Company Quick10K Filing
Plains All American Pipeline
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
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
8-K 2020-09-04 Officers, Regulation FD, Exhibits
8-K 2020-09-04 Regulation FD
8-K 2020-08-13 Officers
8-K 2020-08-11 Regulation FD
8-K 2020-08-04 Earnings, Exhibits
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

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
EX-31.1 paaq22020exhibit311.htm
EX-31.2 paaq22020exhibit312.htm
EX-32.1 paaq22020exhibit321.htm
EX-32.2 paaq22020exhibit322.htm

Plains All American Pipeline Earnings 2020-06-30

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-20200630
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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 June 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 July 31, 2020, there were 728,100,398 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)
June 30,
2020
December 31,
2019
 (unaudited)
ASSETS  
CURRENT ASSETS  
Cash and cash equivalents$40  $45  
Restricted cash64  37  
Trade accounts receivable and other receivables, net1,919  3,614  
Inventory662  604  
Other current assets476  312  
Total current assets3,161  4,612  
PROPERTY AND EQUIPMENT18,269  18,948  
Accumulated depreciation(3,669) (3,593) 
Property and equipment, net14,600  15,355  
OTHER ASSETS  
Investments in unconsolidated entities3,781  3,683  
Goodwill—  2,540  
Linefill and base gas962  981  
Long-term operating lease right-of-use assets, net416  466  
Long-term inventory125  182  
Other long-term assets, net992  858  
Total assets$24,037  $28,677  
LIABILITIES AND PARTNERS’ CAPITAL  
CURRENT LIABILITIES  
Trade accounts payable$2,141  $3,686  
Short-term debt729  504  
Other current liabilities763  827  
Total current liabilities3,633  5,017  
LONG-TERM LIABILITIES  
Senior notes, net9,067  8,939  
Other long-term debt, net326  248  
Long-term operating lease liabilities356  387  
Other long-term liabilities and deferred credits853  891  
Total long-term liabilities10,602  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 (728,100,398 and 728,028,576 units outstanding, respectively)
7,367  10,770  
Total partners’ capital excluding noncontrolling interests9,659  13,062  
Noncontrolling interests143  133  
Total partners’ capital9,802  13,195  
Total liabilities and partners’ capital$24,037  $28,677  
The accompanying notes are an integral part of these condensed consolidated financial statements.
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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
June 30,
Six Months Ended
June 30,
 2020201920202019
 (unaudited)(unaudited)
REVENUES    
Supply and Logistics segment revenues$2,925  $7,914  $10,833  $15,936  
Transportation segment revenues151  188  338  385  
Facilities segment revenues149  151  323  307  
Total revenues3,225  8,253  11,494  16,628  
COSTS AND EXPENSES    
Purchases and related costs2,525  7,244  9,893  14,362  
Field operating costs253  340  557  667  
General and administrative expenses72  75  141  151  
Depreciation and amortization166  147  333  283  
(Gains)/losses on asset sales and asset impairments, net (Note 14)(1) (4) 618  —  
Goodwill impairment losses (Note 6)  —  2,515  —  
Total costs and expenses3,015  7,802  14,057  15,463  
OPERATING INCOME/(LOSS)210  451  (2,563) 1,165  
OTHER INCOME/(EXPENSE)    
Equity earnings in unconsolidated entities81  83  191  172  
Gain on/(impairment of) investments in unconsolidated entities, net (Note 7)
(69) —  (91) 267  
Interest expense (net of capitalized interest of $5, $11, $11 and $22, respectively)
(108) (103) (215) (203) 
Other income/(expense), net18  (6) (13) 18  
INCOME/(LOSS) BEFORE TAX132  425  (2,691) 1,419  
Current income tax expense(15) (24) (22) (53) 
Deferred income tax benefit27  47  12  52  
NET INCOME/(LOSS)144  448  (2,701) 1,418  
Net income attributable to noncontrolling interests(2) (2) (4) (2) 
NET INCOME/(LOSS) ATTRIBUTABLE TO PAA$142  $446  $(2,705) $1,416  
NET INCOME/(LOSS) PER COMMON UNIT (NOTE 4):
    
Net income/(loss) allocated to common unitholders — Basic
$92  $395  $(2,805) $1,311  
Basic weighted average common units outstanding
728  727  728  727  
Basic net income/(loss) per common unit
$0.13  $0.54  $(3.85) $1.80  
Net income/(loss) allocated to common unitholders — Diluted
$92  $433  $(2,805) $1,389  
Diluted weighted average common units outstanding
728  800  728  800  
Diluted net income/(loss) per common unit
$0.13  $0.54  $(3.85) $1.74  
 
The accompanying notes are an integral part of these condensed consolidated financial statements.

4

Table of Contents
PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS)
(in millions)
 
Three Months Ended
June 30,
Six Months Ended
June 30,
 2020201920202019
 (unaudited)(unaudited)
Net income/(loss)$144  $448  $(2,701) $1,418  
Other comprehensive income/(loss)116  51  (212) 109  
Comprehensive income/(loss)260  499  (2,913) 1,527  
Comprehensive income attributable to noncontrolling interests
(2) (2) (4) (2) 
Comprehensive income/(loss) attributable to PAA$258  $497  $(2,917) $1,525  
 
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) $—  $(933) 
Reclassification adjustments5  —  —  5  
Unrealized loss on hedges(61) —  —  (61) 
Currency translation adjustments—  (157) —  (157) 
Other—  —  1  1  
Total period activity(56) (157) 1  (212) 
Balance at June 30, 2020$(315) $(831) $1  $(1,145) 

Derivative
Instruments
Translation
Adjustments
OtherTotal
 (unaudited)
Balance at December 31, 2018$(177) $(853) $—  $(1,030) 
Reclassification adjustments5  —  —  5  
Unrealized loss on hedges(58) —  —  (58) 
Currency translation adjustments—  161  —  161  
Other—  —  1  1  
Total period activity(53) 161  1  109  
Balance at June 30, 2019$(230) $(692) $1  $(921) 
 
The accompanying notes are an integral part of these condensed consolidated financial statements.
5

Table of Contents
PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)

Six Months Ended
June 30,
 20202019
 (unaudited)
CASH FLOWS FROM OPERATING ACTIVITIES  
Net income/(loss)$(2,701) $1,418  
Reconciliation of net income/(loss) to net cash provided by operating activities:  
Depreciation and amortization333  283  
(Gains)/losses on asset sales and asset impairments, net (Note 14)618  —  
Goodwill impairment losses (Note 6)2,515  —  
Equity-indexed compensation expense4  24  
Inventory valuation adjustments232  —  
Deferred income tax benefit(12) (52) 
Loss on foreign currency revaluation23  12  
Settlement of terminated interest rate hedging instruments(100) (22) 
Change in fair value of Preferred Distribution Rate Reset Option (Note 10)(17) (16) 
Equity earnings in unconsolidated entities(191) (172) 
Distributions on earnings from unconsolidated entities236  200  
(Gain on)/impairment of investments in unconsolidated entities, net (Note 7)91  (267) 
Other10  12  
Changes in assets and liabilities, net of acquisitions(67) 44  
Net cash provided by operating activities974  1,464  
CASH FLOWS FROM INVESTING ACTIVITIES  
Cash paid in connection with acquisitions, net of cash acquired (Note 14)(308) (47) 
Investments in unconsolidated entities(314) (259) 
Additions to property, equipment and other(472) (642) 
Proceeds from sales of assets (Note 14)245  2  
Cash paid for purchases of linefill and base gas(12) (24) 
Other investing activities3  (8) 
Net cash used in investing activities(858) (978) 
CASH FLOWS FROM FINANCING ACTIVITIES