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Plains All American Pipeline, L.P. (NYSE:
Plains GP Holdings (NYSE:
PAGP) today announced their quarterly cash distributions. The distributions will be payable on May 15, 2014 to holders of record of each security at the close of business on May 2, 2014.
PAA increased its quarterly cash distribution to $0.6300 per unit ($2.52 per unit on an annualized basis) on all of its outstanding limited partner units. This distribution represents an increase of approximately 9.6% over the quarterly distribution of $0.5750 per unit ($2.30 per unit on an annualized basis) paid in May 2013 and an increase of approximately 2.4% over the quarterly distribution of $0.6150 per unit ($2.46 per unit on an annualized basis) paid in February 2014. As of this distribution, PAA will have increased its quarterly distribution to limited partners in 38 out of the past 40 quarters and consecutively in each of the past 19 quarters.
PAGP increased its quarterly cash distribution to $0.17055 per Class A share ($0.6822 per Class A share on an annualized basis) on all of its outstanding Class A shares. This distribution represents an increase of approximately 6.7% over the non-prorated quarterly distribution of $0.15979 per Class A share ($0.63914 per Class A share on an annualized basis) for February 2014 and an increase of approximately 14.4% over the initial quarterly distribution rate of $0.14904 per Class A share included in PAGP’s IPO prospectus.
Plains All American Pipeline, L.P. is a publicly traded master limited partnership that owns and operates midstream energy infrastructure and provides logistics services for crude oil, natural gas liquids ("NGL"), natural gas and refined products. PAA owns an extensive network of pipeline transportation, terminalling, storage and gathering assets in key crude oil and NGL producing basins and transportation corridors and at major market hubs in the United States and Canada. On average, PAA handles over 3.5 million barrels per day of crude oil and NGL on its pipelines. PAA is headquartered in Houston, Texas.