Well, PAA’s net income for Q1 was $202 million and it’s got a substantial amount of cash in the bank.
In its response to the ruling it said it had already “directly or indirectly” spent $150 million on remedying the spill’s impact. It also said it was “disappointed” about the criminal charges and it is going to defend itself vigorously.
In general the idea that oil companies are overflowing with cash is a bad one, particularly at the moment, but the midstream business seems to be holding up better. It’s not Exxon, but it’s not likely to struggle as far as I can tell. Although obviously there’s a counterparty risk if it gets found guilty etc.
