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Plains All American Pipeline, L.P. (PAA)
Q1 2011 Earnings Call
May 05, 2011 11:00 am ET
Dean Liollio - President of PNGS GP LLC and Director of PNGS GP LLC
Greg Armstrong - Chairman of Plains All American GP LLC and Chief Executive Officer of Plains All American GP LLC
Dan Bach -
Al Swanson - Chief Financial Officer of Plains All American GP LLC and Executive Vice President of Plains All American GP LLC-GP
Harry Pefanis - Vice Chairman of PNGS GP LLC
Bernard Colson - Oppenheimer & Co. Inc.
John Edwards - Morgan Keegan & Company, Inc.
Darren Horowitz - Raymond James & Associates, Inc.
Previous Statements by PAA
» Plains All American Pipeline, L.P.'s CEO Discusses Q4 2010 Results - Earnings Call Transcript
» Plains All American CEO Discusses Q3 2010 Results - Earnings Call Transcript
» Plains All American Pipeline LP Q2 2010 Earnings Call Transcript
Good morning. My name is Dan Bach, Manager of Investor Relations. I want to welcome you to Plains All American Pipeline and PAA Natural Gas Storage's First Quarter Results Conference Call. Throughout the call, we may reference the companies by their respective New York Stock Exchange ticker symbols of PAA, or Plains All American Pipeline and PNG, for PAA Natural Gas Storage.
During today's call, in addition to reviewing the results of the prior period, we will provide forward-looking comments on the partnership's outlook for the future, which may include words such as believe, estimate, expect, anticipate or other words that indicate a forward view.
The partnerships intend to avail themselves of applicable safe harbor precepts and direct you to the risks and warnings set forth in the partnership's most recently filed prospectus, 10-K, 10-Q, 8-K and other current and future filings with the Securities and Exchange Commission.
In addition, we encourage you to visit our website at www.paalp.com, and www.pnglp.com, and in particular, the sections entitled Non-GAAP Reconciliations, which presents certain commonly used non-GAAP financial measures such as EBIT and EBITDA, which may be used here today in the prepared remarks or in the Q&A session. This section of the website also reconciles the non-GAAP financial measures to the most directly comparable GAAP financial measures, and includes a table of selected items that impact comparability with respect to the partnership's recorded financial information. Any reference during today's call to adjusted EBITDA, adjusted net income and the like, is a reference to the financial measure, excluding the effect of selected items impacting comparability. Also for PAA, all references to net income are references to net income attributable to Plains.
Today's conference call will be chaired by Greg L. Armstrong, Chairman and CEO of PAA and PNG. Also participating in the call are Harry Pefanis, President and COO of PAA and Vice Chairman of PNG; Dean Liollio, President of PNG; and Al Swanson, CFO of PAA and PNG.
Prior to turning the call over to Greg, I want to mention that we'll be holding our annual Analyst and Investor Meeting on Thursday, June 9, in downtown Houston. The meeting will begin with lunch at noon, followed by presentations from 1 to around 5:30. We intend to have several members of the management team present and available for questions.
If you have an interest in accounting and have not yet received materials on the meeting, please call either Roy Lamoreaux or myself.
I will now turn the call over to Greg.
Thanks, Dan. Good morning and welcome to everyone. In addition to Harry, Dean, Al and Dan, we also have several other members of our management team present and available for the question-and-answer session. Roy Lamoureux, our Director of Investor Relations is out of the office today on location.
As a reminder, the slide presentation we will be referring to in this call is available on our websites, our 2 websites at www.paalp.com and www.pnglp.com. During today's call, we will discuss PAA's first quarter operating and financial results, our 2011 capital program and acquisition activities, our financial position and our updated guidance for the second quarter and remainder of 2011. In an abbreviated fashion, we will also address summary information for PAA Natural Gas storage or PNG.
As many of you are aware, PNG is a separate publicly-traded MLP, focused exclusively on the Natural Gas Storage business. PAA owns 100% of PNG's general partner and 62% interest in -- limited partner interest for an aggregate 64% ownership interest, and thus, we consolidate PNG into PAA's financial statements.
The primary purpose of today's call is to address our first quarter performance and our outlook for the rest of the year. However, late last week we experienced a release of oil from our Rainbow Pipe Line system in Canada. Before we discuss our quarterly results, I wanted to provide some comments in context for the Rainbow release, and thus enable us to remain focused on the primary purpose for today's call.
On Friday, April 29, we shut in the northern portion of the Rainbow Pipe Line after detecting a crude oil release at a point that is north of our Nempsee [ph] station. We immediately notified the appropriate regulatory agencies, and lost a large very comprehensive response. The volume of the spill is currently estimated at approximately 4,500 cubic meters, which is approximately 28,000 barrels. Although this isn't immediately a significant volume, it was largely contained in our pipeline right of way, which substantially reduces the impact in cost of the response and the clean-up.