Plains All American Pipeline, L.P. (NASDAQ:PAA) Q4 2023 Results Conference Call February 9, 2024 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

Keith Stanley - Wolfe

Jean Salisbury - Bernstein

Neel Mitra - Bank of America

Jeremy Tonet - JP Morgan Securities

Sunil Sibal - Seaport Global

Neal Dingmann - Truist Securities

John Mackay - Goldman Sachs

Theresa Chen - Barclays

Timm Schneider - the Schneider Capital Group

Operator

Good day and thank you for standing by. Welcome to PAA and PAGP Fourth 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 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, sir.

Blake Fernandez

Thank you, Dan. Good morning and welcome to Plains All American fourth quarter 2023 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 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 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. Good morning, everyone, and thank you for joining us. Today, we reported fourth quarter and full year results exceeding expectations in both our Crude Oil and NGL segments. We've made considerable progress towards our long-term strategy while demonstrating continuous execution of our goals and initiatives.

In summary, fourth quarter and full year adjusted EBITDA attributable to PAA was $737 million and $2.71 billion respectively, with full year results exceeding the midpoint of our initial guidance by approximately $210 million or 8%. We lowered our long-term leverage ratio target range to 3.25x to 3.75x and we ended 2023 with a leverage ratio of 3.1x.