Plains All American Pipeline Q2 adjusted net income $136 million
HOUSTON, Aug 2 (Reuters) – Plains All American Pipeline LP , one of the top U.S. transporters of oil and gas, said on Tuesday its second-quarter adjusted net income fell by nearly half to $136 million from the same period a year ago, as an energy sector downturn erodes profits.
Plains said the adjusted net loss per common unit was 12 cents, compared with profit of 27 cents a unit a year earlier.
The company said cash flow as measured by adjusted EBITDA was $461 million. That was 5 percent above the midpoint of its quarterly guidance though CEO Greg Armstrong kept the midpoint of full-year adjusted EBITA guidance unchanged at $2.18 billion.
Plains has seen its valuation tumble on doubts about continued transport volume growth as U.S. crude output slips, overcapacity in the midstream sector, and its ability to see future dividend growth.
(Reporting By Terry Wade)
