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Plains All American Pipeline is based in Houston.

Plains All American Pipeline is based in Houston.

Plains All American Pipeline

Houston pipeline and storage terminal operator Plains All American Pipeline on Tuesday said it swung to a profit in the first quarter, despite the challenges of the pandemic and February winter storm.

The company reported a $422 million profit in the first three months of the year, compared to $2.85 billion loss during the same period in 2020 when Plains’ bottom line was hit by a $3.2 billion write down in the value of its assets. Revenues rose about 1 percent to $8.38 billion in the period from $8.27 billion in the first quarter of 2020.

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“We delivered first-quarter results that exceeded our expectations,” CEO Willie Chiang said in a statement.  “We are increasingly constructive in our outlook for global energy demand recovery and for a corresponding supply response to build momentum through 2022.”