Plains All American Pipeline comments on second-quarter results

Source: Plains All American Pipeline, L.P.

Plains All American Pipeline, L.P. (NYSE:PAA) today announced that it expects adjusted earnings before interest, taxes, depreciation and amortization (“EBITDA”) for the second quarter of 2012 to exceed the mid-point of its quarterly guidance by approximately 15%. This expected level of performance is driven by strong fundamentals, favorable market conditions and solid execution in all three business segments.

On May 7, 2012, PAA furnished a Form 8-K providing midpoint adjusted EBITDA guidance of $460 million for the second quarter of 2012 based on a guidance range of $440 million to $480 million. The Partnership’s updated outlook does not incorporate potential adjustments for equity compensation expense due to variances in PAA's unit price or its probability assessment with respect to future distribution levels. Additionally, adjusted EBITDA excludes selected items that impact comparability between periods, including significant acquisition-related expenses, non-cash compensation expense and certain impacts of derivatives activities.

Plains All American Pipeline, L.P. is a publicly traded master limited partnership engaged in the transportation, storage, terminalling and marketing of crude oil and refined products, as well as in the processing, transportation, fractionation, storage and marketing of natural gas liquids. Through its general partner interest and majority equity ownership position in PAA Natural Gas Storage, L.P. (PNG), PAA owns and operates natural gas storage facilities. PAA is headquartered in Houston, Texas.

Non-GAAP Financial Measures

EBITDA is a non-GAAP financial measure. Net income and cash flows from operations are the most directly comparable GAAP measures to EBITDA. Adjusted EBITDA excludes selected items impacting comparability. The Partnership's Form 8-K furnished on May 7, 2012 presents a calculation of Adjusted EBITDA and a reconciliation of EBITDA to net income. A copy of the May 7th Form 8-K is available on the Partnership's website ( under "Investor Relations – Operating and Financial Guidance,” or “Investor Relations – SEC Filings.” In addition, the Partnership maintains a reconciliation of all non-GAAP financial information, such as EBITDA, to the most comparable GAAP measures under "Investor Relations – Non-GAAP Reconciliations" section of its website.

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