Plains All American Pipeline, L.P. (NASDAQ:PAA) Q2 2023 Earnings Conference Call August 4, 2023 10:00 AM ET
Company Participants
Blake Fernandez - VP of IR
Willie Chiang - Chairman and CEO
Al Swanson - EVP and CFO
Jeremy Goebel - EVP and Chief Commercial Officer
Chris Chandler - EVP and COO
Conference Call Participants
Spiro Dounis - Citi
Brian Reynolds - UBS
Gabriel Moreen - Mizuho
Michael Blum - Wells Fargo
Keith Stanley - Wolfe Research
Neal Dingmann - Truist Securities
Neel Mitra - Bank of America
Sunil Sibal - Seaport Global
Operator
Good morning, and thank you for standing by. Welcome to the PAA and PAGP Second Quarter 2023 Earnings Call. [Operator Instructions] Please be advised that today's conference is being recorded.
I would now like to hand the conference over to your speaker today, Blake Fernandez, Vice President of Investor Relations. Please go ahead.
Blake Fernandez
Thank you, Michelle. Good morning, and welcome to Plains All American second quarter '23 earnings call. Today's slide presentation is posted on the Investor Relations website under the News and Events section of plains.com where an audio replay will also be available following today's call. Important disclosures regarding forward-looking statements and non-GAAP financial measures are provided on Slide 2.
Highlights from the quarter are provided on Slide 3. The condensed consolidating balance sheet for PAGP and other reference materials are located in the appendix. Today's call will be hosted by Willie Chiang, Chairman and CEO; and Al Swanson, Executive Vice President and CFO, as well as other members of our management team.
With that, I will now turn the call over to Willie.
Willie Chiang
Thank you, Blake. Good morning, everyone and thanks for joining us.
In our release earlier this morning, we announced strong second quarter results, along with the closing of the Permian Gathering Bolt-on Acquisition on July 28th, and we provided an update on our NGL segment optimization efforts at Fort Saskatchewan.
These announcements reflect meaningful progress towards executing on our full-year '23 targets and goals. As a result, our year-to-date performance and the bulk -- as a result of our year-to-date performance and the Bolt-on Acquisition, we now expect to be at the high-end of our $2.45 billion to $2.55 billion, adjusted EBITDA range for 2023.
Our revised outlook also contemplates slightly lower-than-expected Permian production driven by lower commodity prices and some weather-related impacts that occurred in June and July. A high-level overview of our updated '23 guidance is located on Slide 4, and Al will share additional detail in his portion of the call.