Plains All American Pipeline and Plains GP Holdings Announce Quarterly Distributions

Rhea-AI Summary

Plains All American Pipeline, L.P. (Nasdaq: PAA) and Plains GP Holdings (Nasdaq: PAGP) have announced their quarterly distributions for the second quarter of 2023. PAA Common Units and PAGP Class A Shares will each receive a distribution of $0.2675 per unit, unchanged from the previous quarter. PAA Series A Preferred Units will receive a distribution of $0.61524 per unit. PAA Series B Preferred Units will receive a distribution of $24.10 per unit. The distributions will be payable on August 14 and August 15, 2023, respectively.

HOUSTON, July 06, 2023 (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 second quarter of 2023.

PAA and PAGP announced the following quarterly cash distributions, each of which will be payable on August 14, 2023 to holders of the respective securities at the close of business on July 31, 2023:

• PAA Common Units – $0.2675 per Common Unit ($1.07 per unit on an annualized basis), which is unchanged from the distribution paid in May 2023.
• PAGP Class A Shares – $0.2675 per Class A Share ($1.07 per Class A Share on an annualized basis), which is unchanged from the distribution paid in May 2023.
• PAA Series A Preferred Units – $0.61524 per Series A Preferred Unit (approximately $2.46 per unit on an annualized basis).
  

For its Series B Preferred Units, PAA announced a quarterly distribution of $24.10 per Series B Unit, which will be payable on August 15, 2023 to holders of record at the close of business on August 1, 2023.

Although equity holders should consult their own tax advisor regarding their particular circumstances, the PAGP cash distribution per Class A Share 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 such tax basis. In addition, to the extent any cash distribution exceeds a Class A Shareholder’s tax basis, it should be taxable as a capital gain. Qualified Notices under Treasury Regulation Section 1.1446 with respect to the PAA Common Unit distribution and PAA Series B Preferred Unit distribution will be posted on the Plains website under “Investor Relations – Unit Information.”

PAA is a publicly traded master limited partnership that owns and operates midstream energy infrastructure and provides logistics services for crude oil and natural gas liquids (NGL). PAA owns an extensive network of pipeline gathering and transportation systems, in addition to terminalling, storage, processing, fractionation and other infrastructure assets serving key producing basins, transportation corridors and major market hubs and export outlets in the United States and Canada. On average, PAA handles approximately 8 million barrels per day of crude oil and NGL.

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.plains.com.

Investor Relations Contacts:        

Blake Fernandez
Michael Gladstein
(866) 809-1291

FAQ

What are the quarterly distributions announced by Plains All American Pipeline, L.P. and Plains GP Holdings?

The quarterly distributions announced by Plains All American Pipeline, L.P. and Plains GP Holdings are as follows: PAA Common Units - $0.2675 per unit, PAGP Class A Shares - $0.2675 per share, PAA Series A Preferred Units - $0.61524 per unit, and PAA Series B Preferred Units - $24.10 per unit.

When will the distributions be payable?

The distributions will be payable on August 14, 2023, for PAA Common Units, PAGP Class A Shares, and PAA Series A Preferred Units. The distribution for PAA Series B Preferred Units will be payable on August 15, 2023.

Are the distributions the same as the previous quarter?

Yes, the distributions for PAA Common Units and PAGP Class A Shares remain unchanged from the previous quarter.

What is the website for more information about Plains All American Pipeline, L.P. and Plains GP Holdings?

The website for more information about Plains All American Pipeline, L.P. and Plains GP Holdings is www.plains.com.

Where are Plains All American Pipeline, L.P. and Plains GP Holdings headquartered?

Plains All American Pipeline, L.P. and Plains GP Holdings are headquartered in Houston, Texas.