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Plains All American's Q2 adjusted EBITDA falls short of estimates from SNL Energy Finance Daily Plains All American's Q2 adjusted EBITDA falls short of estimatesByline: Stephen Cedric Jumchai Plains All American Pipeline LP on Aug. 4 reported an adjusted EBITDA of $524 million for the second quarter, down 33% from $784 million for the same period a year ago. The S&P Capital IQ consensus estimate for second-quarter adjusted EBITDA was $532.6 million. Implied distributable cash flow available to common unit holders came in at $297 million for the quarter, compared to $528 million a year ago. Net income attributable to Plains All American was $142 million for the quarter, compared to $446 million for the same quarter in 2019. Plains All American updated its full-year adjusted EBITDA guidance to $2.5 billion, up $75 million or 3%. The partnership also reduced its 2020/2021 expansion capital program to $1.45 billion, an incremental reduction of $100 million or 6%. Plains GP Holdings LP reported a second-quarter net income attributable to the general partner of $16 million, compared to $66 million in the second quarter of 2019. |
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