Jul 14, 2006 |
PAA Declares Increased Distribution on Limited Partner Units |
Contacts: Phillip D. Kramer Executive Vice President and CFO 713/646-4560 – 800/564-3036
Brad A. Thielemann Manager, Special Projects 713/646-4222 – 800/564-3036
FOR IMMEDIATE RELEASE
Plains All American Pipeline Declares Increased Distribution on Limited Partner Units
(Houston – July 14, 2006) Plains All American Pipeline, L.P. (NYSE: PAA) today announced a cash distribution of $0.725 per unit ($2.90 per unit on an annualized basis) on all of its outstanding limited partner units. The distribution will be payable on August 14, 2006, to holders of record of such units at the close of business on August 4, 2006.
The quarterly distribution to be paid in August 2006 represents an increase of approximately 11.5% over the quarterly distribution of $0.65 paid in August 2005 and approximately 2.5% over the May 2006 distribution of $0.7075. This represents the ninth consecutive quarterly distribution increase for the Partnership and the sixteenth increase in the last twenty-two quarters.
The Partnership also announced that it anticipates reporting second-quarter Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) near or above the high-end of the guidance range it furnished via form 8-K on June 12, 2006. The Partnership will announce its second quarter results and forward guidance on Tuesday, August 1, 2006.
Plains All American Pipeline, L.P. is engaged in interstate and intrastate crude oil transportation and crude oil gathering, marketing, terminalling and storage, as well as the marketing and storage of liquefied petroleum gas and other petroleum products, in the United States and Canada. Through its 50% ownership in PAA/Vulcan Gas Storage LLC, the Partnership is engaged in the development and operation of natural gas storage facilities. The Partnership's common units are traded on the New York Stock Exchange under the symbol "PAA." The Partnership is headquartered in Houston, Texas.
Forward Looking Statements Except for the historical information contained herein, the matters discussed in this news release are forward-looking statements that involve certain risks and uncertainties that could cause actual results to differ materially from results anticipated in the forward-looking statements. These risks and uncertainties include, among other things: the success of our risk management activities; environmental liabilities or events that are not covered by an indemnity, insurance or existing reserves; maintenance of our credit rating and ability to receive open credit from our suppliers and trade counterparties; abrupt or severe declines or interruptions in outer continental shelf production located offshore California and transported on our pipeline system; declines in volumes shipped on the Basin Pipeline, Capline Pipeline and our other pipelines by us and third party shippers; the availability of adequate third party production volumes for transportation and marketing in the areas in which we operate; demand for natural gas or various grades of crude oil and resulting changes in pricing conditions or transmission throughput requirements; fluctuations in refinery capacity in areas supplied by our transmission lines; successful integration and future performance of acquired assets or businesses and the risks associated with operating in lines of business that are distinct and separate from our historical operations; the impact of current and future laws, rulings and governmental regulations; the effects of competition; continued creditworthiness of, and performance by, counter parties; interruptions in service and fluctuations in rates of third party pipelines; increased costs or lack of availability of insurance; fluctuations in the debt and equity markets, including the price of our units at the time of vesting under our Long-Term Incentive Plans; the currency exchange rate of the Canadian dollar; the impact of crude oil and natural gas price fluctuations; shortages or cost increases of power supplies, materials or labor; weather interference with business operations or project construction; general economic, market or business conditions; and other factors and uncertainties inherent in the marketing, transportation, terminalling, gathering and storage of crude oil and liquefied petroleum gas discussed in the Partnership's filings with the Securities and Exchange Commission.
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