Jan 16, 2007 |
PAA Declares Increased Distribution on Limited Partner Units |
Contacts:
Phil D. Kramer Executive Vice President and CFO 713/646-4560 – 800/564-3036
Roy I. Lamoreaux Manager, Investor Relations 713/646-4222 – 800/564-3036
FOR IMMEDIATE RELEASE
Plains All American Pipeline Declares Increased Distribution on Limited Partner Units
(Houston – January 16, 2007) Plains All American Pipeline, L.P. (NYSE: PAA) today announced a cash distribution of $0.80 per unit ($3.20 per unit on an annualized basis) on all of its outstanding limited partner units. The distribution will be payable on February 14, 2007, to holders of record of such units at the close of business on February 2, 2007.
The quarterly distribution to be paid in February 2007 represents increases of approximately 16.4% over the quarterly distribution of $0.6875 paid in February 2006 and approximately 6.7% over the November 2006 distribution of $0.75. This represents the 11th consecutive increase in quarterly distributions for the Partnership and the 18th increase in the last twenty-four quarters.
In connection with the Partnership's merger with Pacific Energy Partners, L.P., PAA's general partner agreed to reduce the incentive distributions it would otherwise receive by a total of $65 million over five years. The February 2007 distribution will be the first quarter in which the reduction applies and the general partner's distribution will be reduced by $5 million versus what it would have received absent the agreement.
Plains All American Pipeline, L.P. is a publicly traded master limited partnership engaged in the transportation, storage, terminalling and marketing of crude oil, refined products and liquefied petroleum gas and other natural gas related petroleum products. Through its 50% ownership in PAA/Vulcan Gas Storage LLC, the partnership also develops and operates natural gas storage facilities. The Partnership is headquartered in Houston, Texas, and its common units are traded on the New York Stock Exchange under the symbol "PAA."
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