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Plains All American Q4 Earnings Miss Estimates, Sales Decline Y/Y
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Plains All American Pipeline, L.P. (PAA - Free Report) reported fourth-quarter 2024 adjusted earnings of 42 cents per unit, which lagged the Zacks Consensus Estimate of 44 cents by 4.5%. Earnings per unit were in line with the year-ago quarter’s figure.
The company reported a GAAP loss of 4 cents per unit against the GAAP earnings of 35 cents in the year-ago period.
Full-year 2024 adjusted earnings were $1.51 per share, up 6.3% from the previous year’s reported figure of $1.42.
Find the latest earnings estimates and surprises on Zacks Earnings Calendar.
PAA’s Total Revenues
Net sales of $12.4 billion missed the Zacks Consensus Estimate of $12.8 billion by 3.1%. The top line also decreased 2.3% from the year-ago quarter’s figure of $12.7 billion.
Full-year 2024 revenues totaled $50.07 billion, up 2.8% from the previous year’s level of $48.71 billion.
Plains All American Pipeline, L.P. Price, Consensus and EPS Surprise
Total costs and expenses amounted to $12.32 billion, up 0.4% year over year. The increase was due to a rise in field operating costs and general and administrative expenses.
Net interest expenses totaled $112 million, up 15.5% from the prior-year quarter’s level.
PAA’s Segmental Performance
The Crude Oil segment’s adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) were $569 million, up 1% 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 $154 million, down 9% from the prior-year period’s figure. This decrease was due to lower weighted average frac spreads in the fourth quarter of 2024.
PAA’s Financial Update
As of Dec. 31, 2024, cash and cash equivalents were $348 million compared with $450 million as of Dec. 31, 2023.
As of Dec. 31, 2024, long-term debt was $7.21 billion compared with $7.31 billion as of Dec. 31, 2023.
As of Dec. 31, 2024, long-term debt-to-total book capitalization was 42% compared with 41% as of Dec. 31, 2023.
PAA’s 2025 Guidance
For 2025, Plains All American expects adjusted EBITDA in the range of $2.80-$2.95 billion. Adjusted free cash flow is anticipated to be $1.15 billion (excluding changes in assets and liabilities).
PAA remains focused on disciplined capital investments, anticipating full-year 2025 growth capital and maintenance capital of $400 million and $240 million, respectively.
CNX Resources Corporation (CNX - Free Report) reported fourth-quarter 2024 operating earnings of 57 cents per share, which beat the Zacks Consensus Estimate of 43 cents by 32.6%. However, the bottom line decreased 16.2% from 68 cents in the year-ago quarter.
The company reported revenues of $386 million, which missed the Zacks Consensus Estimate of $411 million by 6.2%. However, the top line increased 2.7% from the prior-year quarter’s $376 million.
Murphy Oil Corporation (MUR - Free Report) delivered fourth-quarter 2024 adjusted net earnings of 35 cents per share, lagging the Zacks Consensus Estimate of 56 cents by 37.5%. The bottom line decreased 61.1% from the year-ago quarter’s 90 cents.
Murphy Oil’s revenues were $670.9 million, which lagged the Zacks Consensus Estimate of $727 million by 7.7%.
TotalEnergies SE (TTE - Free Report) reported fourth-quarter 2024 operating earnings of $1.90 (€1.78) per share, which surpassed the Zacks Consensus Estimate of $1.87 by 1.6%. The bottom line declined 12% from the year-ago figure of $2.16 (€2.02).
Total revenues for the fourth quarter were $47.11 billion, which declined from the year-ago reported figure of $47.26 billion by 0.3%. Revenues were down 13.9% year over year.
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Plains All American Q4 Earnings Miss Estimates, Sales Decline Y/Y
Plains All American Pipeline, L.P. (PAA - Free Report) reported fourth-quarter 2024 adjusted earnings of 42 cents per unit, which lagged the Zacks Consensus Estimate of 44 cents by 4.5%. Earnings per unit were in line with the year-ago quarter’s figure.
The company reported a GAAP loss of 4 cents per unit against the GAAP earnings of 35 cents in the year-ago period.
Full-year 2024 adjusted earnings were $1.51 per share, up 6.3% from the previous year’s reported figure of $1.42.
Find the latest earnings estimates and surprises on Zacks Earnings Calendar.
PAA’s Total Revenues
Net sales of $12.4 billion missed the Zacks Consensus Estimate of $12.8 billion by 3.1%. The top line also decreased 2.3% from the year-ago quarter’s figure of $12.7 billion.
Full-year 2024 revenues totaled $50.07 billion, up 2.8% from the previous year’s level of $48.71 billion.
Plains All American Pipeline, L.P. Price, Consensus and EPS Surprise
Plains All American Pipeline, L.P. price-consensus-eps-surprise-chart | Plains All American Pipeline, L.P. Quote
Highlights of PAA’s Release
Total costs and expenses amounted to $12.32 billion, up 0.4% year over year. The increase was due to a rise in field operating costs and general and administrative expenses.
Net interest expenses totaled $112 million, up 15.5% from the prior-year quarter’s level.
PAA’s Segmental Performance
The Crude Oil segment’s adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) were $569 million, up 1% 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 $154 million, down 9% from the prior-year period’s figure. This decrease was due to lower weighted average frac spreads in the fourth quarter of 2024.
PAA’s Financial Update
As of Dec. 31, 2024, cash and cash equivalents were $348 million compared with $450 million as of Dec. 31, 2023.
As of Dec. 31, 2024, long-term debt was $7.21 billion compared with $7.31 billion as of Dec. 31, 2023.
As of Dec. 31, 2024, long-term debt-to-total book capitalization was 42% compared with 41% as of Dec. 31, 2023.
PAA’s 2025 Guidance
For 2025, Plains All American expects adjusted EBITDA in the range of $2.80-$2.95 billion. Adjusted free cash flow is anticipated to be $1.15 billion (excluding changes in assets and liabilities).
PAA remains focused on disciplined capital investments, anticipating full-year 2025 growth capital and maintenance capital of $400 million and $240 million, respectively.
PAA’s Zacks Rank
The company currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Recent Releases
CNX Resources Corporation (CNX - Free Report) reported fourth-quarter 2024 operating earnings of 57 cents per share, which beat the Zacks Consensus Estimate of 43 cents by 32.6%. However, the bottom line decreased 16.2% from 68 cents in the year-ago quarter.
The company reported revenues of $386 million, which missed the Zacks Consensus Estimate of $411 million by 6.2%. However, the top line increased 2.7% from the prior-year quarter’s $376 million.
Murphy Oil Corporation (MUR - Free Report) delivered fourth-quarter 2024 adjusted net earnings of 35 cents per share, lagging the Zacks Consensus Estimate of 56 cents by 37.5%. The bottom line decreased 61.1% from the year-ago quarter’s 90 cents.
Murphy Oil’s revenues were $670.9 million, which lagged the Zacks Consensus Estimate of $727 million by 7.7%.
TotalEnergies SE (TTE - Free Report) reported fourth-quarter 2024 operating earnings of $1.90 (€1.78) per share, which surpassed the Zacks Consensus Estimate of $1.87 by 1.6%. The bottom line declined 12% from the year-ago figure of $2.16 (€2.02).
Total revenues for the fourth quarter were $47.11 billion, which declined from the year-ago reported figure of $47.26 billion by 0.3%. Revenues were down 13.9% year over year.