PAA FY 2009 Earnings Report — Plains All American Pipeline, L.P. Revenue & Financial Results | Market Cap Arena

Plains All American Pipeline, L.P.PAA

FY 2009 Earnings

Reported February 26, 2010

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2009	Prior Q	FY 2008	QoQ Change	YoY Change
Revenue	$18.5B	—	$30.1B	—	-38.4%
Op. Income	$779M	—	$594M	—	31.1%
Gross Margin	6.6%	—	3.2%	—	3.4pp
Net Margin	3.1%	—	1.5%	—	1.7pp
EPS (Diluted)	$1.66	—	$1.32	—	25.8%
Free Cash Flow	-$104M	—	$268M	—	-138.8%

Revenue Flow

Item	Amount
REVENUE	$18.5B
Cost of Revenue	$17.3B
GROSS PROFIT	$1.2B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$211M
SG&A Expenses	$211M
Other Expenses	$236M
Operating Expenses	$447M
Cost & Expenses	$17.7B
OPERATING INCOME	$779M
Interest Income	$0
Interest Expense	$224M
Other Income/Expenses	-$193M
INCOME BEFORE TAX	$586M
Income Tax Expense	$6M
Net Income from Continuing Ops	$580M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$579M
Net Income Deductions	-$136M
BOTTOM LINE NET INCOME	$443M
D&A	$236M
EBIT	$810M
EBITDA	$1.0B
EPS	$2
EPS Diluted	$2

Income Statement

Item	Amount
REVENUE	$18.5B
Cost of Revenue	$17.3B
GROSS PROFIT	$1.2B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$211M
SG&A Expenses	$211M
Other Expenses	$236M
Operating Expenses	$447M
Cost & Expenses	$17.7B
OPERATING INCOME	$779M
Interest Income	$0
Interest Expense	$224M
Other Income/Expenses	-$193M
INCOME BEFORE TAX	$586M
Income Tax Expense	$6M
Net Income from Continuing Ops	$580M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$579M
Net Income Deductions	-$136M
BOTTOM LINE NET INCOME	$443M
D&A	$236M
EBIT	$810M
EBITDA	$1.0B
EPS	$2
EPS Diluted	$2

Cash Flow Statement

Item	Amount
Net Income	$580M
Depreciation & Amortization	$236M
Stock-Based Compensation	$68M
Deferred Income Tax	-$9M
Other Non-Cash Items	-$49M
Change in Working Capital	-$461M
OPERATING CASH FLOW	$365M
Capital Expenditure	-$469M
Acquisitions (Net)	-$223M
Purchases of Investments	$0
Sales/Maturities of Investments	$26M
Other Investing Activities	$6M
NET CASH FROM INVESTING	-$660M
Net Debt Issuance	$471M
Common Stock Repurchased	$0
Common Dividends Paid	-$468M
Other Financing Activities	-$149M
NET CASH FROM FINANCING	$312M
FREE CASH FLOW	-$104M
Net Change in Cash	$14M

Balance Sheet

Item	Amount
Cash & Equivalents	$25M
Short-Term Investments	$0
Net Receivables	$2.3B
Inventory	$1.2B
Other Current Assets	$223M
TOTAL CURRENT ASSETS	$3.7B
PP&E (Net)	$6.3B
Goodwill	$1.3B
Intangible Assets	$0
Long-Term Investments	$572M
Tax Assets	$0
Other Non-Current Assets	$501M
TOTAL NON-CURRENT ASSETS	$8.7B
TOTAL ASSETS	$12.4B
Account Payables	$2.3B
Short-Term Debt	$1.1B
Deferred Revenue	$0
Other Current Liabilities	$413M
TOTAL CURRENT LIABILITIES	$3.8B
Long-Term Debt	$4.1B
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$275M
TOTAL NON-CURRENT LIABILITIES	$4.4B
TOTAL LIABILITIES	$8.2B
Common Stock	$0
Additional Paid-In Capital	$0
Retained Earnings	$0
Treasury Stock	$0
Accum. Other Comp. Income	$0
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$4.0B
Minority Interest	$157M
TOTAL EQUITY	$4.2B
TOTAL LIABILITIES & EQUITY	$12.4B
Total Debt	$5.2B
Net Debt	$5.2B