PAA’s product platform
In the previous parts, we saw Plains All American Pipeline, L.P.’s (PAA) business operations based on its segments. This part will talk about the product platforms that PAA conducts its business in. These include crude oil, natural gas liquids (or NGL), and natural gas.
PAA’s assets are located throughout North America in major crude oil producing areas and liquids rich areas.
In terms of revenue, the crude oil platform provided the maximum revenue at ~75% in the recent quarter, followed by NGLs at ~20%.
Let’s take a look at PAA’s assets by product platform.
Crude oil or refined products
- 16,000 miles of transportation pipelines for crude and refined products
- Seven rail facilities
- 3,500 railcars that can carry up to 230,000 bbls/d (or barrels per day)
- Eight marine facilities that have load and unload capacities of 1.8 to 1.5 Mmbbls/d (or million barrels per day)
The segment also owns
- 770 trucks
- 130 barges
- 60 tugs
- 98 Mmbbls storage capacity
This segment has
- 1,950 miles of NGL transportation pipelines, with pipeline tariff volumes of 170,000 bbls/d
- Storage capacity of 23 Mmbbls
- Fractionation capacity of 235,000 bbls/d
- Gas processing capacity of 8.5 Bcf/d (or billions of cubic feet equivalent)
For the platform, PAA also owns
- 19 rail facilities
- 3,900 railcars
- 70 trucks
Natural gas storage
PAA owns two salt cavern storage facilities and one depleted reservoir storage facility, with a combined storage capacity of 97 Bcf of natural gas.
PAA is a component of several key MLP ETFs, including the Alerian MLP ETF (AMLP), Global X MLP ETF (MLPA), Global X MLP and Energy Infrastructure ETF (MLPX), and the First Trust North American Energy Infrastructure Fund (EMLP).
The following parts of this series discuss PAA’s positioning relative to its products.