Plains All American Pipeline LP (Plains All American Pipeline LP) Net-Net Working Capital

: $-19.10 (As of Dec. 2023)

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In calculating the Net-Net Working Capital (NNWC), Benjamin Graham assumed that a company's accounts receivable is only worth 75% its value, its inventory is only worth 50% of its value, but its liabilities have to be paid in full. In addition, Graham believed that preferred stock belongs on the liability side of the balance sheet, not as part of capital and surplus. This is a conservative way of estimating the company's value.

Plains All American Pipeline LP's Net-Net Working Capital for the quarter that ended in Dec. 2023 was $-19.10.

The industry rank for Plains All American Pipeline LP's Net-Net Working Capital or its related term are showing as below:

PAA's Price-to-Net-Net-Working-Capital is not ranked ^*
in the Oil & Gas industry.
Industry Median: 5.065
* Ranked among companies with meaningful Price-to-Net-Net-Working-Capital only.

Plains All American Pipeline LP Net-Net Working Capital Historical Data

The historical data trend for Plains All American Pipeline LP's Net-Net Working Capital can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

Plains All American Pipeline LP Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Net-Net Working Capital

-17.25

-17.50

-20.24

-20.25

-19.10

Plains All American Pipeline LP Quarterly Data
	Mar19	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23
Net-Net Working Capital																-20.25	-19.30	-18.60	-19.53	-19.10

Competitive Comparison

For the Oil & Gas Midstream subindustry, Plains All American Pipeline LP's Price-to-Net-Net-Working-Capital, along with its competitors' market caps and Price-to-Net-Net-Working-Capital data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.

Plains All American Pipeline LP Price-to-Net-Net-Working-Capital Distribution

For the Oil & Gas industry and Energy sector, Plains All American Pipeline LP's Price-to-Net-Net-Working-Capital distribution charts can be found below:

* The bar in red indicates where Plains All American Pipeline LP's Price-to-Net-Net-Working-Capital falls into.

Plains All American Pipeline LP Net-Net Working Capital Calculation

Plains All American Pipeline LP's Net-Net Working Capital (NNWC) per share for the fiscal year that ended in Dec. 2023 is calculated as

	Net-Net Working Capital		(A: Dec. 2023 )
=	(Cash, Cash Equivalents, Marketable Securities	+	0.75 * Accounts Receivable	+	0.5 * Total Inventories	-	Total Liabilities
-	Preferred Stock	-	Minority Interest)	/	Shares Outstanding (EOP)
=	(450	+	0.75 * 3760	+	0.5 * 548	-	13623
-	0	-	3310)	/	701.009
=	-19.10

Plains All American Pipeline LP's Net-Net Working Capital (NNWC) per share for the quarter that ended in Dec. 2023 is calculated as

	Net-Net Working Capital		(Q: Dec. 2023 )
=	(Cash, Cash Equivalents, Marketable Securities	+	0.75 * Accounts Receivable	+	0.5 * Total Inventories	-	Total Liabilities
-	Preferred Stock	-	Minority Interest)	/	Shares Outstanding (EOP)
=	(450	+	0.75 * 3760	+	0.5 * 548	-	13623
-	0	-	3310)	/	701.009
=	-19.10

In addition, Graham believed that preferred stock belongs on the liability side of the balance sheet, not as part of capital and surplus. In "Security Analysis", preferred stock is dubbed "an imperfect creditorship position" that is best placed on the balance sheet alongside funded debt.

This is a conservative way of estimating the company's value.

Plains All American Pipeline LP (NAS:PAA) Net-Net Working Capital Explanation

One research study, covering the years 1970 through 1983 showed that portfolios picked at the beginning of each year, and held for one year, returned 29.4 percent, on average, over the 13-year period, compared to 11.5 percent for the S&P 500 Index. Other studies of Graham's strategy produced similar results.

Benjamin Graham looked for companies whose market values were less than two-thirds of their net-net value. They are collected under our Net-Net screener.

Plains All American Pipeline LP Net-Net Working Capital Related Terms

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Plains All American Pipeline LP (Plains All American Pipeline LP) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Energy » Oil & Gas » Plains All American Pipeline LP (NAS:PAA) » Definitions » Net-Net Working Capital

Comparable Companies

WES AM ENLC DTM ETRN FRO STNG PAGP VNOM NS TSX:ENB EPD ET WMB OKE MPLX TSX:TRP KMI LNG TRGP

Traded in Other Exchanges

N/A

Address

333 Clay Street, Suite 1600, Houston, TX, USA, 77002

Website

https://www.plainsallamerican.com

Plains All American provides transportation, storage, processing, fractionation, and marketing services for crude oil, refined products, natural gas liquids, liquefied petroleum gas, and related products. Plains' assets span the United States and Alberta, Canada, but are heavily concentrated in the Permian Basin.

Executives

Jeremy L. Goebel	officer: EVP & CCO	333 CLAY STREET, SUITE 1600, HOUSTON TX 77002
Ellen Desanctis	director	12326 OLD OAKS, HOUSTON TX 77024
Willie Cw Chiang	director, officer: Chairman & CEO	370 17TH STREET, SUITE 2775, DENVER CO 80202
Chris Herbold	officer: Sr. VP Finance and CAO	333 CLAY STREET, SUITE 1600, HOUSTON TX 77002
Richard K. Mcgee	officer: EVP, General Counsel & Sec.	333 CLAY STREET, SUITE 1500, HOUSTON TX 77002
Al Swanson	officer: EVP & CFO	333 CLAY STREET, # 1600, HOUSTON TX 77002
Kevin S Mccarthy	director	C/O KAYNE ANDERSON CAPITAL ADVISORS, LP, 1800 AVENUE OF THE STARS, SECOND FLOOR, LOS ANGELES CA 90067
Chris R. Chandler	officer: EVP & COO	333 CLAY STREET, SUITE 1600, HOUSTON TX 77002
Harry N Pefanis	director, officer: President	333 CLAY STREET, STE 1600, HOUSTON TX 77002
Plains Gp Holdings Lp	director, 10 percent owner	333 CLAY ST, SUITE 1600, HOUSTON TX 77002
Paa Gp Holdings Llc	director, 10 percent owner	333 CLAY ST, SUITE 1600, HOUSTON TX 77002
Plains All American Gp Llc	director, 10 percent owner	333 CLAY STREET, SUITE 1600, HOUSTON TX 77002
Plains Aap, L.p.	director, 10 percent owner	333 CLAY STREET, SUITE 1600, HOUSTON TX 77002
Chris Temple	director	3953 MAPLE AVENUE, SUITE 180, DALLAS TX 75219
Kayne Anderson Capital Advisors Lp	director, other: See remarks	2121 AVENUE OF THE STARS, 9TH FLOOR, LOS ANGELES CA 90067