Plains All American Pipeline and Plains GP Holdings Announce Distributions

Rhea-AI Summary

On October 10, 2022, Plains All American Pipeline (PAA) and Plains GP Holdings (PAGP) announced their quarterly distributions for Q3 2022. PAA will distribute $0.2175 per common unit, matching the previous distribution, while PAGP will distribute the same amount per Class A share. PAA also declared a quarterly cash distribution of $0.525 per Series A Preferred Unit and a semi-annual distribution of $30.625 per Series B Preferred Unit. These distributions will be payable to holders of record on specified dates in late October and November 2022.

Positive

• Consistent quarterly cash distribution of $0.2175 per common unit for PAA, indicating stable cash flow.
• PAA announced distributions for Series A and Series B Preferred Units, providing income to preferred shareholders.

Negative

• None.

HOUSTON, Oct. 10, 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 third 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 August 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 August 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 November 14, 2022 to holders of record of each security at the close of business on October 31, 2022.

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, 2022 to holders of record at the close of business on November 1, 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 7 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.

Contact:        

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

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

FAQ

What is the quarterly distribution amount for Plains All American Pipeline (PAA) in Q3 2022?

PAA announced a quarterly cash distribution of $0.2175 per common unit for Q3 2022.

When will the distributions for PAA and PAGP be payable?

The distributions will be payable on November 14, 2022, for PAA and November 15, 2022, for PAGP.

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

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

How much is the Series A Preferred Unit distribution for PAA?

The distribution for PAA's Series A Preferred Unit is $0.525 per unit.