Houston-based Plains All American Pipeline reported its quarterly net income jumped nearly 20 percent up to $297 million.
The crude oil pipeline giant’s revenues fell 7 percent to $5.17 billion for the third quarter, but cost cutting helped offset the decline.
“Looking forward, we are encouraged by recent signals that indicate the current industry cycle has reached a bottom,” Plains Chairman and Chief Executive Greg Armstrong said Wednesday afternoon. He noted though that a challenging environment is expected to continue in the short term.
Plains is more crude oil-focused than most of its pipeline competitors, which funnel more natural gas, so Plains is uniquely situated to benefit from any upcoming rebound in the oil sector, Armstrong added.
In the third quarter of last year, Plains was impacted more by the immediate aftermath of an oil leak in California north of Refugio State Beach near Santa Barbara. The pipeline remains out of service.