Plains All American Pipeline LP (NASDAQ:PAA) Q2 2022 Earnings Conference Call August 3, 2022 5:30 PM ET
Company Participants
Roy Lamoreaux - VP of IR, Communications & Government Relations
Wilfred Chiang - Chairman & CEO
Al Swanson - EVP & CFO
Christopher Chandler - EVP & COO
Jeremy Goebel - EVP & Chief Commercial Officer
Conference Call Participants
Jean Salisbury - Sanford C. Bernstein & Co.
Keith Stanley - Wolfe Research
Colton Bean - Tudor, Pickering, Holt & Co.
Sunil Sibal - Seaport Global Securities
Jeremy Tonet - JPMorgan Chase & Co.
Brian Reynolds - UBS
Neal Dingmann - Truist Securities
Operator
Good day, and welcome to the Plains All American Pipeline Second Quarter 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, Mr. Roy Lamoreaux. Please go ahead, sir.
Roy Lamoreaux
Thank you, Sheri. Good afternoon, and welcome to Plains all American Second Quarter 2022 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. An overview of today's call is provided on Slide 3. A 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. Other members of our team will be available for the Q&A, including Harry Pefanis, President; Chris Chandler, Executive Vice President and Chief Operating Officer; Jeremy Goebel, Executive Vice President and Chief Commercial Officer; and Chris Herbold, Senior Vice President, Finance and Chief Accounting Officer.
With that, I will now turn the call over to Willie.
Wilfred Chiang
Thank you, Roy. Good afternoon, and thank you all for joining us. Today, we announced second quarter results above our expectations, reflecting continued execution of our long-term goals and initiatives as well as strength in both of our crude and NGL segments. In summary, second quarter adjusted EBITDA attributable to PAA was $615 million. We increased our full year 2022 adjusted EBITDA guidance by $100 million to plus or minus $2.375 billion, which is $175 million above our initial February guidance. This was driven by outperformance in both of our NGL and crude oil segments due to higher volumes and higher commodity prices. As a result, we now expect to achieve the midpoint of our leverage target range of 4.0x by year-end 2022.