Plains All American Pipeline, L.P. (NYSE: PAA) today announced a quarterly cash distribution of $0.5425 per unit ($2.17 per unit on an annualized basis) on all of its outstanding limited partner units. The distribution will be payable on November 14, 2012, to holders of record of such units at the close of business on November 2, 2012. This is the first distribution payable following the recently completed two-for-one unit split. Comparative distribution amounts reflected in this press release have been adjusted for the unit split.
The distribution payable in November 2012 represents an increase of 9.0% over the quarterly distribution of $0.4975 per unit ($1.99 per unit on an annualized basis) paid in November 2011 and an increase of approximately 1.9% over the quarterly distribution of $0.5325 per unit ($2.13 per unit on an annualized basis) paid in August 2012. As of this distribution, PAA will have increased its quarterly distribution to limited partners in 32 out of the past 34 quarters and consecutively in each of the past 13 quarters.
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.