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10-Q Filing

PLAINS ALL AMERICAN PIPELINE LP CIK: 1070423 Q1 2012
Filing Information
Form Type 10-Q
Accession Number 0001104659-12-034423
Period End Date 20120331
Filing Date 20120508
Fiscal Year 2012
Fiscal Period Q1
XBRL Instance paa-20120331.xml
Balance Sheet 65 line items
Line Item Tag Value Unit Period
Senior notes, unamortized discount (in dollars) DebtInstrumentUnamortizedDiscountPremiumNet $15.00M USD Point-in-time
Senior notes, unamortized discount (in dollars) DebtInstrumentUnamortizedDiscountPremiumNet $13.00M USD Point-in-time
Common unitholders, units outstanding (in units) LimitedPartnersCapitalAccountUnitsOutstanding 155.38M shares Point-in-time
Common unitholders, units outstanding (in units) LimitedPartnersCapitalAccountUnitsOutstanding 161.32M shares Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $14.00M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $36.00M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $26.00M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $19.00M USD Point-in-time
Trade accounts receivable and other receivables, net ReceivablesNetCurrent $2.90B USD Point-in-time
Trade accounts receivable and other receivables, net ReceivablesNetCurrent $3.19B USD Point-in-time
Inventory InventoryNet $1.08B USD Point-in-time
Inventory InventoryNet $978.00M USD Point-in-time
Other current assets OtherAssetsCurrent $157.00M USD Point-in-time
Other current assets OtherAssetsCurrent $171.00M USD Point-in-time
Total current assets AssetsCurrent $4.17B USD Point-in-time
Total current assets AssetsCurrent $4.35B USD Point-in-time
PROPERTY AND EQUIPMENT PropertyPlantAndEquipmentGross $9.03B USD Point-in-time
PROPERTY AND EQUIPMENT PropertyPlantAndEquipmentGross $9.31B USD Point-in-time
Accumulated depreciation AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment $1.29B USD Point-in-time
Accumulated depreciation AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment $1.34B USD Point-in-time
Property and equipment, net PropertyPlantAndEquipmentNet $7.74B USD Point-in-time
Property and equipment, net PropertyPlantAndEquipmentNet $7.97B USD Point-in-time
Goodwill Goodwill $1.85B USD Point-in-time
Goodwill Goodwill $1.88B USD Point-in-time
Restricted cash (Note 4) RestrictedCashAndCashEquivalentsNoncurrent $1.63B USD Point-in-time
Linefill and base gas LinefillAndBaseGas $577.00M USD Point-in-time
Linefill and base gas LinefillAndBaseGas $564.00M USD Point-in-time
Long-term inventory InventoryNoncurrent $135.00M USD Point-in-time
Long-term inventory InventoryNoncurrent $146.00M USD Point-in-time
Investments in unconsolidated entities EquityMethodInvestments $192.00M USD Point-in-time
Investments in unconsolidated entities EquityMethodInvestments $191.00M USD Point-in-time
Other, net OtherAssetsNoncurrent $546.00M USD Point-in-time
Other, net OtherAssetsNoncurrent $514.00M USD Point-in-time
Total assets Assets $15.38B USD Point-in-time
Total assets Assets $17.08B USD Point-in-time
Accounts payable and accrued liabilities AccountsPayableAndAccruedLiabilitiesCurrent $3.49B USD Point-in-time
Accounts payable and accrued liabilities AccountsPayableAndAccruedLiabilitiesCurrent $3.60B USD Point-in-time
Short-term debt DebtCurrent $679.00M USD Point-in-time
Short-term debt DebtCurrent $757.00M USD Point-in-time
Other current liabilities OtherLiabilitiesCurrent $233.00M USD Point-in-time
Other current liabilities OtherLiabilitiesCurrent $196.00M USD Point-in-time
Total current liabilities LiabilitiesCurrent $4.51B USD Point-in-time
Total current liabilities LiabilitiesCurrent $4.44B USD Point-in-time
Senior notes, net of unamortized discount of $15 and $13, respectively LongTermNotesPayable $4.26B USD Point-in-time
Senior notes, net of unamortized discount of $15 and $13, respectively LongTermNotesPayable $5.51B USD Point-in-time
Long-term debt under credit facilities and other OtherLongTermDebtNoncurrent $258.00M USD Point-in-time
Long-term debt under credit facilities and other OtherLongTermDebtNoncurrent $284.00M USD Point-in-time
Other long-term liabilities and deferred credits OtherLiabilitiesNoncurrent $332.00M USD Point-in-time
Other long-term liabilities and deferred credits OtherLiabilitiesNoncurrent $376.00M USD Point-in-time
Total long-term liabilities LiabilitiesNoncurrent $4.90B USD Point-in-time
Total long-term liabilities LiabilitiesNoncurrent $6.13B USD Point-in-time
COMMITMENTS AND CONTINGENCIES (NOTE 12) CommitmentsAndContingencies - USD Point-in-time
COMMITMENTS AND CONTINGENCIES (NOTE 12) CommitmentsAndContingencies - USD Point-in-time
Common unitholders (161,318,749 and 155,376,937 units outstanding, respectively) LimitedPartnersCapitalAccount $5.25B USD Point-in-time
Common unitholders (161,318,749 and 155,376,937 units outstanding, respectively) LimitedPartnersCapitalAccount $5.78B USD Point-in-time
General partner GeneralPartnersCapitalAccount $201.00M USD Point-in-time
General partner GeneralPartnersCapitalAccount $218.00M USD Point-in-time
Total partners' capital excluding noncontrolling interests PartnersCapital $5.45B USD Point-in-time
Total partners' capital excluding noncontrolling interests PartnersCapital $6.00B USD Point-in-time
Noncontrolling interests MinorityInterest $516.00M USD Point-in-time
Noncontrolling interests MinorityInterest $524.00M USD Point-in-time
Total partners' capital PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest $5.97B USD Point-in-time
Total partners' capital PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest $6.51B USD Point-in-time
Total liabilities and partners' capital LiabilitiesAndStockholdersEquity $17.08B USD Point-in-time
Total liabilities and partners' capital LiabilitiesAndStockholdersEquity $15.38B USD Point-in-time
Income Statement 51 line items
Line Item Tag Value Unit Period
Interest expense, capitalized interest InterestCostsCapitalized $9.00M USD 1 Quarter
Interest expense, capitalized interest InterestCostsCapitalized $5.00M USD 1 Quarter
Supply and Logistics segment revenues SalesAndRelatedRevenues $8.88B USD 1 Quarter
Supply and Logistics segment revenues SalesAndRelatedRevenues $7.43B USD 1 Quarter
Transportation segment revenues PipelineTariffActivitiesTruckingAndRelatedRevenues $141.00M USD 1 Quarter
Transportation segment revenues PipelineTariffActivitiesTruckingAndRelatedRevenues $150.00M USD 1 Quarter
Facilities segment revenues StorageTerminallingProcessingAndRelatedRevenues $191.00M USD 1 Quarter
Facilities segment revenues StorageTerminallingProcessingAndRelatedRevenues $118.00M USD 1 Quarter
Total revenues Revenues $7.69B USD 1 Quarter
Total revenues Revenues $9.22B USD 1 Quarter
Purchases and related costs PurchasesAndRelatedCosts $8.50B USD 1 Quarter
Purchases and related costs PurchasesAndRelatedCosts $7.08B USD 1 Quarter
Field operating costs FieldOperatingCosts $197.00M USD 1 Quarter
Field operating costs FieldOperatingCosts $249.00M USD 1 Quarter
General and administrative expenses GeneralAndAdministrativeExpense $70.00M USD 1 Quarter
General and administrative expenses GeneralAndAdministrativeExpense $94.00M USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $63.00M USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $60.00M USD 1 Quarter
Total costs and expenses CostsAndExpenses $7.41B USD 1 Quarter
Total costs and expenses CostsAndExpenses $8.90B USD 1 Quarter
OPERATING INCOME OperatingIncomeLoss $285.00M USD 1 Quarter
OPERATING INCOME OperatingIncomeLoss $313.00M USD 1 Quarter
Equity earnings in unconsolidated entities IncomeLossFromEquityMethodInvestments $7.00M USD 1 Quarter
Interest expense (net of capitalized interest of $9 and $5, respectively) InterestExpense $65.00M USD 1 Quarter
Interest expense (net of capitalized interest of $9 and $5, respectively) InterestExpense $65.00M USD 1 Quarter
Other income/(expense), net OtherNonoperatingIncomeExpense $2.00M USD 1 Quarter
Other income/(expense), net OtherNonoperatingIncomeExpense $-22.00M USD 1 Quarter
INCOME BEFORE TAX IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $198.00M USD 1 Quarter
INCOME BEFORE TAX IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $257.00M USD 1 Quarter
Current income tax expense CurrentIncomeTaxExpenseBenefit $11.00M USD 1 Quarter
Current income tax expense CurrentIncomeTaxExpenseBenefit $17.00M USD 1 Quarter
Deferred income tax expense DeferredIncomeTaxExpenseBenefit $3.00M USD 1 Quarter
Deferred income tax expense DeferredIncomeTaxExpenseBenefit $2.00M USD 1 Quarter
NET INCOME ProfitLoss $185.00M USD 1 Quarter
NET INCOME ProfitLoss $237.00M USD 1 Quarter
Net income attributable to noncontrolling interests NetIncomeLossAttributableToNoncontrollingInterest $3.00M USD 1 Quarter
Net income attributable to noncontrolling interests NetIncomeLossAttributableToNoncontrollingInterest $7.00M USD 1 Quarter
NET INCOME ATTRIBUTABLE TO PLAINS NetIncomeLoss $182.00M USD 1 Quarter
NET INCOME ATTRIBUTABLE TO PLAINS NetIncomeLoss $230.00M USD 1 Quarter
LIMITED PARTNERS NetIncomeLossAllocatedToLimitedPartners $129.00M USD 1 Quarter
LIMITED PARTNERS NetIncomeLossAllocatedToLimitedPartners $162.00M USD 1 Quarter
GENERAL PARTNER NetIncomeLossAllocatedToGeneralPartners $53.00M USD 1 Quarter
GENERAL PARTNER NetIncomeLossAllocatedToGeneralPartners $68.00M 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 $1.03 USD 1 Quarter
DILUTED NET INCOME PER LIMITED PARTNER UNIT (in dollars per unit) NetIncomeLossPerOutstandingLimitedPartnershipUnitDiluted $1.02 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 157.00M shares 1 Quarter
BASIC WEIGHTED AVERAGE UNITS OUTSTANDING (in units) WeightedAverageLimitedPartnershipUnitsOutstanding 143.00M shares 1 Quarter
DILUTED WEIGHTED AVERAGE UNITS OUTSTANDING (in units) WeightedAverageLimitedPartnershipUnitsOutstandingDiluted 158.00M shares 1 Quarter
DILUTED WEIGHTED AVERAGE UNITS OUTSTANDING (in units) WeightedAverageLimitedPartnershipUnitsOutstandingDiluted 144.00M shares 1 Quarter
Cash Flow Statement 64 line items
Line Item Tag Value Unit Period
Net income ProfitLoss $185.00M USD 1 Quarter
Net income ProfitLoss $237.00M USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $63.00M USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $60.00M USD 1 Quarter
Equity compensation expense ShareBasedCompensation $20.00M USD 1 Quarter
Equity compensation expense ShareBasedCompensation $39.00M USD 1 Quarter
Gain on sales of linefill and base gas GainLossOnSaleOfLinefill $12.00M USD 1 Quarter
Gain on sales of linefill and base gas GainLossOnSaleOfLinefill $13.00M USD 1 Quarter
Net cash received/(paid) for terminated interest rate or foreign currency hedging instruments NetCashPaidReceivedForTerminatedInterestRateAndForeignCurrencyHedgingInstruments $-23.00M USD 1 Quarter
Net cash received/(paid) for terminated interest rate or foreign currency hedging instruments NetCashPaidReceivedForTerminatedInterestRateAndForeignCurrencyHedgingInstruments $12.00M USD 1 Quarter
Other OtherNoncashIncomeExpense $4.00M USD 1 Quarter
Other OtherNoncashIncomeExpense $-3.00M USD 1 Quarter
Changes in assets and liabilities, net of acquisitions IncreaseDecreaseInOperatingCapital $-20.00M USD 1 Quarter
Changes in assets and liabilities, net of acquisitions IncreaseDecreaseInOperatingCapital $-384.00M USD 1 Quarter
Net cash provided by operating activities NetCashProvidedByUsedInOperatingActivitiesContinuingOperations $317.00M USD 1 Quarter
Net cash provided by operating activities NetCashProvidedByUsedInOperatingActivitiesContinuingOperations $654.00M USD 1 Quarter
Cash paid in connection with acquisitions, net of cash acquired PaymentsToAcquireBusinessesNetOfCashAcquired $21.00M USD 1 Quarter
Cash paid in connection with acquisitions, net of cash acquired PaymentsToAcquireBusinessesNetOfCashAcquired $756.00M USD 1 Quarter
Change in restricted cash IncreaseDecreaseInRestrictedCash $-18.00M USD 1 Quarter
Change in restricted cash IncreaseDecreaseInRestrictedCash $1.63B USD 1 Quarter
Additions to property and equipment PaymentsToAcquireProductiveAssets $263.00M USD 1 Quarter
Additions to property and equipment PaymentsToAcquireProductiveAssets $121.00M USD 1 Quarter
Proceeds from sales of assets ProceedsFromSaleOfProductiveAssets $13.00M USD 1 Quarter
Net cash received for sales and purchases of linefill and base gas ProceedsFromPaymentsToAcquireLinefillInAssetsOwned $13.00M 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 $2.00M USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivitiesContinuingOperations $-1.89B USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivitiesContinuingOperations $-842.00M USD 1 Quarter
Net borrowings/(repayments) on PAA's revolving credit facility NetProceedsFromRepaymentsOfRevolvingCreditFacilities $184.00M USD 1 Quarter
Net borrowings/(repayments) on PAA's revolving credit facility NetProceedsFromRepaymentsOfRevolvingCreditFacilities $-654.00M USD 1 Quarter
Net repayments on PAA's hedged inventory facility NetProceedsFromRepaymentsOfShortTermLetterOfCreditAndHedgedInventoryFacility $-200.00M USD 1 Quarter
Net repayments on PAA's hedged inventory facility NetProceedsFromRepaymentsOfShortTermLetterOfCreditAndHedgedInventoryFacility $-75.00M USD 1 Quarter
Net repayments on PNG's credit agreements NetProceedsFromRepaymentsOfSubsidiaryCreditFacilities $-52.00M USD 1 Quarter
Net repayments on PNG's credit agreements NetProceedsFromRepaymentsOfSubsidiaryCreditFacilities $-5.00M USD 1 Quarter
Proceeds from the issuance of senior notes ProceedsFromIssuanceOfSeniorLongTermDebt $597.00M USD 1 Quarter
Proceeds from the issuance of senior notes ProceedsFromIssuanceOfSeniorLongTermDebt $1.25B USD 1 Quarter
Repayments of senior notes RepaymentsOfSeniorDebt $200.00M USD 1 Quarter
Net proceeds from the issuance of common units (Note 9) ProceedsFromIssuanceOfCommonLimitedPartnersUnits $455.00M USD 1 Quarter
Net proceeds from the issuance of common units (Note 9) ProceedsFromIssuanceOfCommonLimitedPartnersUnits $503.00M USD 1 Quarter
Cash received for sale of noncontrolling interest in a subsidiary ProceedsFromPaymentsForSalePurchaseOfInterestInSubsidiaries $370.00M USD 1 Quarter
Distributions paid to common unitholders (Note 9) DistributionMadeToMemberOrLimitedPartnerCashDistributionsPaid $135.00M USD 1 Quarter
Distributions paid to common unitholders (Note 9) DistributionMadeToMemberOrLimitedPartnerCashDistributionsPaid $159.00M USD 1 Quarter
Distributions paid to general partner (Note 9) DistributionPaidToGeneralPartnerCashFlowSide $66.00M USD 1 Quarter
Distributions paid to general partner (Note 9) DistributionPaidToGeneralPartnerCashFlowSide $49.00M USD 1 Quarter
Distributions to noncontrolling interests PaymentsOfDividendsMinorityInterest $5.00M USD 1 Quarter
Distributions to noncontrolling interests PaymentsOfDividendsMinorityInterest $12.00M USD 1 Quarter
Other financing activities ProceedsFromPaymentsForOtherFinancingActivities $-9.00M USD 1 Quarter
Other financing activities ProceedsFromPaymentsForOtherFinancingActivities $-4.00M USD 1 Quarter
Net cash provided by financing activities NetCashProvidedByUsedInFinancingActivitiesContinuingOperations $1.56B USD 1 Quarter
Net cash provided by financing activities NetCashProvidedByUsedInFinancingActivitiesContinuingOperations $171.00M USD 1 Quarter
Effect of translation adjustment on cash EffectOfExchangeRateOnCashAndCashEquivalentsContinuingOperations $1.00M USD 1 Quarter
Net decrease in cash and cash equivalents NetCashProvidedByUsedInContinuingOperations $-17.00M USD 1 Quarter
Net decrease in cash and cash equivalents NetCashProvidedByUsedInContinuingOperations $-12.00M USD 1 Quarter
Cash and cash equivalents, beginning of period CashAndCashEquivalentsAtCarryingValue $14.00M USD Point-in-time
Cash and cash equivalents, beginning of period CashAndCashEquivalentsAtCarryingValue $36.00M USD Point-in-time
Cash and cash equivalents, beginning of period CashAndCashEquivalentsAtCarryingValue $26.00M USD Point-in-time
Cash and cash equivalents, beginning of period CashAndCashEquivalentsAtCarryingValue $19.00M USD Point-in-time
Cash and cash equivalents, end of period CashAndCashEquivalentsAtCarryingValue $14.00M 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 $26.00M USD Point-in-time
Cash and cash equivalents, end of period CashAndCashEquivalentsAtCarryingValue $19.00M USD Point-in-time
Cash paid for interest, net of amounts capitalized InterestPaidNet $78.00M USD 1 Quarter
Cash paid for interest, net of amounts capitalized InterestPaidNet $71.00M USD 1 Quarter
Cash paid for income taxes, net of amounts refunded IncomeTaxesPaidNet $28.00M USD 1 Quarter
Stockholders Equity 17 line items
Line Item Tag Value Unit Period
Balance PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest $5.97B USD Point-in-time
Balance PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest $6.51B USD Point-in-time
Balance (in units) LimitedPartnersCapitalAccountUnitsOutstanding 155.38M shares Point-in-time
Balance (in units) LimitedPartnersCapitalAccountUnitsOutstanding 161.32M shares Point-in-time
Net income ProfitLoss $185.00M USD 1 Quarter
Net income ProfitLoss $237.00M USD 1 Quarter
Distributions PartnersCapitalAccountDistributions $237.00M USD 1 Quarter
Issuance of common units PartnersCapitalAccountSaleOfUnits $455.00M USD 1 Quarter
Issuance of common units (in units) PartnersCapitalAccountUnitsSaleOfUnits 5.75M shares 1 Quarter
Issuance of common units under LTIP StockIssuedDuringPeriodValueShareBasedCompensationGross $16.00M USD 1 Quarter
Equity compensation expense PartnersCapitalAccountUnitBasedCompensation $9.00M USD 1 Quarter
Other comprehensive income/(loss) OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecrease $59.00M USD 1 Quarter
Other comprehensive income/(loss) OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecrease $-29.00M USD 1 Quarter
Balance PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest $5.97B USD Point-in-time
Balance PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest $6.51B USD Point-in-time
Balance (in units) LimitedPartnersCapitalAccountUnitsOutstanding 155.38M shares Point-in-time
Balance (in units) LimitedPartnersCapitalAccountUnitsOutstanding 161.32M shares Point-in-time
Comprehensive Income 10 line items
Line Item Tag Value Unit Period
Net income ProfitLoss $185.00M USD 1 Quarter
Net income ProfitLoss $237.00M USD 1 Quarter
Other comprehensive income/(loss) OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecrease $59.00M USD 1 Quarter
Other comprehensive income/(loss) OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecrease $-29.00M USD 1 Quarter
Comprehensive income ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest $296.00M USD 1 Quarter
Comprehensive income ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest $156.00M USD 1 Quarter
Less: Comprehensive income attributable to noncontrolling interests ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest $3.00M 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 $293.00M USD 1 Quarter

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

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