Company Quick10K Filing
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Plains All American Pipeline
Financials
Price1.00 EPS-2,989,000,000
Shares-0 P/E-0
MCap-0 P/FCF-0
Net Debt8,505 EBIT3,384
TEV8,505 TEV/EBIT3
TTM 2019-09-30, in MM, except price, ratios
Filings
10-Q 2020-09-30 Filed 2020-11-06
10-Q 2020-06-30 Filed 2020-08-10
10-Q 2020-03-31 Filed 2020-05-08
10-K 2019-12-31 Filed 2020-02-27
10-Q 2019-09-30 Filed 2019-11-07
10-Q 2019-06-30 Filed 2019-08-08
10-Q 2019-03-31 Filed 2019-05-10
10-K 2018-12-31 Filed 2019-02-27
10-Q 2018-09-30 Filed 2018-11-08
10-Q 2018-06-30 Filed 2018-08-09
10-Q 2018-03-31 Filed 2018-05-09
10-K 2017-12-31 Filed 2018-02-27
10-Q 2017-09-30 Filed 2017-11-09
10-Q 2017-06-30 Filed 2017-08-08
10-Q 2017-03-31 Filed 2017-05-10
10-K 2016-12-31 Filed 2017-02-23
10-Q 2016-09-30 Filed 2016-11-08
10-Q 2016-06-30 Filed 2016-08-08
10-Q 2016-03-31 Filed 2016-05-10
10-K 2015-12-31 Filed 2016-02-25
10-Q 2015-09-30 Filed 2015-11-06
10-Q 2015-06-30 Filed 2015-08-07
10-Q 2015-03-31 Filed 2015-05-08
10-K 2014-12-31 Filed 2015-02-25
10-Q 2014-09-30 Filed 2014-11-07
10-Q 2014-06-30 Filed 2014-08-08
10-Q 2014-03-31 Filed 2014-05-09
10-K 2013-12-31 Filed 2014-02-28
10-Q 2013-09-30 Filed 2013-11-06
10-Q 2013-06-30 Filed 2013-08-08
10-Q 2013-03-31 Filed 2013-05-08
10-K 2012-12-31 Filed 2013-02-27
10-Q 2012-09-30 Filed 2012-11-07
10-Q 2012-06-30 Filed 2012-08-09
10-Q 2012-03-31 Filed 2012-05-08
10-K 2011-12-31 Filed 2012-02-28
10-Q 2011-09-30 Filed 2011-11-04
10-Q 2011-06-30 Filed 2011-08-05
10-Q 2011-03-31 Filed 2011-05-06
10-K 2010-12-31 Filed 2011-02-25
10-Q 2010-06-30 Filed 2010-08-06
10-Q 2010-03-31 Filed 2010-05-07
10-K 2009-12-31 Filed 2010-02-26
Reports
8-K 2020-11-16
8-K 2020-11-02
8-K 2020-09-04
8-K 2020-09-04
8-K 2020-08-13
8-K 2020-08-11
8-K 2020-08-04
8-K 2020-06-15
8-K 2020-06-08
8-K 2020-05-20
8-K 2020-05-05
8-K 2020-03-24
8-K 2020-03-02
8-K 2020-02-04
8-K 2020-01-08
8-K 2019-12-09
8-K 2019-11-21
8-K 2019-11-05
8-K 2019-09-18
8-K 2019-09-16
8-K 2019-09-09
8-K 2019-08-15
8-K 2019-08-06
8-K 2019-06-06
8-K 2019-05-23
8-K 2019-05-15
8-K 2019-05-07
8-K 2019-02-21
8-K 2019-02-05
8-K 2018-12-31
8-K 2018-12-10
8-K 2018-12-04
8-K 2018-11-06
8-K 2018-10-15
8-K 2018-09-26
8-K 2018-09-14
8-K 2018-09-04
8-K 2018-08-20
8-K 2018-08-16
8-K 2018-08-07
8-K 2018-05-31
8-K 2018-05-22
8-K 2018-05-15
8-K 2018-05-08
8-K 2018-03-22
8-K 2018-02-06
8-K 2018-01-05

PAA 10Q Quarterly Report

Content
Part I. Financial Information
Item 1. Unaudited Condensed Consolidated Financial Statements
Note 1 - Organization and Basis of Consolidation and Presentation
Note 2 - Summary of Significant Accounting Policies
Note 3 - Revenues and Accounts Receivable
Note 4 - Net Income/(Loss) per Common Unit
Note 5 - Inventory, Linefill and Base Gas and Long - Term Inventory
Note 6 - Goodwill
Note 7 - Investments in Unconsolidated Entities
Note 8 - Debt
Note 9 - Partners' Capital and Distributions
Note 10 - Derivatives and Risk Management Activities
Note 11 - Related Party Transactions
Note 12 - Commitments and Contingencies
Note 13 - Operating Segments
Note 14 - Acquisitions, Divestitures and Asset Impairments
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
Exhibits
EX-10.1 paaq3202010-qexhibit101.htm
EX-10.2 paaq3202010-qexhibit102.htm
EX-31.1 paaq32020exhibit311.htm
EX-31.2 paaq32020exhibit312.htm
EX-32.1 paaq32020exhibit321.htm
EX-32.2 paaq32020exhibit322.htm

Plains All American Pipeline Earnings 2020-09-30

Balance SheetIncome StatementCash Flow
30241812602012201420172020
Assets, Equity
 151296302012201420172020
Rev, G Profit, Net Income
 1.30.70.1-0.5-1.1-1.72012201420172020
Ops, Inv, Fin
paa-20200930
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Table of Contents

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
________________________________________________________________
FORM 10-Q
________________________________________________________________________________________________________________________________
 
☒      QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the quarterly period ended September 30, 2020
 
or
 
☐      TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
Commission File Number: 1-14569
________________________________________________________________

PLAINS ALL AMERICAN PIPELINE, L.P.
(Exact name of registrant as specified in its charter)
Delaware 76-0582150
(State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.)

333 Clay Street, Suite 1600
Houston, Texas 77002
(Address of principal executive offices) (Zip code)
(713) 646-4100
(Registrant’s telephone number, including area code)
________________________________________________________________
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common UnitsPAANew York Stock Exchange
 
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  ☒ Yes  ☐ No
 Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  ☒ Yes  ☐ No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filer☒ Accelerated filer☐
Non-accelerated filer☐ Smaller reporting company☐
 Emerging growth company☐
 If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  ☐ Yes  ☒ No
As of October 30, 2020, there were 728,476,591 Common Units outstanding.


Table of Contents
PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES
TABLE OF CONTENTS
 Page
 
 
 
  
  
 

2
Table of Contents
PART I. FINANCIAL INFORMATION 
Item 1.    UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(in millions, except unit data)
September 30,
2020		December 31,
2019
 (unaudited)
ASSETS  
CURRENT ASSETS  
Cash and cash equivalents$25 $45 
Restricted cash21 37 
Trade accounts receivable and other receivables, net2,153 3,614 
Inventory683 604 
Other current assets523 312 
Total current assets3,405 4,612 
PROPERTY AND EQUIPMENT18,420 18,948 
Accumulated depreciation(3,802)(3,593)
Property and equipment, net14,618 15,355 
OTHER ASSETS  
Investments in unconsolidated entities3,743 3,683 
Goodwill— 2,540 
Linefill and base gas966 981 
Long-term operating lease right-of-use assets, net395 466 
Long-term inventory120 182 
Other long-term assets, net999 858 
Total assets$24,246 $28,677 
LIABILITIES AND PARTNERS’ CAPITAL  
CURRENT LIABILITIES  
Trade accounts payable$2,091 $3,686 
Short-term debt790 504 
Other current liabilities923 827 
Total current liabilities3,804 5,017 
LONG-TERM LIABILITIES  
Senior notes, net9,069 8,939 
Other long-term debt, net312 248 
Long-term operating lease liabilities337 387 
Other long-term liabilities and deferred credits873 891 
Total long-term liabilities10,591 10,465 
COMMITMENTS AND CONTINGENCIES (NOTE 12)
PARTNERS’ CAPITAL  
Series A preferred unitholders (71,090,468 and 71,090,468 units outstanding, respectively)
1,505 1,505 
Series B preferred unitholders (800,000 and 800,000 units outstanding, respectively)
787 787 
Common unitholders (728,476,591 and 728,028,576 units outstanding, respectively)
7,414 10,770 
Total partners’ capital excluding noncontrolling interests9,706 13,062 
Noncontrolling interests145 133 
Total partners’ capital9,851 13,195 
Total liabilities and partners’ capital$24,246 $28,677 
The accompanying notes are an integral part of these condensed consolidated financial statements.
3
Table of Contents
PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in millions, except per unit data)
Three Months Ended
September 30,		Nine Months Ended
September 30,
 2020201920202019
 (unaudited)(unaudited)
REVENUES    
Supply and Logistics segment revenues$5,537 $7,541 $16,370 $23,477 
Transportation segment revenues146 196 484 581 
Facilities segment revenues150 149 473 457 
Total revenues5,833 7,886 17,327 24,515 
COSTS AND EXPENSES    
Purchases and related costs5,107 6,855 15,000 21,218 
Field operating costs254 316 811 983 
General and administrative expenses61 74 201 225 
Depreciation and amortization160 156 493 439 
(Gains)/losses on asset sales and asset impairments, net (Note 14)(2)(7)617 (7)
Goodwill impairment losses (Note 6)— — 2,515 — 
Total costs and expenses5,580 7,394 19,637 22,858 
OPERATING INCOME/(LOSS)253 492 (2,310)1,657 
OTHER INCOME/(EXPENSE)    
Equity earnings in unconsolidated entities89 102 280 274 
Gain on/(impairment of) investments in unconsolidated entities, net (Note 7)
(91)4 (182)271 
Interest expense (net of capitalized interest of $6, $7, $17 and $29, respectively)
(113)(108)(329)(311)
Other income/(expense), net5 5 (7)23 
INCOME/(LOSS) BEFORE TAX143 495 (2,548)1,914 
Current income tax expense(17)(19)(39)(72)
Deferred income tax (expense)/benefit20 (22)32 30 
NET INCOME/(LOSS)146 454 (2,555)1,872 
Net income attributable to noncontrolling interests(3)(5)(7)(7)
NET INCOME/(LOSS) ATTRIBUTABLE TO PAA$143 $449 $(2,562)$1,865 
NET INCOME/(LOSS) PER COMMON UNIT (NOTE 4):
    
Net income/(loss) allocated to common unitholders — Basic
$93 $399 $(2,712)$1,710 
Basic weighted average common units outstanding
728 728 728 727 
Basic net income/(loss) per common unit
$0.13 $0.55 $(3.72)$2.35 
Net income/(loss) allocated to common unitholders — Diluted
$93 $436 $(2,712)$1,826 
Diluted weighted average common units outstanding
728 800 728 800 
Diluted net income/(loss) per common unit
$0.13 $0.55 $(3.72)$2.28 
 
The accompanying notes are an integral part of these condensed consolidated financial statements.

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PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS)
(in millions)
 
Three Months Ended
September 30,		Nine Months Ended
September 30,
 2020201920202019
 (unaudited)(unaudited)
Net income/(loss)$146 $454 $(2,555)$1,872 
Other comprehensive income/(loss)82 (99)(129)10 
Comprehensive income/(loss)228 355 (2,684)1,882 
Comprehensive income attributable to noncontrolling interests
(3)(5)(7)(7)
Comprehensive income/(loss) attributable to PAA$225 $350 $(2,691)$1,875 
 
The accompanying notes are an integral part of these condensed consolidated financial statements.


PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN
ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS)
(in millions)
 
Derivative
Instruments		Translation
Adjustments		OtherTotal
 (unaudited)
Balance at December 31, 2019$(259)$(674)$— $(933)
Reclassification adjustments8 — — 8 
Unrealized loss on hedges(39)— — (39)
Currency translation adjustments— (99)— (99)
Other— — 1 1 
Total period activity(31)(99)1 (129)
Balance at September 30, 2020$(290)$(773)$1 $(1,062)

Derivative
Instruments		Translation
Adjustments		OtherTotal
 (unaudited)
Balance at December 31, 2018$(177)$(853)$— $(1,030)
Reclassification adjustments7 — — 7 
Unrealized loss on hedges(111)— — (111)
Currency translation adjustments— 113 — 113 
Other— — 1 1 
Total period activity(104)113 1 10 
Balance at September 30, 2019$(281)$(740)$1 $(1,020)
 
The accompanying notes are an integral part of these condensed consolidated financial statements.
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PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)

Nine Months Ended
September 30,
 20202019
 (unaudited)
CASH FLOWS FROM OPERATING ACTIVITIES  
Net income/(loss)$(2,555)$1,872 
Reconciliation of net income/(loss) to net cash provided by operating activities:  
Depreciation and amortization493 439 
(Gains)/losses on asset sales and asset impairments, net (Note 14)617 (7)
Goodwill impairment losses (Note 6)2,515 — 
Equity-indexed compensation expense8 31 
Inventory valuation adjustments233 11 
Deferred income tax benefit(32)(30)
Settlement of terminated interest rate hedging instruments(100)(55)
Change in fair value of Preferred Distribution Rate Reset Option (Note 10)(7)(16)
Equity earnings in unconsolidated entities(280)(274)
Distributions on earnings from unconsolidated entities344 307 
(Gain on)/impairment of investments in unconsolidated entities, net (Note 7)182 (271)
Other29 22 
Changes in assets and liabilities, net of acquisitions(191)(251)
Net cash provided by operating activities1,256 1,778 
CASH FLOWS FROM INVESTING ACTIVITIES  
Cash paid in connection with acquisitions, net of cash acquired (Note 14)(310)(47)
Investments in unconsolidated entities(386)(367)
Additions to property, equipment and other(606)(919)
Proceeds from sales of assets (Note 14)246 8 
Cash paid for purchases of linefill and base gas(14)(33)
Other investing activities4 (9)
Net cash used in investing activities(1,066)(1,367)
CASH FLOWS FROM FINANCING ACTIVITIES  
Net borrowings under commercial paper program (Note 8)19 — 
Net repayments under senior secured hedged inventory facility (Note 8)(325)— 
Proceeds from the issuance of senior notes (Note 8)748 998 
Repayments of senior notes (Note 8)(17)— 
Distributions paid to Series A preferred unitholders (Note 9)(112)(112)
Distributions paid to Series B preferred unitholders (Note 9)(25)(25)
Distributions paid to common unitholders (Note 9)(524)(741)
Contributions from noncontrolling interests (Note 9)11 — 
Sale of noncontrolling interest in a subsidiary— 128 
Other financing activities8 (52)
Net cash (used in)/provided by financing activities(217)196 
Effect of translation adjustment(9)(5)
Net increase/(decrease) in cash and cash equivalents and restricted cash(36)602 
Cash and cash equivalents and restricted cash, beginning of period82 66 
Cash and cash equivalents and restricted cash, end of period$46 $668 
Cash paid for:  
Interest, net of amounts capitalized$285 $263 
Income taxes, net of amounts refunded$72 $110 
The accompanying notes are an integral part of these condensed consolidated financial statements.
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PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL
(in millions)

 Limited PartnersPartners’
Capital Excluding Noncontrolling Interests		Noncontrolling InterestsTotal
Partners’
Capital
Preferred UnitholdersCommon
Unitholders
Series ASeries B
 (unaudited)
Balance at December 31, 2019$1,505 $787 $10,770 $13,062 $133 $13,195 
Net income/(loss)112 37 (2,711)(2,562)7 (2,555)
Distributions (Note 9)(112)(37)(524)(673)(6)(679)
Other comprehensive loss— — (129)(129)— (129)
Contributions from noncontrolling interests (Note 9)— — — — 11 11 
Other— — 8 8 — 8 
Balance at September 30, 2020$1,505 $787 $7,414 $9,706 $145 $9,851 
Limited PartnersPartners’
Capital Excluding Noncontrolling Interests		Noncontrolling InterestsTotal
Partners’
Capital
Preferred UnitholdersCommon
Unitholders
Series ASeries B
(unaudited)
Balance at June 30, 2020$1,505 $787 $7,367 $9,659 $143 $9,802 
Net income37 12 94 143 3 146 
Distributions (Note 9)(37)(12)(131)(180)(2)(182)
Other comprehensive income— — 82 82 — 82 
Contributions from noncontrolling interests (Note 9)— — — — 1 1 
Other— —