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Weather Woes Hamper Plains All American's 4Q15 Financials
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Plains All American Pipeline, L.P. and Plains GP Holdings reported fourth-quarter and full-year 2015 results.
Key Points: PAA reported fourth-quarter and full-year 2015 results with adjusted EBITDA of $563 million and $2.17 billion, respectively, which were slightly below the low end of our guidance ranges issued last November. This earnings shift is primarily the result of delayed inventory draws due to unseasonably warm temperatures in certain parts of the U.S. and Canada as well as impacts of inventory pricing during the fourth quarter. Additionally, severe weather in West Texas and the Mid-continent resulted in volume shortfalls impacting results by approximately $5 million.Greg Armstrong, Chairman and CEO of Plains All American, said: "PAA reported fourth-quarter and full-year…
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