Plains All American Pipeline, L.P. (NYSE: PAA)
today announced a quarterly cash distribution of $0.97 per unit ($3.88
per unit on an annualized basis) on all of its outstanding limited
partner units. The distribution will be payable on May 13, 2011, to
holders of record of such units at the close of business on May 3, 2011.
This distribution represents an increase of approximately 3.7% over the
quarterly distribution of $0.935 per unit ($3.74 per unit on an
annualized basis) paid in May 2010 and an increase of approximately 1.3%
from the quarterly distribution of $0.9575 per unit ($3.83 per unit on
an annualized basis) paid in February 2011. As of this distribution, PAA
will have increased its quarterly distribution to limited partners in 26
out of the past 28 quarters and in each of the past seven quarters.
PAA also stated that it expects to deliver adjusted EBITDA that will
exceed the high end of its public guidance for the first quarter of
2011. PAA's financial guidance furnished on February 9, 2011 included an
adjusted EBITDA range of $280 million to $310 million for the first
quarter of 2011.
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 general
partner interest and majority equity ownership position in PAA Natural
Gas Storage, L.P. (NYSE: PNG), PAA is also engaged in the development
and operation of natural gas storage facilities. PAA is headquartered in
Houston, TX.
Forward-Looking Statements
Except for the historical information contained herein, the matters
discussed in this 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,
failure to implement or capitalize on planned internal growth projects;
maintenance of our credit rating and ability to receive open credit from
our suppliers and trade counterparties; continued creditworthiness of,
and performance by, our counterparties, including financial institutions
and trading companies with which we do business; the effectiveness of
our risk management activities; environmental liabilities or events that
are not covered by an indemnity, insurance or existing reserves; abrupt
or severe declines or interruptions in outer continental shelf
production located offshore California and transported on our pipeline
systems; shortages or cost increases of power supplies, materials or
labor; the availability of adequate third-party production volumes for
transportation and marketing in the areas in which we operate, and other
factors that could cause declines in volumes shipped on our pipelines by
us and third-party shippers, such as declines in production from
existing oil and gas reserves or failure to develop additional oil and
gas reserves; fluctuations in refinery capacity in areas supplied by our
mainlines and other factors affecting demand for various grades of crude
oil, refined products and natural gas and resulting changes in pricing
conditions or transportation throughput requirements; the availability
of, and our ability to consummate, acquisition or combination
opportunities; the effects of competition; future developments and
circumstances at or after the time distributions are declared; general
economic, market or business conditions and the amplification of other
risks caused by volatile financial markets, capital constraints and
pervasive liquidity concerns; and other factors and uncertainties
inherent in the transportation, storage, terminalling and marketing of
crude oil, refined products and liquefied petroleum gas and other
natural gas related petroleum products discussed in the Partnership's
filings with the Securities and Exchange Commission.
Plains All American Pipeline, L.P. Roy I. Lamoreaux,
713-646-4222 or 800-564-3036 Director, Investor
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