Plains All American 3Q profit drops 41 percent

HOUSTON (AP) — Plains All American Pipeline LP says its net income for the third quarter tumbled as American fuel consumption plummeted and the company transported less petroleum.

Plains All American reported that profits dropped 41 percent in the three months that ended Sept. 30 to $122 million, or 65 cents per limited partner unit, compared with the same quarter last year.

Revenue also tumbled 45 percent to $4.86 billion compared with the year-ago period.

The Houston-based company said it moved about 2 percent less petroleum in the third quarter, compared with the third quarter of 2008. American petroleum consumption plummeted in that time, dropping by about 1.1 million barrels per day, according to the Energy Information Administration.

Plains All American stock added 20 cents to close at $48.24 a share in Wednesday trading.