Plains All American Pipeline and Plains GP Holdings Announce Distributions

Rhea-AI Summary

Plains All American Pipeline (PAA) announced a quarterly cash distribution of $0.18 per common unit for Q2 2021, consistent with May 2021's distribution. The corresponding amount for Plains GP Holdings (PAGP) is also $0.18 per Class A share. PAA's Series A Preferred Units will see a distribution of $0.525 per unit. These distributions are payable on August 13, 2021, to holders of record by the close of business on July 30, 2021. The PAGP distribution is anticipated to be a non-taxable return of capital up to the shareholder's tax basis.

Positive

• Quarterly cash distribution of $0.18 per common unit is unchanged, providing consistent returns for investors.
• PAA's operations handle over 5 million barrels per day of crude oil and NGL, indicating strong operational capacity.

Negative

• None.

HOUSTON, July 06, 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 second 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 May 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 May 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 August 13, 2021 to holders of record of each security at the close of business on July 30, 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 PAA in Q2 2021?

PAA announced a quarterly cash distribution of $0.18 per common unit for Q2 2021.

When will PAA's distributions be payable?

PAA's distributions are payable on August 13, 2021, to holders of record by July 30, 2021.

What is the distribution amount for PAGP in Q2 2021?

PAGP announced a quarterly cash distribution of $0.18 per Class A share for Q2 2021.

What is the Series A Preferred Unit distribution for PAA?

PAA's Series A Preferred Units will receive a distribution of $0.525 per unit.

What is the expected tax treatment of PAGP's cash distribution?

The PAGP distribution is expected to be a non-taxable return of capital up to the Class A Shareholder's tax basis.