Plains
All American Pipeline, L.P. (NYSE: PAA)
and Plains
GP Holdings (NYSE: PAGP)
today announced their quarterly distributions with respect to the first
quarter of 2016. The distributions will be payable on May 13, 2016 to
holders of record of each security at the close of business on April 29,
2016.
PAA
announced a quarterly cash distribution of $0.70 per common unit ($2.80
per unit on an annualized basis), which is unchanged from the quarterly
distribution paid in February 2016. Additionally, with respect to the
Series A Preferred Units issued during the first quarter of 2016, PAA
announced a payment-in-kind ("PIK") of the quarterly distribution, which
will result in the issuance of an additional 858,439 Series A Preferred
Units. The Series A Preferred Unit distribution payable in May 2016 is
for a partial period beginning on January 28, 2016 and ending on March
31, 2016. Accordingly, the PIK amount equates to $0.3692 per Series A
Preferred Unit (future quarterly distributions will be $0.525 per unit
or $2.10 annualized).
PAGP
announced a quarterly cash distribution of $0.231 per Class A share
($0.924 per Class A share on an annualized basis), which is unchanged
from the quarterly distribution paid in February 2016.
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 4.4 million barrels per day of crude oil and NGL in its
Transportation segment. PAA is headquartered in Houston, Texas.
Plains GP Holdings is a publicly traded entity that owns an interest in
the general partner and incentive distribution rights of Plains All
American Pipeline, L.P., one of the largest energy infrastructure and
logistics companies in North America. PAGP is headquartered in Houston,
Texas.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160407006490/en/
Plains All American Pipeline, L.P. and Plains GP Holdings
Ryan
Smith, (866) 809-1291
Director, Investor Relations