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Plains All American Pipeline, L.P. (PAA) and Plains GP Holdings have reported Q2 2014 results, with PAA鈥檚 results exceeding the midpoint of its quarterly guidance range by 13%. PAA鈥檚 Q2 2014 results exceeded the midpoint of quarterly guidance in all three of PAA鈥檚 segments.

鈥淧AA delivered solid second-quarter results, exceeding the high-end of our initial guidance range and slightly ahead of our updated outlook provided in June,鈥� stated Greg L. Armstrong, Chairman and CEO of Plains All American. 鈥淭hese results were driven by over performance in our Transportation and Supply and Logistics segments.鈥�

Armstrong added, 鈥淧AA remains on track to achieve its distribution growth objective of 10% for 2014, while maintaining attractive distribution coverage. PAA鈥檚 quarterly distribution of US$ 0.6450 per unit, to be paid next week, represents a 9.8% increase over the quarterly distribution paid in August 2013. Given PAA鈥檚 trajectory, PAGP also remains on track to achieve its distribution growth objective of 25% for 2014. PAGP鈥檚 quarterly distribution of US$ 0.1834 per share represents a 7.5% increase over the quarterly distribution paid in May of 2014 and a 23.1% increase over the initial quarterly distribution included in PAGP鈥檚 October 2013 initial public offering prospectus.

As a result of PAA鈥檚 first half performance and our outlook for near baseline performance for the remainder of the year, we have increased our full-year adjusted EBITDA guidance by US$ 25 million to a mid-point of US$ 2.175 billion,鈥� said Armstrong. 鈥淥ur 2014 capital expansion programme is proceeding well as we continue to advance a number of attractive projects included in our multi-billion dollar project portfolio. Furthermore, we are well positioned financially, ending the second quarter with a strong balance sheet, credit metrics favorable to PAA鈥檚 targeted credit profile and approximately US$ 2.2 billion of committed liquidity.鈥�

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