Plains All American Pipeline, L.P. (PAA: Quote) on Wednesday said it lifted its first-quarter forecast and now expects adjusted earnings before interest, taxes, depreciation and amortization or EBITDA to exceed the mid-point of its previous guidance by approximately 15 percent to 20 percent.
According to the company, the expected level of performance is driven by strong fundamentals, generally favorable market conditions and solid execution in all three business segments.
On February 8, the company had issued midpoint adjusted EBITDA guidance of $400 million for the first quarter based on a guidance range of $380 million to $420 million.
The company, which owns and operates natural gas storage facilities through its ownership position in PAA Natural Gas Storage, L.P. (PNG: Quote), said its first-quarter operating results will not be impacted by the recent acquisition of the Canadian natural gas liquids business from a subsidiary of BP Corp. North America, Inc., but will reflect the impact of certain debt and equity financing activities.
by RTT Staff Writer
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