Plains All American Pipeline, L.P. (NASDAQ:PAA) Q1 2024 Earnings Conference Call May 3, 2024 10:00 AM ET

Company Participants

Blake Fernandez - Vice President, Investor Relations
Willie Chiang - Chairman and CEO
Al Swanson - Executive Vice President and CFO
Jeremy Goebel - Executive Vice President and CCO

Conference Call Participants

Michael Blum - Wells Fargo
Spiro Dounis - Citi
Keith Stanley - Wolfe Research
Sunil Sibal - Seaport Global
Zack Van Everen - TPH & Company
Naomi Marfatia - UBS
Neal Dingmann - Truist Securities
Jeremy Tonet - JPMorgan Securities
John Mackay - Goldman Sachs
Theresa Chen - Barclays

Operator

Thank you for standing by. And welcome to PAA and PAGP’s First Quarter 2024 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speaker presentation, there will be a question-and-answer session. [Operator Instructions]

I would now like to hand the call over to Blake Fernandez, VP, Investor Relations. Please go ahead.

Blake Fernandez

Thank you, Lateef. Good morning. And welcome to Plains All American first quarter 2024 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. Condensed consolidating balance sheet for PAGP and other reference materials are in the appendix.

Today’s call will be hosted by Chairman and CEO, Willie Chiang; Executive Vice President and CFO, Al Swanson; as well as other management members.

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

Willie Chiang

Thank you, Blake. Good morning, everyone, and thank you for joining us. Our strategy remains consistent and is anchored around capital discipline, generating free cash flow, return of capital to our investors and financial flexibility. And consistent with those themes, earlier this morning we reported first quarter results that are in line with our expectation, which reflects progress towards our full year 2024 targets and provides us with confidence in our ability to deliver on the plan that we laid out in February.

For the first quarter and as illustrated on Slides 3 and 4, we reported adjusted EBITDA attributable to PAA of $718 million and we reaffirmed our 2024 adjusted EBITDA outlook. Al will share additional details on our quarterly performance and the 2024 outlook in his portion of the call.