Houston’s Plains All American Pipeline, L.P. and Plains GP Holdings reported a dramatic increase in earnings for the second quarter of 2019.
Net income rose from $100 million a year ago to $446 million for the company with pipeline operations in Oklahoma that connect to the Cushing hub. It resulted in a 54 cent a share earning for the quarter.
The company’s adjusted net income was $551 million compared to $243 million a year ago. Highlights for the quarter included an increased 2019 adjusted EBITDA guidance and increased 2019 capital program.
“We reported solid second-quarter results and increased guidance for the full year,” stated Willie Chiang, Chief Executive Officer of Plains All American Pipeline. “We have materially advanced a number of key initiatives that optimize our systems in a capital-efficient manner and enhance our positioning through alignment with industry partners. Furthermore, we ended the quarter with improved leverage metrics, more than $2.9 billion of committed liquidity and substantial distribution coverage.”