Oct 24, 2006 |
PAA Declares Increased Distribution on Limited Partner Units
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Contacts:
Phillip D. Kramer Executive Vice President and CFO 713/646-4560 – 800/564-3036
A. Patrick Diamond Director, Strategic Planning 713/646-4487 – 800/564-3036
FOR IMMEDIATE RELEASE
Plains All American Pipeline Declares Increased Distribution on Limited Partner Units
(Houston – October 24, 2006) Plains All American Pipeline, L.P. (NYSE: PAA) today announced a cash distribution of $0.75 per unit ($3.00 per unit on an annualized basis) on all of its outstanding limited partner units. The distribution will be payable on November 14, 2006, to holders of record of such units at the close of business on November 3, 2006.
"Including the November distribution, we are on track to pay aggregate cash distributions to our unitholders during 2006 of $2.87 per unit," said Greg L. Armstrong, Chairman and Chief Executive Officer of Plains All American. "This represents an increase of 11.5% over the cash distributions paid during 2005 and exceeds the 2006 goal we set at the beginning of this year to increase distributions paid during 2006 by 10% over distributions paid during 2005."
The quarterly distribution to be paid in November 2006 represents an increase of approximately 11.1% over the quarterly distribution of $0.675 paid in November 2005 and approximately 3.4% over the August 2006 distribution of $0.725. This represents the tenth consecutive quarterly distribution increase for the Partnership and the seventeenth increase in the last twenty-three quarters.
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.
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