Apr 22, 2002 |
PAA Announces Distribution Increase on Common and Subordinated Units |
(Houston – April 22, 2002) Plains All American Pipeline, L.P. (NYSE: PAA) today announced a cash distribution of $0.5250 per unit on its outstanding limited partner units, which include Common Units, Class B Common Units and Subordinated Units. The distribution will be payable on May 15, 2002, to holders of record of such units at the close of business on May 6, 2002. The distribution represents a $0.0125 increase over the previous quarter’s distribution and effectively increases the annualized distribution rate by $0.05 per unit to $2.10 per unit. Greg L. Armstrong, Chairman and CEO of Plains All American, said, “As a result of the continuing strong performance from our core business and our outlook for future performance, we are increasing the Partnership’s quarterly distribution to $0.5250 per unit. This increase marks the fourth distribution increase in the last five quarters and represents a 10.5% increase over last year’s first quarter distribution to unitholders. This increase also brings us one step closer to achieving our goal of increasing the distribution to our unitholders by 10% in 2002.” Plains All American Pipeline, L.P. is engaged in interstate and intrastate crude oil transportation, terminalling and storage, as well as crude oil gathering and marketing activities, primarily in Texas, California, Oklahoma, Louisiana and the Gulf of Mexico and the Canadian Provinces of Alberta, Saskatchewan and Manitoba. 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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