Jul 23, 2002 |
PAA Declares Increased Distribution on Common and Subordinated Units |
(Houston – July 23, 2002) Plains All American Pipeline, L.P. (NYSE: PAA) today announced a cash distribution of $0.5375 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 August 14, 2002, to holders of record of such units at the close of business on August 5, 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 $2.15 per unit. Greg L. Armstrong, Chairman and CEO of Plains All American, said, “As a result of the continued strong performance posted by our core business and our outlook for future performance, we are increasing the Partnership’s quarterly distribution to $0.5375 per unit. This increase marks the fifth distribution increase in the last six quarters and represents a 7.5% increase over last year’s second quarter distribution to Unitholders. With this increase, we have also reached the halfway point in 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 and LPG gathering and marketing activities, primarily in Texas, California, Oklahoma and Louisiana 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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