The Backstory
My grandmother used to say "scalded cats are afraid of cold water." She might as well have been talking about [[PAA]]/[[PAGP]].
Plains (PAA, PAGP) derives essentially all of its revenues from shipping crude oil. Over the years, it has built a massive interconnected pipeline network, linking essentially all major US on-shore oil producing regions to demand centers in the Gulf. In a recent note, Morningstar analyst Stephen Ellis said, "[…] there is a high probability that in some fashion Plains touches every barrel of oil Permian produces, earning a fee, if not multiple