Plains All American Pipeline and Plains GP Holdings Announce Quarterly Distributions and Timing of Third Quarter 2024 Earnings

Rhea-AI Summary

Plains All American Pipeline (PAA) and Plains GP Holdings (PAGP) have announced their quarterly distributions for the third quarter of 2024 and the timing of their earnings release. The distributions remain unchanged from August 2024:

- PAA Common Units: $0.3175 per unit ($1.27 annualized)
- PAGP Class A Shares: $0.3175 per share ($1.27 annualized)
- PAA Series A Preferred Units: $0.61524 per unit ($2.46 annualized)
- PAA Series B Preferred Units: $24.25 per unit (floating rate)

Distributions are payable on November 14, 2024, with a record date of October 31, 2024 (November 15 and November 1 for Series B). The companies will release Q3 2024 earnings before market open on November 8, 2024, followed by a conference call at 9:00 a.m. CT.

Positive

• Quarterly distributions maintained at $0.3175 per unit/share for PAA Common Units and PAGP Class A Shares
• Consistent cash flow to investors with $1.27 annualized distribution

Negative

• None.

Insights

Financial Analyst

The announcement of quarterly distributions by Plains All American Pipeline (PAA) and Plains GP Holdings (PAGP) is a routine update for investors. The distributions remain unchanged from the previous quarter, indicating stability in the company's cash flow and dividend policy. For PAA common units and PAGP Class A shares, the $0.3175 quarterly distribution ($1.27 annualized) represents a continuation of their existing payout strategy.

While this news doesn't signal any significant changes, it does provide reassurance to income-focused investors about the consistency of the company's distributions. The stable payout suggests that management believes the current distribution level is sustainable given the company's financial position and outlook.

The announcement of the earnings release date (November 8, 2024) is standard practice and doesn't provide any actionable information for investors at this time. Overall, this news is neutral and primarily serves as a reminder of the company's distribution schedule and upcoming financial reporting.

HOUSTON, Oct. 02, 2024 (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 2024 and also announced timing of third quarter 2024 earnings.

Third Quarter Distribution Declaration 

PAA and PAGP announced the following quarterly cash distributions:

• PAA Common Units – $0.3175 per Common Unit ($1.27 per unit on an annualized basis), which is unchanged from the distribution paid in August 2024.
• PAGP Class A Shares – $0.3175 per Class A Share ($1.27 per Class A Share on an annualized basis), which is unchanged from the distribution paid in August 2024.
• PAA Series A Preferred Units – $0.61524 per Series A Preferred Unit (approximately $2.46 per unit on an annualized basis).
• PAA Series B Preferred Units - $24.25 per Series B Preferred Unit (based on the applicable quarterly floating rate).

The distributions on the PAA Common Units, PAGP Class A Shares and PAA Series A Preferred Units are payable on November 14, 2024 to holders of each respective security as of October 31, 2024. The distribution on the PAA Series B Preferred Units is payable on November 15, 2024 to holders of such security as of November 1, 2024.

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 – Tax Information.”

Third Quarter 2024 Earnings Timing

PAA and PAGP also announced that they will release third quarter 2024 earnings before market open on Friday, November 8, 2024. Following the announcement, PAA and PAGP will host a conference call at 9:00 a.m. CT (10 a.m. ET) with analysts and investors to discuss earnings. The call will be webcast live on the internet and may be accessed through the "Investors Relations” section of the website at www.plains.com. An audio replay will be available on the website after the call.

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 eight 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 is Plains All American Pipeline's (PAA) distribution for Q3 2024?

Plains All American Pipeline's (PAA) distribution for Q3 2024 is $0.3175 per Common Unit, which is unchanged from the previous quarter and equates to $1.27 per unit on an annualized basis.

When will Plains All American Pipeline (PAA) release its Q3 2024 earnings?

Plains All American Pipeline (PAA) will release its Q3 2024 earnings before market open on Friday, November 8, 2024, followed by a conference call at 9:00 a.m. CT (10 a.m. ET).

What is the payment date for Plains All American Pipeline's (PAA) Q3 2024 distribution?

The payment date for Plains All American Pipeline's (PAA) Q3 2024 distribution is November 14, 2024, for Common Units, PAGP Class A Shares, and Series A Preferred Units. The Series B Preferred Units distribution is payable on November 15, 2024.

Has Plains All American Pipeline (PAA) changed its distribution amount for Q3 2024?

No, Plains All American Pipeline (PAA) has not changed its distribution amount for Q3 2024. The distribution remains unchanged at $0.3175 per Common Unit, which is the same as the distribution paid in August 2024.