Plains All American Pipeline, L.P.

Good day, and thank you for standing by. Welcome to the 2024 Second Quarter Plains All-American Pipeline Earnings Call. At this time, all participants are in listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during this session, you'll need to press star 11 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 11 again. Please be advised that today's conference is being recorded. I'd like to hand the conference over to your first speaker today, Blake Fernandez, VP of Investor Relations. Please go ahead.

Thank you, Marvin. Good morning, and welcome to Plains All-American's second 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 two. An overview of today's call is provided on slide three. A condensed consolidating balance sheet for BAGP and other reference materials are in the appendix. Today's call will be hosted by our Chairman and CEO, Willie Chang, Executive Vice President and CFO, Al Swanson, and other members of our management team. With that, I will now turn the call over to Willie.

Thank you, Blake. Good morning, everyone, and thank you for joining us. Today we reported second quarter adjusted EBITDA attributable to PAA of $674 million. This exceeded our expectation, and it highlights our focus on execution and the ability of our team and asset base to respond to the ever-changing market dynamics. As a result of our year-to-date performance, bolt-on M&A contributions and momentum as we enter the second half of the year. We're raising the midpoint of our full year 2024 adjusted EBITDA guidance by $75 million to a new range of $2.725 to $2.775 billion. Our 2024 production outlook remains unchanged at an increase of 200,000 to 300,000 barrels a day, exit to exit, with the back half waiting. I would also note that while rigs are trending slightly below our initial expectations, efficiencies have largely offset the impact of a lower overall rig count. A high-level overview of our second quarter results and updated 2024 guidance is shown on slides three and slide four. Consistent with our efficient growth strategy, Plains facilitated and acquired an additional 0.7% interest in the Wink to Webster pipeline company from Rattler Midstream for an aggregate cash consideration of approximately 20 million. Now, while this transaction is small, it's a great example of how our numerous joint ventures, partnerships, and joint ownership agreements provide us with a robust opportunity set as far as potential bolt-on transactions. Slide five provides an overview of our bolt-on activity since the second half of 2022. During this time, we've completed eight bolt-on acquisitions for an aggregate investment of approximately $535 million net to planes. These transactions all complement our existing asset base, include strong returns that meet our thresholds, create incremental efficient growth opportunities, and enhance our financial profile. With that, I'll turn the call over to Al.