Plains All American Pipeline and Plains GP Holdings Announce Distributions

Rhea-AI Summary

On October 4, 2021, Plains All American Pipeline (PAA) announced its third-quarter cash distributions, keeping them unchanged from August 2021. PAA will distribute $0.18 per common unit, with an annualized rate of $0.72. Additionally, distributions for Series A Preferred Units are set at $0.525 per unit, and $30.625 for Series B Preferred Units. These distributions are payable on November 12 and November 15, 2021, respectively. PAA operates extensive midstream energy infrastructure, handling over 5 million barrels per day across the U.S. and Canada.

Positive

• PAA maintains quarterly cash distribution of $0.18 per common unit, signaling stability.
• Series A Preferred Units distribution remains $0.525, reflecting consistent returns for preferred shareholders.
• PAA handles over 5 million barrels per day, showcasing a strong operational capacity in the midstream energy sector.

Negative

• None.

HOUSTON, Oct. 04, 2021 (GLOBE NEWSWIRE) -- Plains All American Pipeline, L.P. (Nasdaq: PAA) and Plains GP Holdings (Nasdaq: PAGP) today announced their quarterly distributions with respect to the third quarter of 2021.

PAA announced a quarterly cash distribution of $0.18 per common unit ($0.72 per unit on an annualized basis), which is unchanged from the distribution paid in August 2021. PAGP announced a corresponding quarterly cash distribution of $0.18 per Class A share ($0.72 per Class A share on an annualized basis), which is unchanged from the distribution paid in August 2021. With respect to PAA’s Series A Preferred Units, PAA announced a quarterly cash distribution of $0.525 per Series A Preferred Unit, or $2.10 on an annualized basis. Each of these distributions will be payable on November 12, 2021 to holders of record of each security at the close of business on October 29, 2021.

For its Series B Preferred Units, PAA announced a semi-annual distribution of $30.625 per Series B Preferred Unit, which will be payable on November 15, 2021 to holders of record at the close of business on November 1, 2021.

The PAGP cash distribution is expected to be a non-taxable return of capital to the extent of a Class A Shareholder’s tax basis in each PAGP Class A Share and a reduction in the tax basis of that Class A Share. To the extent any cash distribution exceeds a Class A Shareholder’s tax basis, it should be taxable as capital gains. 

PAA 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"), and natural gas. 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 more than 5 million barrels per day of crude oil and NGL in its Transportation segment.

PAGP is a publicly traded entity that owns an indirect, non-economic controlling general partner interest in PAA and an indirect limited partner interest in PAA, one of the largest energy infrastructure and logistics companies in North America.

PAA and PAGP are headquartered in Houston, Texas. More information is available at www.plainsallamerican.com.

Contact:        

Brett Magill                        
Director, Investor Relations                
(866) 809-1291

FAQ

What is the quarterly cash distribution for Plains All American Pipeline (PAA) in Q3 2021?

PAA announced a quarterly cash distribution of $0.18 per common unit for Q3 2021.

When will the cash distributions for PAA be payable?

The cash distributions for PAA will be payable on November 12, 2021.

What is the annualized cash distribution for PAA's Series A Preferred Units?

The annualized cash distribution for PAA's Series A Preferred Units is $2.10 per unit.

How much is the semi-annual distribution for PAA's Series B Preferred Units?

The semi-annual distribution for PAA's Series B Preferred Units is $30.625 per unit.

How much crude oil and NGL does PAA handle daily?

PAA handles over 5 million barrels per day of crude oil and natural gas liquids.