May 3 (Reuters) - Pipeline and storage operator Plains

All American raised its stake in the Saddlehorn Pipeline

Company joint venture and a mid-Continent basin terminal asset

by 10% for about $110 million in cash.

Plains already held 30% interest in the Saddlehorn Pipeline

joint venture, according to its 2023 year-end filing.

The company also said it has extended the duration of its

Permian basin long-haul portfolio, including the Cactus I crude

oil pipeline.

The move would provide greater clarity on the outlook for

Plains' long-haul assets, bolstering investor confidence in the

outlook for the business and its ability to continue generating

cash flow in the long term, said CEO Willie Chiang.

Separately, Plains beat Wall Street estimates for

first-quarter profit on Friday, helped by higher crude oil

pipeline tariff volumes.

Quarterly crude oil volumes rose to 8.6 million barrels per

day (bpd), nearly 4% higher as compared to 8.3 million bpd last

year.

The crude oil unit reported a 7% higher adjusted core profit

for the quarter at $553 million compared with the previous year.

On an adjusted basis, the firm reported a profit of 41 cents

per share, above the average analysts' estimate of 39 cents per

share.