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Article Excerpt
HOUSTON -- Plains All American Pipeline, L.P. (NYSE:PAA) today reported net income of $122 million, or $0.65 per diluted limited partner unit, for the third quarter of 2009 as compared to net income for the third quarter of 2008 of $206 million, or $1.41 per diluted limited partner unit. The Partnership reported earnings before interest, taxes, depreciation and amortization ("EBITDA") of $242 million for the third quarter of 2009, compared with EBITDA of $310 million for the third quarter of 2008.
The Partnership's reported results include the impact of items that affect comparability between reporting periods. These items are excluded from adjusted results, as further described in the table below. Accordingly, the Partnership's third-quarter 2009 adjusted net income, adjusted net income per diluted limited partner unit and adjusted EBITDA were $114 million, $0.59 and $234 million, respectively, as compared to third-quarter 2008 adjusted net income, adjusted net income per diluted limited partner unit and adjusted EBITDA of $119 million, $0.71 and $223 million, respectively. (See the section of this release entitled "Non-GAAP Financial Measures" and the attached tables for discussion of EBITDA and other non-GAAP financial measures, and reconciliations of such measures to the comparable GAAP measures.)
"Plains All American has been very active and productive in the four months since the end of the second quarter" said Greg L. Armstrong, Chairman & CEO of Plains All American. "We delivered operating and financial results at the high end of guidance, acquired the remaining 50% interest in PAA Natural Gas Storage (PNGS), raised over $1.2 billion in the capital markets at very attractive rates and increased our annualized distribution by 6 cents or 1.7% to $3.68 per unit. We also ended the third quarter with a solid balance...
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