Plains All American Pipeline, L.P. (NYSE: PAA) today announced that the board of directors of its general partner has approved a two-for-one split of the Partnership’s common units.
“Since its initial public offering in November 1998, PAA has generated a compounded annual total return for its unitholders, including the reinvestment of distributions, of over 19% per year, which has been driven by a 137% increase in our distribution per common unit and an approximate 330% increase in the value of our common units,” said Greg L. Armstrong, Chairman and Chief Executive Officer of PAA. “We look forward to continuing to deliver solid operating and financial results and to grow PAA. We believe this unit split, the first in our history, will make PAA’s common units more accessible to a broader base of potential investors and enhance liquidity for all unitholders.”
The two-for-one unit split will be effected on October 1, 2012, by a distribution of one additional common unit for each common unit outstanding and held by unitholders of record at the close of business on September 17, 2012. As of August 15, 2012, PAA had 163,956,898 common units outstanding.
Plains All American Pipeline, L.P. is a publicly traded master limited
partnership engaged in the transportation, storage, terminalling and
marketing of crude oil and refined products, as well as in the
processing, transportation, fractionation, storage and marketing of
natural gas liquids. Through its general partner interest and majority
equity ownership position in PAA Natural Gas Storage, L.P. (NYSE:PNG),
PAA owns and operates natural gas storage facilities. PAA is
headquartered in Houston, Texas.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV