Plains GP Holdings LP Class A

PAGP: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$58.00	Nhh	Lmhjfcs

Plains Earnings: Permian Oil Volumes Continue to Drive Plains’ Recovery

Stephen Ellis

May 5, 2023

Plains' first-quarter earnings continue to show the benefits of higher Permian volumes, with adjusted EBITDA up 16% over last year to $715 million. The company reaffirmed adjusted 2023 EBITDA guidance attributable to Plains at a midpoint of $2.5 billion, which matches our forecast. We expect to maintain our $14 per share fair value estimate and no-moat rating.

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