Plains All American Pipeline and Plains GP Holdings Announce Quarterly Distributions
07 April 2023 - 7:15AM
Plains All American Pipeline, L.P. (Nasdaq: PAA) and Plains GP
Holdings (Nasdaq: PAGP) today announced their quarterly
distributions with respect to the first quarter of 2023.
PAA and PAGP announced the following quarterly
cash distributions, each of which will be payable on May 15, 2023
to holders of the respective securities at the close of business on
May 1, 2023:
- PAA Common Units – $0.2675 per
Common Unit ($1.07 per unit on an annualized basis), which is
unchanged from the distribution paid in February 2023.
- PAGP Class A Shares – $0.2675 per
Class A Share ($1.07 per Class A Share on an annualized basis),
which is unchanged from the distribution paid in February
2023.
- PAA Series A Preferred Units –
$0.58516 per Series A Preferred Unit. The Series A Preferred Unit
distribution amount is pro-rated to reflect the exercise on January
31, 2023 by the holders of the Series A Preferred Units of their
one-time right to “reset” the distribution rate.
- PAA Series B Preferred Units –
$22.18 per Series B Preferred Unit.
Although equity holders should consult their own
tax advisor regarding their particular circumstances, the PAGP cash
distribution per Class A Share 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 such tax basis.
In addition, to the extent any cash distribution exceeds a Class A
Shareholder’s tax basis, it should be taxable as a capital
gain. Qualified Notices under Treasury Regulation Section
1.1446 with respect to the PAA Common Unit distribution and PAA
Series B Preferred Unit distribution will be posted on the Plains
website under “Investor Relations – Unit Information.”
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.
Investor Relations Contacts:
Blake FernandezMichael GladsteinMichael Millik (866)
809-1291
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