PAA - Plains All American Pipeline raises earnings view on higher oil volumes

Plains All American Pipeline ( NASDAQ: PAA ) +2.1% in early Thursday trading after easily beating estimates for Q2 adjusted earnings and revenues while raising guidance for FY 2022 adjusted EBITDA.

Q2 net income swung to a profit of $203M, or $0.22/share, from a year-ago loss of $220M, or a $0.37/share loss, while revenues rose 65% Y/Y to $16.3B.

Q2 average daily volumes of crude oil jumped by 30% on its pipelines in the Permian Basin, with oilfield activity trending ~10% above its initial expectations.

Plains ( PAA ) increased its full-year adjusted earnings forecast by $100M to $2.38B, as it expects higher volumes of crude oil and natural gas liquids.

Prices at the Corpus Christi, Texas, export hub are selling at a premium in Houston and other export ports, and CEO Willie Chiang said he expects more volumes to reach its long-range pipelines as production in the Permian Basin increases.

Plains All American's ( PAA ) stock price return shows a 13% YTD gain and a 17% decline during the past year .

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