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Plains GP Holdings LP Class A PAGP

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Morningstar’s Analysis

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1-Star Price

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5-Star Price

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Economic Moat

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Stewardship

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Plains' Moat Is Now Narrow, Thanks to Permian Volume Volatility and Reduced Investments

Stephen Ellis Sector Strategist

Analyst Note

| Stephen Ellis |

We've downgraded Plains' moat to narrow from wide. The challenge for Plains in the aftermath of the OPEC+ breakdown and COVID-19 short-term demand destruction is Permian volumes are going to be highly volatile, with declines expected in 2020 and 2021 before an expected recovery in 2022. In short, Plains' lack of diversity is an issue. We think midstream entities function best with steady, stable volumes where pipeline and asset utilization is reasonably high.

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Company Profile

Business Description

Plains All American provides transportation, storage, processing, fractionation, and marketing services for crude oil, refined products, natural gas liquids, liquefied petroleum gas, and related products. Assets are geographically diverse, spanning the United States and in Alberta, Canada, but heavily concentrated in major U.S. shale basins like the Permian, Stack, and Bakken.

Contact
333 Clay Street, Suite 1600
Houston, TX, 77002
T +1 713 646-4100
Sector Energy
Industry Oil & Gas Midstream
Most Recent Earnings Mar 31, 2020
Fiscal Year End Dec 31, 2020
Stock Type Hard Assets
Employees 5,000

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