Plains All American Pipeline, L.P. (NASDAQ:PAA) Q1 2022 Earnings Conference Call May 4, 2022 5:00 PM ET

Company Participants

Roy Lamoreaux - Vice President-Investor Relations

Willie Chiang - Chairman & Chief Executive Officer

Al Swanson - Executive Vice President & Chief Financial Officer

Chris Chandler - Executive Vice President & Chief Operating Officer

Jeremy Goebel - Executive Vice President & Chief Commercial Officer

Conference Call Participants

Jeremy Tonet - JPMorgan

Michael Blum - Wells Fargo

Jean Ann Salisbury – Bernstein

Brian Reynolds - UBS

Becca Followill - U.S. Capital Advisors

Sunil Sibal - Seaport Global Securities

Operator

Good day, and thank you for standing by. Welcome to the PAA and PAGP First Quarter 2022 Earnings Call. At this time, all participants are in a listen-only mode. After the speakers’ presentation, there will be a question-and-answer session. [Operator Instructions].

I would like to turn the conference over to your speaker today, Mr. Roy Lamoreaux. Please go ahead.

Roy Lamoreaux

Thank you, Chino. Good afternoon, and welcome to Plains All American's First 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 and an overview of today's call is ride on Slide 3. The consolidated -- or 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 Chief Financial Officer. Other members of our team will also be available for the Q&A, including 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.

Willie Chiang

Thank you, Roy, and good afternoon, everyone, and thank you for joining us. While our business is off to a strong start to the year, reporting solid first quarter adjusted EBITDA attributable to PAA of $614 million, which is above our previous expectations. Given the quarter performance and our outlook for the balance of the year, we are increasing our full year 2022 guidance for adjusted EBITDA by 75 million to plus or minus 2.275 billion with biased to the upside.