Plains GP Holdings, L.P. (PAGP) reported a robust performance for the three and nine months ended September 30, 2024, with total revenues reaching $12,743 million for the quarter, up from $12,071 million in the same period of 2023. For the nine-month period, revenues increased to $37,671 million from $36,014 million year-over-year. The growth in revenue was primarily driven by higher product sales, which amounted to $12,282 million for the quarter, compared to $11,581 million in the prior year.
Operating income for the third quarter rose to $346 million, significantly higher than the $232 million reported in the same quarter of 2023. Net income for the quarter was $301 million, a 12% increase from $268 million in the previous year. However, net income for the nine months decreased to $953 million from $1,044 million in 2023, attributed to less favorable results from the NGL segment and increased costs related to settlements from the Line 901 incident.
The Crude Oil segment showed strong performance, with revenues for the three months ending September 30, 2024, at $12,444 million, up from $11,934 million in 2023. Segment Adjusted EBITDA for this segment increased to $577 million from $553 million year-over-year. Conversely, the NGL segment experienced a revenue increase for the quarter to $388 million, but a decline for the nine-month period to $1,189 million, reflecting lower realized frac spreads.
PAGP's financial position improved, with cash and cash equivalents rising to $641 million as of September 30, 2024, compared to $453 million at the end of 2023. Total current assets also increased to $5,160 million from $4,916 million. However, total assets slightly decreased to $28,357 million from $28,597 million, and total partners’ capital fell to $14,744 million from $14,972 million.
Strategically, the company has been active in managing its debt, with total debt increasing to $7,977 million from $7,751 million. In June 2024, PAGP completed a $650 million offering of senior notes, which was used to refinance existing debt. The company also amended its credit facilities to extend maturity dates, enhancing its liquidity position.
Overall, while PAGP experienced revenue growth and improved operating income, net income for the nine-month period reflected challenges in the NGL segment and increased costs related to legal settlements.
About PLAINS GP HOLDINGS LP
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