Plains
All American Pipeline, L.P. (NYSE: PAA)
and Plains
GP Holdings (NYSE: PAGP)
today announced their quarterly cash distributions. The distributions
will be payable on May 15, 2014 to holders of record of each security at
the close of business on May 2, 2014.
PAA
increased its quarterly cash distribution to $0.6300 per unit ($2.52 per
unit on an annualized basis) on all of its outstanding limited partner
units. This distribution represents an increase of approximately 9.6%
over the quarterly distribution of $0.5750 per unit ($2.30 per unit on
an annualized basis) paid in May 2013 and an increase of approximately
2.4% over the quarterly distribution of $0.6150 per unit ($2.46 per unit
on an annualized basis) paid in February 2014. As of this distribution,
PAA will have increased its quarterly distribution to limited partners
in 38 out of the past 40 quarters and consecutively in each of the past
19 quarters.
PAGP
increased its quarterly cash distribution to $0.17055 per Class A share
($0.6822 per Class A share on an annualized basis) on all of its
outstanding Class A shares. This distribution represents an increase of
approximately 6.7% over the non-prorated quarterly distribution of
$0.15979 per Class A share ($0.63914 per Class A share on an annualized
basis) for February 2014 and an increase of approximately 14.4% over the
initial quarterly distribution rate of $0.14904 per Class A share
included in PAGP’s IPO prospectus.
Plains All American Pipeline, L.P. is a publicly traded master limited
partnership that owns and operates midstream energy infrastructure and
provides logistics services for crude oil, natural gas liquids ("NGL"),
natural gas and refined products. PAA owns an extensive network of
pipeline transportation, terminalling, storage and gathering assets in
key crude oil and NGL producing basins and transportation corridors and
at major market hubs in the United States and Canada. On average, PAA
handles over 3.5 million barrels per day of crude oil and NGL on its
pipelines. PAA is headquartered in Houston, Texas.
Plains GP Holdings is a publicly traded entity that owns an interest in
the general partner and incentive distribution rights of Plains All
American Pipeline, L.P., one of the largest energy infrastructure and
logistics companies in North America. PAGP is headquartered in Houston,
Texas.
Copyright Business Wire 2014