Plains All American Pipeline, L.P. PAA reported first-quarter 2016 adjusted earnings of 45 cents per unit, beating the Zacks Consensus Estimate of 33 cents by 36.4%. However, quarterly earnings tanked 21.1% year over year.On a GAAP basis, earnings per unit were 7 cents compared with 35 cents a year ago. The variance between adjusted and GAAP earnings was due to the combined impact of a loss from derivative activities, deficiencies under minimum volume commitments, charges related to long-term inventory valuation adjustments, equity-indexed compensation expense, a gain on foreign currency revaluation and tax effect on selected items.Plains All American Pipeline LP (PAA) EPS BNRI & Surprise Percent - Last 5 Quarters | FindTheCompany Total RevenueIn the first quarter, the partnership reported total revenue of $4,111 million, missing the Zacks Consensus Estimate of $5,536 million by 25.7%.Reported revenues also plunged around 30.8% year over year due to lower contribution from the Transportation (4.3%), and Supply & Logistics (32.2%) segments. The decrease was partially offset by 3.1% year-over-year revenue growth at the Facilities segment.Operational UpdateIn the quarter under review, Plains All American’s total cost and expenses were $3,829 million, down 31.3% year over year primarily due to lower purchases and related costs, field operating costs, and general and administrative expenses.The partnership’s operating income plummeted 24.2% to $282 million from $372 million a year ago.Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) came in at $621 million in the first quarter, around 9% above the midpoint of management’s guidance and almost flat year over year.Interest expenses increased 6.7% to $112 million from $105 million a year ago.Financial UpdateAs of Mar 31, 2016, Plains All American had long-term debt of $9,153 million, compared with $10,375 million as of Dec 31, 2015. The long-term debt-to-total book capitalization ratio at the end of the quarter was 49% down from the 2015 end of 57%.In first-quarter 2016, the partnership’s cash flow from operating activities was $635 million, down from $732 million in the prior-year period.GuidancePlains All American provided its guidance for second-quarter 2016 and full-year adjusted net income in the range of $155–$217 million and $890–$1,076 million, respectively.Plains All American provided its guidance for second-quarter 2016 EBITDA in the range of $415 million to $465 million. The partnership revised its full-year 2016 guidance for adjusted EBITDA in the range of $2,100 million to $2,250 million.The partnership also provided its guidance for 2016 expansion capital expenditure in the $1,400–$1,600 million band. It projects maintenance capital expenditure in the range of $190–$210 million. The divestiture guidance takes into account the sale of non-core assets for aggregate total proceeds of $500 million to $600 million for the full year.Peer ReleasesPBF Logistics LP PBFX reported first-quarter 2016 earnings of 53 cents, beating the Zacks Consensus Estimate of 44 cents by 20.5%.Boardwalk Pipeline Partners, LP’s BWP first-quarter 2016 earnings of 40 cents beat the Zacks Consensus Estimate of 35 cents by 14.3%.ONEOK Partners, L.P. OKS reported first-quarter 2016 earnings of 52 cents per unit, beating the Zacks Consensus Estimate of 48 cents by 8.3%.Zacks RankPlains All American currently holds a Zacks Rank #3 (Hold).Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report PLAINS ALL AMER (PAA): Free Stock Analysis Report ONEOK PARTNERS (OKS): Free Stock Analysis Report BOARDWALK PIPLN (BWP): Free Stock Analysis Report PBF LOGISTICS (PBFX): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research