Here’s Why Plains All American Pipeline and Plains GP Holdings Are Plunging Today
Midstream MLP Plains All American Pipeline (NYSE: PAA) and its general partner, Plains GP Holdings (NYSE: PAGP), both plunged on Tuesday morning and were down 16% and 15%, respectively, at 12:15 p.m. EDT. Driving the sell-off was Plains All American Pipeline's lackluster second-quarter report.
The oil pipeline company reported adjusted EBITDA of $451 million, which was down 12% from last quarter and 5% year over year, due to pressure on margins from its oil and natural gas liquids marketing activities. While that was in line with its prior guidance, the company now expects its full-year results to come in below those expectations. That led it to reduce its full-year adjusted EBITDA guidance from $2.26 billion to $2.08 billion.
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Source: Fool.com
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