Plains All American Pipeline and Plains GP Holdings Announce Distributions

Rhea-AI Summary

On July 7, 2022, Plains All American Pipeline (PAA) announced its second-quarter cash distribution of $0.2175 per common unit, remaining unchanged from May 2022. The annualized distribution is $0.87. For the Series A Preferred Units, the cash distribution is set at $0.525 per unit, totaling $2.10 annually. These distributions will be paid on August 12, 2022.

PAGP, a partner entity, reported the same cash distribution for Class A shares, impacting shareholder tax basis.

Positive

• PAA maintains a stable quarterly distribution of $0.2175 per common unit.
• Series A Preferred Units receive a cash distribution of $0.525, indicating financial stability.

Negative

• None.

HOUSTON, July 07, 2022 (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 2022.

PAA announced a quarterly cash distribution of $0.2175 per common unit ($0.87 per unit on an annualized basis), which is unchanged from the distribution paid in May 2022. PAGP announced a corresponding quarterly cash distribution of $0.2175 per Class A share ($0.87 per Class A share on an annualized basis), which is unchanged from the distribution paid in May 2022. 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 12, 2022 to holders of record of each security at the close of business on July 29, 2022.

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 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 more than 6 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. For more information, please visit www.plains.com.

Contact:        

Michael Gladstein
Director, Investor Relations
(866) 809-1291

Michael Millik
Manager, Investor Relations
(866) 809-1291

FAQ

What is the cash distribution for Plains All American Pipeline (PAA) in Q2 2022?

PAA announced a cash distribution of $0.2175 per common unit for the second quarter of 2022.

When will the cash distributions for PAA be paid?

The cash distributions will be payable on August 12, 2022.

Is the cash distribution for PAA unchanged from previous quarters?

Yes, the cash distribution of $0.2175 per common unit is unchanged from May 2022.

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

PAA announced a quarterly cash distribution of $0.525 per Series A Preferred Unit.

What is the annualized cash distribution for PAA's common units?

The annualized cash distribution for PAA's common units is $0.87.

What is the impact of PAGP's cash distribution on Class A shareholders?

PAGP's cash distribution is expected to be a non-taxable return of capital.