Plains All American Pipeline, L.P. and Plains GP Holdings Announce Distributions
September 30 2016 - 9:27AM
Business Wire
Plains All American Pipeline, L.P. (NYSE: PAA) and Plains GP
Holdings (NYSE: PAGP) today announced their quarterly distributions
with respect to the third quarter of 2016. The distributions will
be payable on November 14, 2016 to holders of record of each
security at the close of business on October 31, 2016.
Consistent with its stated intent in early July when the pending
simplification transaction was announced, PAA announced a quarterly
cash distribution of $0.55 per common unit ($2.20 per unit on an
annualized basis), which equates to a 21% reduction to the
quarterly distribution paid in August 2016. Additionally, PAA
announced a payment-in-kind (“PIK”) of the quarterly distribution
with respect to its Series A Preferred Units, which will result in
the issuance of an additional 1,262,522 Series A Preferred Units.
The PIK amount equates to a quarterly distribution of $0.525 per
Series A Preferred Unit, or $2.10 annualized.
PAGP announced a quarterly cash distribution of $0.2065 per
Class A share ($0.8260 per Class A share on an annualized basis),
which equates to an 11% reduction from the quarterly distribution
paid in August 2016.
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 4.6 million
barrels per day of crude oil and NGL in its Transportation segment.
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.
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Plains All American Pipeline, L.P. and Plains GP HoldingsRyan
Smith, 866-809-1291Director, Investor Relations
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