Plains All American Pipeline (NYSE: PAA) reported Q2 EPS of $0.25, $0.03 worse than the analyst estimate of $0.28.

Summary

• Reported net income for the period of $142 million
• Delivered second-quarter 2020 Adjusted EBITDA of $524 million
• Updated full-year 2020 Adjusted EBITDA guidance to $2.5 billion (increase of $75 million, or 3%)
• Reduced 2020 / 2021 expansion capital program to $1.45 billion (incremental reduction of $100 million, or 6%)

“We delivered second-quarter results slightly favorable to our expectations and raised our guidance for the year,” stated Willie Chiang, Chairman and CEO of Plains. “We continue to focus on increasing free cash flow and improving our financial positioning, while protecting the health and safety of our team members, streamlining and optimizing our business, and lowering capital expenditures and costs in all areas. Today we announced a further $100 million reduction of our capital program, supplementing the significant capital reductions we announced in April. Despite meaningful uncertainty in the current environment, we are confident that we are taking the appropriate actions to position our business for the long-term.”

For earnings history and earnings-related data on Plains All American Pipeline (PAA) click here.