Bernstein analyst Jean Ann Salisbury downgraded Plains All American to Market Perform from Outperform. The analyst sees a "difficult backdrop ahead" for the company with less Permian oil growth expected in both the near and long term. In the very near term, the 500kbd growth driving consensus estimates and likely PAA‘s coming 2023 guidance is on the high end of what the Permian can actually deliver this year, given gas and processing constraints, service constraints, and cost inflation, the analyst tells investors in a research note.
Published first on TheFly
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