Plains All American Pipeline Lp (PAA) has reported 119.80 percent jump in profit for the quarter ended Mar. 31, 2017. The company has earned $444 million, or $0.58 a share in the quarter, compared with $202 million, or $0.07 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $224 million, or $0.27 a share compared with $355 million or $0.45 a share, a year ago.

Revenue during the quarter surged 62.17 percent to $6,667 million from $4,111 million in the previous year period. Total expenses were 91.14 percent of quarterly revenues, down from 93.14 percent for the same period last year. This has led to an improvement of 200 basis points in operating margin to 8.86 percent.

Operating income for the quarter was $591 million, compared with $282 million in the previous year period.

However, the adjusted EBITDA for the quarter stood at $512 million compared with $633 million in the prior year period. At the same time, adjusted EBITDA margin contracted 772 basis points in the quarter to 7.68 percent from 15.40 percent in the last year period.

"Our first quarter results reflect in-line performance from our fee-based Transportation and Facilities segments as well as our margin-based crude oil marketing activities, but were adversely impacted by weaker than anticipated performance from our NGL marketing activities, which are included in our Supply and Logistics segment," said Greg Armstrong, chairman and chief executive officer. "NGL margins were negatively impacted by warmer weather and tighter differentials between Canada and our US demand markets among other factors. To address these issues in future periods, we are modifying the way we manage our inventory and implementing contractual provisions that will reduce earnings volatility and the quantity of seasonal NGL inventory we store, in exchange for partially limiting our upside potential.

Days sales outstanding went down to 12 days for the quarter compared with 37 days for the same period last year.