Plains All American Pipeline, L.P. PAA reported first-quarter 2019 adjusted earnings of 69 cents per unit, beating the Zacks Consensus Estimate of 59 cents by 16.9%. Moreover, the bottom line soared 91.7% from the year-ago period. The improvement was due to higher fee-based earnings and growth in Permian volumes.In the quarter under review, the partnership reported GAAP earnings of $1.20 per unit, up from the year-earlier figure of 33 cents.Total RevenuesTotal revenues in the first quarter amounted to $8,375 million, lagging the Zacks Consensus Estimate of $8,948 million by 6.4%. Revenues also dropped 0.3% from $8,398 million in the prior-year period.Plains All American Pipeline, L.P. Price, Consensus and EPS Surprise Plains All American Pipeline, L.P. Price, Consensus and EPS Surprise | Plains All American Pipeline, L.P. QuoteSegmental PerformanceIn the Transportation segment, adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) of $399 million increased 19.1% from the year-ago period, courtesy of expanded volumes in Permian Basin systems and the start-up of its Sunrise II pipeline in fourth-quarter 2018. Pipelines in the central region also contributed to the strong performance.In the Facilities segment, adjusted EBITDA of $184 million was almost in line with the year-ago figure of $185 million.The Supply and Logistics segment reported adjusted EBITDA of $278 million, up a whopping 286% from the comparable period last year. This improvement was due to favorable crude oil differentials and improved NGL margins.Highlights of the ReleaseIn the quarter under review, Plains All American’s total costs and expenses were $7,661 million, down 4.4% year over year. This decline in total expenses was due to lower purchases and related costs, as well as a decline in general and administrative expenses.Interest expenses declined 4.7% year over year to $101 million.The partnership’s operating income grew significantly to $714 million from $381 million in the prior-year quarter.Financial UpdateAs of Mar 31, 2019, current assets were $4,247 million compared with $3,533 million on Dec 31, 2018.As of Mar 31, 2019, Plains All American had a long-term debt of $9,177 million compared with $9,143 million on Dec 31, 2018.As of the same date, its long-term debt to total book capitalization ratio was 42%, down from 46% at the end of 2018.GuidancePlains All American revised its 2019 earnings guidance to $2.10 from prior expectation of $2.03 per unit. The partnership now expects full-year 2019 adjusted EBITDA to be $2,850 million, up from $2,750 million expected earlier.The partnership reiterated its 2019 adjusted EBITDA guidance for Transportation and Facilities. On the contrary, the company increased its view for the Supply & Logistics segment to $450 million from prior projection of $350 million.Plains All American also raised its 2019 capital expenditure guidance to $1,350 million from earlier expectation of $1,100 million.Zacks RankPlains All American currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Other ReleasesONEOK Inc. OKE reported first-quarter 2019 operating earnings of 81 cents per share, which surpassed the Zacks Consensus Estimate of 73 cents by 10.96%.National Fuel Gas Company NFG posted second-quarter fiscal 2019 operating earnings of $1.07 per share, lagging the Zacks Consensus Estimate of $1.15 by nearly 7%.Enterprise Products Partners L.P. EPD reported first-quarter 2019 adjusted earnings per limited partner unit of 57 cents, which beat the Zacks Consensus Estimate of 47 cents.Breakout Biotech Stocks with Triple-Digit Profit PotentialThe biotech sector is projected to surge beyond $775 billion by 2024 as scientists develop treatments for thousands of diseases. They’re also finding ways to edit the human genome to literally erase our vulnerability to these diseases.Zacks has just released Century of Biology: 7 Biotech Stocks to Buy Right Now to help investors profit from 7 stocks poised for outperformance. Our recent biotech recommendations have produced gains of +98%, +119% and +164% in as little as 1 month. The stocks in this report could perform even better.See these 7 breakthrough stocks now>>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 ONEOK, Inc. (OKE): Free Stock Analysis Report National Fuel Gas Company (NFG): Free Stock Analysis Report Plains All American Pipeline, L.P. (PAA): Free Stock Analysis Report Enterprise Products Partners L.P. (EPD): Free Stock Analysis Report To read this article on Zacks.com click here.