U.S. pipeline operator Plains All American Pipeline LP expects to begin partial ...
HOUSTON - U.S. pipeline operator Plains All American Pipeline LP expects to begin partial service on its 670,000-barrel-per-day Cactus II pipeline next week, Chief Executive Willie Chiang said on Tuesday.
Houston-based Plains has filled about half the crude line, which runs from the Permian Basin in West Texas to the U.S. Gulf Coast. It plans to start full operation by the first quarter of 2020, Chiang told investors on a conference call. The pipeline will be able to connect to the Corpus Christi, Texas, area, which includes extensive crude export and storage terminals, by the end of September, Chiang said.
Separately, Plains on Tuesday reported sharply higher quarterly profit of 54 cents per unit, topping IBES estimates from Refinitiv by 12 cents. It attributed the earnings to improved volumes on its Permian pipelines and favorable crude pricing in the Permian and Canada.The company expects to handle an average 6.8 million barrels per day of crude and natural gas liquids in the United States this year. It increased its 2019 expansion capital guidance to $1.5 billion from $1.35 billion.
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