidance
For 2024, Plains All American expects adjusted EBITDA in the range of $2.625-$2.725 billion. Adjusted free cash flow is anticipated to be $1.55 billion (excluding changes in assets and liabilities).
PAA remains focused on disciplined capital investments, anticipating full-year 2024 investment and maintenance capital of $375 million and $230 million, respectively.
Zacks Rank
The company currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
Other Releases
Murphy Oil Corporation (MUR - Free Report) delivered first-quarter 2024 adjusted net earnings of 85 cents per share, which outpaced the Zacks Consensus Estimate of 82 cents by 3.7%.
The company delivered an average earnings surprise of 10% in the last four quarters. The Zacks Consensus Estimate for 2024 earnings is pegged at $4.68 per share.
TotalEnergies SE (TTE - Free Report) reported first-quarter 2024 operating earnings of $2.14 (€1.97) per share, which surpassed the Zacks Consensus Estimate of $1.96 by 9.2%.
TTE’s long-term (three to five years) earnings growth rate is 4.4%. The Zacks Consensus Estimate for 2024 earnings is pegged at $9.18 per share.
ONEOK, Inc. (OKE - Free Report) reported first-quarter 2024 operating earnings per share of $1.09, which missed the Zacks Consensus Estimate of $1.13 by 3.5%.
OKE’s long-term earnings growth rate is 3.3%. The Zacks Consensus Estimate for 2024 earnings is pegged at $4.98 per share.