Plains GP Holdings

RANK373

Plains GP Holdings is the parent of Plains All American Pipeline (PAA), which provides infrastructure and logistics services for crude oil, natural gas, and natural gas liquids (like ethane and propane) in the U.S. and Canada. Revenues shrank by 1% last year, to $33.7 billion, and profits dipped by roughly the same rate. And the coronavirus-related shutdowns this year, which have clobbered demand for oil and gas, aren't making things easier for 2020. One immediate setback: A planned joint venture between Plains and Phillips 66 to create Red Oak Pipeline—intended to transport crude oil from Cushing, Oklahoma, and the Permian Basin to key markets along the Texas Gulf Coast—has been deferred, as economic activity has slowed across the board. To keep more cash in its coffers, PAA has reduced its capital spending program and cut distributions to shareholders by half. The company also plans to sell off a total of $440 million in assets this year.