Plains All American Pipeline, L.P. (NASDAQ:PAA) Q3 2023 Earnings Conference Call November 3, 2023 10:00 AM ET

Company Participants

Blake Fernandez - Vice President of Investor Relations

Willie Chiang - Chairman & Chief Executive Officer

Al Swanson - Executive Vice President & Chief Financial Officer

Jeremy Goebel - Executive Vice President & Chief Commercial Officer

Conference Call Participants

Michael Blum - Wells Fargo

Brian Reynolds - UBS

Gabriel Moreen - Mizuho

Keith Stanley - Wolfe Research

Neel Mitra - Bank of America

Neal Dingmann - Truist Securities

Sunil Sibal - Seaport Global

John Mackay - Goldman Sachs

Operator

Good day and thank you for standing by. Welcome to Plains All America's Third Quarter 2023 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today's call is being recorded.

I would now like to hand the conference over to your speaker today, Blake Fernandez, Vice President, Investor Relations. Please go ahead, sir.

Blake Fernandez

Thank you, Norma. Good morning and welcome to Plains All American third quarter '23 earnings call. Today's slide presentation is posted on the Investor Relations website under the News and Events section at plains.com. An audio replay will also be available after 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 in the appendix. Today's call will be hosted by Willie Chiang, our Chairman and CEO; and Al Swanson, Executive Vice President and CFO as well as other members of our management team.

With that, I will turn the call over to Willie.

Willie Chiang

Thanks, Blake. Happy Friday, everyone and thank you for joining us this morning. Today, we reported strong third quarter results, along with the closing of 2 Permian gathering bolt-on acquisitions and the continued execution of our multiyear capital allocation framework which is focused on lowering leverage and increasing the return of capital to our unitholders.

As a result of our year-to-date performance and the partial year contributions of our recent bolt-on acquisitions, we are raising our full year 2023 adjusted EBITDA guidance to a range of $2.6 billion to $2.65 billion. This reflects an increase of $50 million to $100 million from the high end of our previous guidance range a high-level overview of our updated 2023 guidance is located on Slide 4 and Al will share additional detail in his portion of the call. As summarized on Slide 5, OMAG JV acquired Rattler Midstream's Southern Delaware Basin crude gathering system and LM Energy's Northern Delaware Basin touchdown crude gathering system for an aggregate cash consideration of approximately $205 million or approximately $135 million net Plains.