Plains All American Raises Outlook on Higher Oil Volumes

Average daily crude oil volumes in the second quarter rose 30% on its Permian Basin pipelines, Plains All American said, with oilfield activity trending about 10% above its initial expectations.

Arathy Somasekhar, Reuters

Plains All American LP on Aug. 3 raised its 2022 profit forecast for the second time this year, and said it expects strong demand on its pipelines carrying U.S. shale oil to the Gulf Coast.

The pipeline operator increased full-year adjusted earnings guidance by $100 million to about $2.38 billion, as it expects higher crude and natural gas liquids volumes.

U.S. crude oil has been in high demand in international markets with WTI crude trading at a discount to globally-traded Brent crude, making purchases attractive to foreign buyers.

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