Plains All American sees FY23 adjusted EBITDA high end of $2.45B-$2.55B

“Our team remains focused on execution while continuing to identify and progress capital efficient growth opportunities; as a result, we expect to be at the high-end of our 2023 EBITDA guidance range,” said Willie Chiang, Chairman & CEO of Plains. “We announced multiple strategic actions this quarter including a bolt-on acquisition in the Permian that will complement our existing geographic footprint. Additionally, we took steps to improve the long-term durability and quality of our cash flow stream in the NGL segment by sanctioning the debottlenecking project at our Fort Sask complex and extending the duration of our contracts across our NGL portfolio. This will help offset commodity exposed NGL contracts that are expiring at the end of next year and should result in increased contribution from the more stable fee-based part of our business. These actions align with our ongoing goals of remaining capital disciplined, generating multi-year Free Cash Flow, reducing leverage and increasing returns of capital to our unitholders.”