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Plains All American Pipeline L.P. Reports Operating Results (10-K)

February 25, 2011 | About:
10qk

10qk

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Plains All American Pipeline L.P. (PAA) filed Annual Report for the period ended 2010-12-31.

Plains All American Pipeline L.p. has a market cap of $8.75 billion; its shares were traded at around $64.15 with a P/E ratio of 22.9 and P/S ratio of 0.3. The dividend yield of Plains All American Pipeline L.p. stocks is 6%. Plains All American Pipeline L.p. had an annual average earning growth of 15.1% over the past 10 years.Hedge Fund Gurus that owns PAA: Jim Simons of Renaissance Technologies LLC. Mutual Fund and Other Gurus that owns PAA: Chuck Royce of Royce& Associates, John Keeley of Keeley Fund Management.

Highlight of Business Operations:

The aggregate market value of the Common Units held by non-affiliates of the registrant (treating all executive officers and directors of the registrant and holders of 10% or more of the Common Units outstanding, for this purpose, as if they may be affiliates of the registrant) was approximately $7.0 billion on June 30, 2010, based on $58.70 per unit, the closing price of the Common Units as reported on the New York Stock Exchange on such date.

· We have the evaluation, integration and engineering skill sets and the financial flexibility to continue to pursue acquisition and expansion opportunities. Over the past thirteen years, we have completed and integrated approximately 65 acquisitions with an aggregate purchase price of approximately $6.8 billion. We have also implemented internal expansion capital projects totaling approximately $2.5 billion. In addition, we believe we have resources to finance future strategic expansion and acquisition opportunities. As of December 31, 2010, we had a working capital surplus of approximately $166 million and approximately $841 million available under our committed credit facilities, subject to continued covenant compliance.

During early 2011, we completed several noteworthy business transactions such as the completion of the Southern Pines acquisition for total consideration of approximately $746 million, subject to certain post-closing adjustments, as discussed within the preceding Acquisitions section. In conjunction with this acquisition, PNG completed a private placement of 17.4 million common units to third-party purchasers for net proceeds of approximately $370 million. In addition, we purchased approximately 10.2 million PNG common units for approximately $230 million including our proportionate general partner contribution of $12 million. As a result of these transactions, our aggregate ownership interest in PNG decreased from approximately 77% to approximately 64%.

In addition, during early 2011, we also expanded our liquidity through various transactions such as completion of a $600 million senior notes offering and by entering into a $500 million 364-day senior unsecured credit facility. In addition, we redeemed our 7.75% senior notes that were maturing in 2012 for approximately $222 million.

Read the The complete Report

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