Major Houston midstream MLP cuts capital spending, distributions
Plains All American Pipeline LP (NYSE: PAA and PAGP) is the latest Houston-based company in the energy industry to cut spending amid market pressure.
The master limited partnership has reduced its 2020-2021 capital program by $750 million, or 33 percent, to approximately $1.55 billion, according to an April 7 press release. When eliminating $600 million in assumed joint venture project financing, the decrease of $1.35 billion in spending is 47 percent lower than originally planned. Plains already…
