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10-Q Filing

PLAINS ALL AMERICAN PIPELINE LP CIK: 1070423 Q1 2011
Filing Information
Form Type 10-Q
Accession Number 0001104659-11-026750
Period End Date 20110331
Filing Date 20110506
Fiscal Year 2011
Fiscal Period Q1
XBRL Instance paa-20110331.xml
Balance Sheet 64 line items
Line Item Tag Value Unit Period
Senior notes, unamortized discount DebtInstrumentUnamortizedDiscountPremiumNet $12.00M USD Point-in-time
Senior notes, unamortized discount DebtInstrumentUnamortizedDiscountPremiumNet $15.00M USD Point-in-time
Common unitholders, units outstanding (in units) LimitedPartnersCapitalAccountUnitsOutstanding 149.14M shares Point-in-time
Common unitholders, units outstanding (in units) LimitedPartnersCapitalAccountUnitsOutstanding 141.20M shares Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $36.00M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $16.00M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $19.00M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $25.00M USD Point-in-time
Restricted cash RestrictedCashAndCashEquivalentsAtCarryingValue $2.00M USD Point-in-time
Restricted cash RestrictedCashAndCashEquivalentsAtCarryingValue $20.00M USD Point-in-time
Trade accounts receivable and other receivables, net ReceivablesNetCurrent $3.13B USD Point-in-time
Trade accounts receivable and other receivables, net ReceivablesNetCurrent $2.75B USD Point-in-time
Inventory InventoryNet $1.39B USD Point-in-time
Inventory InventoryNet $1.49B USD Point-in-time
Other current assets OtherAssetsCurrent $73.00M USD Point-in-time
Other current assets OtherAssetsCurrent $88.00M USD Point-in-time
Total current assets AssetsCurrent $4.38B USD Point-in-time
Total current assets AssetsCurrent $4.61B USD Point-in-time
PROPERTY AND EQUIPMENT PropertyPlantAndEquipmentGross $7.81B USD Point-in-time
PROPERTY AND EQUIPMENT PropertyPlantAndEquipmentGross $8.31B USD Point-in-time
Accumulated depreciation AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment $1.17B USD Point-in-time
Accumulated depreciation AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment $1.12B USD Point-in-time
Property and equipment, net PropertyPlantAndEquipmentNet $7.14B USD Point-in-time
Property and equipment, net PropertyPlantAndEquipmentNet $6.69B USD Point-in-time
Goodwill Goodwill $1.38B USD Point-in-time
Goodwill Goodwill $1.69B USD Point-in-time
Linefill and base gas LinefillAndBaseGas $520.00M USD Point-in-time
Linefill and base gas LinefillAndBaseGas $519.00M USD Point-in-time
Long-term inventory InventoryNoncurrent $134.00M USD Point-in-time
Long-term inventory InventoryNoncurrent $154.00M USD Point-in-time
Investments in unconsolidated entities EquityMethodInvestments $200.00M USD Point-in-time
Investments in unconsolidated entities EquityMethodInvestments $196.00M USD Point-in-time
Other, net OtherAssetsNoncurrent $382.00M USD Point-in-time
Other, net OtherAssetsNoncurrent $458.00M USD Point-in-time
Total assets Assets $13.70B USD Point-in-time
Total assets Assets $14.74B USD Point-in-time
Accounts payable and accrued liabilities AccountsPayableAndAccruedLiabilitiesCurrent $2.74B USD Point-in-time
Accounts payable and accrued liabilities AccountsPayableAndAccruedLiabilitiesCurrent $3.45B USD Point-in-time
Short-term debt DebtCurrent $474.00M USD Point-in-time
Short-term debt DebtCurrent $1.33B USD Point-in-time
Other current liabilities OtherLiabilitiesCurrent $126.00M USD Point-in-time
Other current liabilities OtherLiabilitiesCurrent $151.00M USD Point-in-time
Total current liabilities LiabilitiesCurrent $4.05B USD Point-in-time
Total current liabilities LiabilitiesCurrent $4.21B USD Point-in-time
Senior notes, net of unamortized discount of $15 and $12, respectively LongTermNotesPayable $4.36B USD Point-in-time
Senior notes, net of unamortized discount of $15 and $12, respectively LongTermNotesPayable $4.76B USD Point-in-time
Long-term debt under credit facilities and other OtherLongTermDebtNoncurrent $268.00M USD Point-in-time
Long-term debt under credit facilities and other OtherLongTermDebtNoncurrent $216.00M USD Point-in-time
Other long-term liabilities and deferred credits OtherLiabilitiesNoncurrent $300.00M USD Point-in-time
Other long-term liabilities and deferred credits OtherLiabilitiesNoncurrent $284.00M USD Point-in-time
Total long-term liabilities LiabilitiesNoncurrent $5.28B USD Point-in-time
Total long-term liabilities LiabilitiesNoncurrent $4.92B USD Point-in-time
Common unitholders (149,138,609 and 141,199,175 units outstanding, respectively) LimitedPartnersCapitalAccount $4.76B USD Point-in-time
Common unitholders (149,138,609 and 141,199,175 units outstanding, respectively) LimitedPartnersCapitalAccount $4.23B USD Point-in-time
General partner GeneralPartnersCapitalAccount $121.00M USD Point-in-time
General partner GeneralPartnersCapitalAccount $108.00M USD Point-in-time
Total partners' capital excluding noncontrolling interests PartnersCapital $4.88B USD Point-in-time
Total partners' capital excluding noncontrolling interests PartnersCapital $4.34B USD Point-in-time
Noncontrolling interests MinorityInterest $536.00M USD Point-in-time
Noncontrolling interests MinorityInterest $231.00M USD Point-in-time
Total partners' capital PartnersCapitalIncludingPortionAttributableToNoncontrollingInterests $5.42B USD Point-in-time
Total partners' capital PartnersCapitalIncludingPortionAttributableToNoncontrollingInterests $4.57B USD Point-in-time
Total liabilities and partners' capital LiabilitiesAndPartnersCapital $13.70B USD Point-in-time
Total liabilities and partners' capital LiabilitiesAndPartnersCapital $14.74B USD Point-in-time
Income Statement 50 line items
Line Item Tag Value Unit Period
Interest expense, capitalized interest InterestCostsCapitalized $6.00M USD 1 Quarter
Interest expense, capitalized interest InterestCostsCapitalized $5.00M USD 1 Quarter
Supply & Logistics segment revenues SalesAndRelatedRevenues $7.43B USD 1 Quarter
Supply & Logistics segment revenues SalesAndRelatedRevenues $5.91B USD 1 Quarter
Transportation segment revenues PipelineTariffActivitiesTruckingAndRelatedRevenues $138.00M USD 1 Quarter
Transportation segment revenues PipelineTariffActivitiesTruckingAndRelatedRevenues $141.00M USD 1 Quarter
Facilities segment revenues StorageTerminallingProcessingAndRelatedRevenues $118.00M USD 1 Quarter
Facilities segment revenues StorageTerminallingProcessingAndRelatedRevenues $75.00M USD 1 Quarter
Total revenues Revenues $6.12B USD 1 Quarter
Total revenues Revenues $7.69B USD 1 Quarter
Purchases and related costs PurchasesAndRelatedCosts $7.08B USD 1 Quarter
Purchases and related costs PurchasesAndRelatedCosts $5.62B USD 1 Quarter
Field operating costs FieldOperatingCosts $197.00M USD 1 Quarter
Field operating costs FieldOperatingCosts $162.00M USD 1 Quarter
General and administrative expenses GeneralAndAdministrativeExpense $62.00M USD 1 Quarter
General and administrative expenses GeneralAndAdministrativeExpense $70.00M USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $67.00M USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $63.00M USD 1 Quarter
Total costs and expenses CostsAndExpenses $7.41B USD 1 Quarter
Total costs and expenses CostsAndExpenses $5.91B USD 1 Quarter
OPERATING INCOME OperatingIncomeLoss $285.00M USD 1 Quarter
OPERATING INCOME OperatingIncomeLoss $211.00M USD 1 Quarter
Equity earnings in unconsolidated entities IncomeLossFromEquityMethodInvestments $1.00M USD 1 Quarter
Interest expense (net of capitalized interest of $5 and $6, respectively) InterestExpense $65.00M USD 1 Quarter
Interest expense (net of capitalized interest of $5 and $6, respectively) InterestExpense $58.00M USD 1 Quarter
Other expense, net OtherNonoperatingIncomeExpense $-22.00M USD 1 Quarter
Other expense, net OtherNonoperatingIncomeExpense $-3.00M USD 1 Quarter
INCOME BEFORE TAX IncomeLossFromContinuingOperationsBeforeIncomeTaxesAndMinorityInterest $151.00M USD 1 Quarter
INCOME BEFORE TAX IncomeLossFromContinuingOperationsBeforeIncomeTaxesAndMinorityInterest $198.00M USD 1 Quarter
Current income tax expense CurrentIncomeTaxExpenseBenefit $1.00M USD 1 Quarter
Current income tax expense CurrentIncomeTaxExpenseBenefit $11.00M USD 1 Quarter
Deferred income tax (expense)/benefit DeferredIncomeTaxExpenseBenefit $2.00M USD 1 Quarter
Deferred income tax (expense)/benefit DeferredIncomeTaxExpenseBenefit $-1.00M USD 1 Quarter
NET INCOME ProfitLoss $151.00M USD 1 Quarter
NET INCOME ProfitLoss $185.00M USD 1 Quarter
Less: Net income attributable to noncontrolling interests NetIncomeLossAttributableToNoncontrollingInterest $3.00M USD 1 Quarter
NET INCOME ATTRIBUTABLE TO PLAINS NetIncomeLoss $151.00M USD 1 Quarter
NET INCOME ATTRIBUTABLE TO PLAINS NetIncomeLoss $182.00M USD 1 Quarter
LIMITED PARTNERS NetIncomeLossAllocatedToLimitedPartners $133.00M USD 1 Quarter
LIMITED PARTNERS NetIncomeLossAllocatedToLimitedPartners $112.00M USD 1 Quarter
GENERAL PARTNER NetIncomeLossAllocatedToGeneralPartners $49.00M USD 1 Quarter
GENERAL PARTNER NetIncomeLossAllocatedToGeneralPartners $39.00M USD 1 Quarter
BASIC NET INCOME PER LIMITED PARTNER UNIT (in dollars per unit) NetIncomeLossPerOutstandingLimitedPartnershipUnit $0.90 USD 1 Quarter
BASIC NET INCOME PER LIMITED PARTNER UNIT (in dollars per unit) NetIncomeLossPerOutstandingLimitedPartnershipUnit $0.80 USD 1 Quarter
DILUTED NET INCOME PER LIMITED PARTNER UNIT (in dollars per unit) NetIncomeLossPerOutstandingLimitedPartnershipUnitDiluted $0.80 USD 1 Quarter
DILUTED NET INCOME PER LIMITED PARTNER UNIT (in dollars per unit) NetIncomeLossPerOutstandingLimitedPartnershipUnitDiluted $0.90 USD 1 Quarter
BASIC WEIGHTED AVERAGE UNITS OUTSTANDING (in units) WeightedAverageLimitedPartnershipUnitsOutstanding 136.00M shares 1 Quarter
BASIC WEIGHTED AVERAGE UNITS OUTSTANDING (in units) WeightedAverageLimitedPartnershipUnitsOutstanding 143.00M shares 1 Quarter
DILUTED WEIGHTED AVERAGE UNITS OUTSTANDING (in units) WeightedAverageLimitedPartnershipUnitsOutstandingDiluted 144.00M shares 1 Quarter
DILUTED WEIGHTED AVERAGE UNITS OUTSTANDING (in units) WeightedAverageLimitedPartnershipUnitsOutstandingDiluted 137.00M shares 1 Quarter
Cash Flow Statement 57 line items
Line Item Tag Value Unit Period
Net income ProfitLoss $151.00M USD 1 Quarter
Net income ProfitLoss $185.00M USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $67.00M USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $63.00M USD 1 Quarter
Equity compensation expense ShareBasedCompensation $19.00M USD 1 Quarter
Equity compensation expense ShareBasedCompensation $20.00M USD 1 Quarter
Gain on sale of linefill GainLossOnSaleOfLinefill $2.00M USD 1 Quarter
Gain on sale of linefill GainLossOnSaleOfLinefill $13.00M USD 1 Quarter
Net cash received for terminated interest rate or foreign currency hedging instruments NetCashPaidReceivedForTerminatedInterestRateAndForeignCurrencyHedgingInstruments $12.00M USD 1 Quarter
Other AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesOther $-1.00M USD 1 Quarter
Other AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesOther $3.00M USD 1 Quarter
Changes in assets and liabilities, net of acquisitions: IncreaseDecreaseInOperatingCapital $-384.00M USD 1 Quarter
Changes in assets and liabilities, net of acquisitions: IncreaseDecreaseInOperatingCapital $-157.00M USD 1 Quarter
Net cash provided by operating activities NetCashProvidedByUsedInOperatingActivities $391.00M USD 1 Quarter
Net cash provided by operating activities NetCashProvidedByUsedInOperatingActivities $654.00M USD 1 Quarter
Cash paid in connection with acquisitions, net of cash acquired (Note 4) PaymentsToAcquireBusinessesNetOfCashAcquired $756.00M USD 1 Quarter
Change in restricted cash IncreaseDecreaseInRestrictedCash $-18.00M USD 1 Quarter
Additions to property, equipment and other PaymentsToAcquireProductiveAssets $121.00M USD 1 Quarter
Additions to property, equipment and other PaymentsToAcquireProductiveAssets $104.00M USD 1 Quarter
Net cash received for sales and purchases of linefill and base gas ProceedsFromPaymentsToAcquireLinefillInAssetsOwned $19.00M USD 1 Quarter
Other investing activities PaymentsForProceedsFromOtherInvestingActivities $4.00M USD 1 Quarter
Other investing activities PaymentsForProceedsFromOtherInvestingActivities $2.00M USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivities $-108.00M USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivities $-842.00M USD 1 Quarter
Net repayments on PAA's revolving credit facility NetProceedsFromRepaymentsOfRevolvingCreditFacilities $-654.00M USD 1 Quarter
Net repayments on PAA's revolving credit facility NetProceedsFromRepaymentsOfRevolvingCreditFacilities $-227.00M USD 1 Quarter
Net repayments on PNG's revolving credit facility NetProceedsFromRepaymentsOfSubsidiaryRevolvingCreditFacilities $-52.00M USD 1 Quarter
Net borrowings/(repayments) on PAA's hedged inventory facility NetProceedsFromRepaymentsOfShortTermLetterOfCreditAndHedgedInventoryFacility $100.00M USD 1 Quarter
Net borrowings/(repayments) on PAA's hedged inventory facility NetProceedsFromRepaymentsOfShortTermLetterOfCreditAndHedgedInventoryFacility $-200.00M USD 1 Quarter
Proceeds from the issuance of senior notes ProceedsFromIssuanceOfSeniorLongTermDebt $597.00M USD 1 Quarter
Repayments of senior notes RepaymentsOfSeniorDebt $200.00M USD 1 Quarter
Net proceeds from the issuance of common units (Note 10) ProceedsFromIssuanceOfCommonLimitedPartnersUnitholdersNetOfIssuanceCosts $503.00M USD 1 Quarter
Cash received for sale of noncontrolling interest in a subsidiary PaymentsForProceedsFromSalePurchaseOfInterestInSubsidiaries $370.00M USD 1 Quarter
Distributions paid to common unitholders (Note 10) DistributionPaidToMemberOrLimitedPartnerCashFlowSide $126.00M USD 1 Quarter
Distributions paid to common unitholders (Note 10) DistributionPaidToMemberOrLimitedPartnerCashFlowSide $135.00M USD 1 Quarter
Distributions paid to general partner (Note 10) DistributionPaidToGeneralPartnerCashFlowSide $49.00M USD 1 Quarter
Distributions paid to general partner (Note 10) DistributionPaidToGeneralPartnerCashFlowSide $40.00M USD 1 Quarter
Distributions to noncontrolling interests PaymentsOfDividendsMinorityInterest $5.00M USD 1 Quarter
Other financing activities ProceedsFromPaymentsForOtherFinancingActivities $1.00M USD 1 Quarter
Other financing activities ProceedsFromPaymentsForOtherFinancingActivities $-4.00M USD 1 Quarter
Net cash provided by/(used in) financing activities NetCashProvidedByUsedInFinancingActivities $-292.00M USD 1 Quarter
Net cash provided by/(used in) financing activities NetCashProvidedByUsedInFinancingActivities $171.00M USD 1 Quarter
Effect of translation adjustment on cash EffectOfExchangeRateOnCashAndCashEquivalentsContinuingOperations - USD 1 Quarter
Effect of translation adjustment on cash EffectOfExchangeRateOnCashAndCashEquivalentsContinuingOperations - USD 1 Quarter
Net decrease in cash and cash equivalents CashAndCashEquivalentsPeriodIncreaseDecrease $-9.00M USD 1 Quarter
Net decrease in cash and cash equivalents CashAndCashEquivalentsPeriodIncreaseDecrease $-17.00M USD 1 Quarter
Cash and cash equivalents, beginning of period CashAndCashEquivalentsAtCarryingValue $36.00M USD Point-in-time
Cash and cash equivalents, beginning of period CashAndCashEquivalentsAtCarryingValue $16.00M USD Point-in-time
Cash and cash equivalents, beginning of period CashAndCashEquivalentsAtCarryingValue $19.00M USD Point-in-time
Cash and cash equivalents, beginning of period CashAndCashEquivalentsAtCarryingValue $25.00M USD Point-in-time
Cash and cash equivalents, end of period CashAndCashEquivalentsAtCarryingValue $36.00M USD Point-in-time
Cash and cash equivalents, end of period CashAndCashEquivalentsAtCarryingValue $16.00M USD Point-in-time
Cash and cash equivalents, end of period CashAndCashEquivalentsAtCarryingValue $19.00M USD Point-in-time
Cash and cash equivalents, end of period CashAndCashEquivalentsAtCarryingValue $25.00M USD Point-in-time
Cash paid for interest, net of amounts capitalized InterestPaidNet $71.00M USD 1 Quarter
Cash paid for interest, net of amounts capitalized InterestPaidNet $60.00M USD 1 Quarter
Cash paid for income taxes, net of amounts refunded IncomeTaxesPaidNet $6.00M USD 1 Quarter
Stockholders Equity 16 line items
Line Item Tag Value Unit Period
Balance PartnersCapitalIncludingPortionAttributableToNoncontrollingInterests $5.42B USD Point-in-time
Balance PartnersCapitalIncludingPortionAttributableToNoncontrollingInterests $4.57B USD Point-in-time
Balance (in units) LimitedPartnersCapitalAccountUnitsOutstanding 149.14M shares Point-in-time
Balance (in units) LimitedPartnersCapitalAccountUnitsOutstanding 141.20M shares Point-in-time
Net income ProfitLoss $151.00M USD 1 Quarter
Net income ProfitLoss $185.00M USD 1 Quarter
Sale of noncontrolling interest in a subsidiary (Note 10) MinorityInterestIncreaseFromStockIssuance $370.00M USD 1 Quarter
Distributions PartnersCapitalAccountDistributions $189.00M USD 1 Quarter
Issuance of common units PartnersCapitalAccountSaleOfUnits $503.00M USD 1 Quarter
Other comprehensive loss OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecrease $-29.00M USD 1 Quarter
Other comprehensive loss OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecrease $63.00M USD 1 Quarter
Equity compensation expense PartnersCapitalAccountDeferredCompensation $-5.00M USD 1 Quarter
Balance PartnersCapitalIncludingPortionAttributableToNoncontrollingInterests $5.42B USD Point-in-time
Balance PartnersCapitalIncludingPortionAttributableToNoncontrollingInterests $4.57B USD Point-in-time
Balance (in units) LimitedPartnersCapitalAccountUnitsOutstanding 149.14M shares Point-in-time
Balance (in units) LimitedPartnersCapitalAccountUnitsOutstanding 141.20M shares Point-in-time
Comprehensive Income 9 line items
Line Item Tag Value Unit Period
Net income ProfitLoss $151.00M USD 1 Quarter
Net income ProfitLoss $185.00M USD 1 Quarter
Other comprehensive income/(loss) OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecrease $-29.00M USD 1 Quarter
Other comprehensive income/(loss) OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecrease $63.00M USD 1 Quarter
Comprehensive income ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest $156.00M USD 1 Quarter
Comprehensive income ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest $214.00M USD 1 Quarter
Less: Comprehensive income attributable to noncontrolling interests ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest $3.00M USD 1 Quarter
Comprehensive income attributable to Plains ComprehensiveIncomeNetOfTax $153.00M USD 1 Quarter
Comprehensive income attributable to Plains ComprehensiveIncomeNetOfTax $214.00M USD 1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.

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