Plains All American Pipeline has reported net income of $77 million, or $0.47 per diluted limited partner unit, for the fourth quarter of 2007, compared to $46 million, or $0.36 per diluted limited partner unit, for the same period in 2006.
The partnership reported net income of $365 million, or $2.52 per diluted limited partner unit, for the full year 2007, compared to $285 million, or $2.88 per diluted unit, for the full year 2006.
The partnership reported EBITDA of $164 million for the fourth quarter of 2007, which represents an increase of 48% compared to EBITDA of $111 million for the fourth quarter of 2006. EBITDA for the full year 2007 was $723 million, an increase of 54% over 2006 reported EBITDA of $470 million.
Greg Armstrong, chairman and CEO of Plains All American, said: We achieved or exceeded each of our stated goals, successfully integrated the Pacific Energy Partners acquisition, invested $525 million in internal growth projects and consummated several strategic bolt-on acquisitions. The combination of these achievements enabled us to increase distributions paid per unit in 2007 by 14.4% over distributions paid in 2006.