Houston pipeline and storage terminal operator Plains All American Pipeline said it swung to a profit in the first quarter, despite the challenges of the pandemic and February winter storm.
The company reported a $422 million profit in the first three months of the year, compared to $2.85 billion loss during the same period in 2020 when Plains’ bottom line was hit by a $3.2 billion write down in the value of its assets.
Revenues rose about 1 percent to $8.38 billion in the period from $8.27 billion in the first quarter of 2020.
“We delivered first-quarter results that exceeded our expectations,” CEO Willie Chiang said in a statement. “We are increasingly constructive in our outlook for global energy demand recovery and for a corresponding supply response to build momentum through 2022.”
For more information visit www.plainsallamerican.com
