Plains All American Pipeline, L.P. (NYSE:PAA)
today announced that the board of directors of its general partner has
approved a two-for-one split of the Partnership's common units.
"Since its initial public offering in November 1998, PAA has generated a
compounded annual total return for its unitholders, including the
reinvestment of distributions, of over 19% per year, which has been
driven by a 137% increase in our distribution per common unit and an
approximate 330% increase in the value of our common units," said Greg
L. Armstrong, Chairman and Chief Executive Officer of PAA. "We look
forward to continuing to deliver solid operating and financial results
and to grow PAA. We believe this unit split, the first in our history,
will make PAA's common units more accessible to a broader base of
potential investors and enhance liquidity for all unitholders."
The two-for-one unit split will be effected on October 1, 2012, by a
distribution of one additional common unit for each common unit
outstanding and held by unitholders of record at the close of business
on September 17, 2012. As of August 15, 2012, PAA had 163,956,898 common
units outstanding.
Plains All American Pipeline, L.P. is a publicly traded master limited
partnership engaged in the transportation, storage, terminalling and
marketing of crude oil and refined products, as well as in the
processing, transportation, fractionation, storage and marketing of
natural gas liquids. Through its general partner interest and majority
equity ownership position in PAA Natural Gas Storage, L.P. (NYSE:PNG),
PAA owns and operates natural gas storage facilities. PAA is
headquartered in Houston, Texas.
Plains All American Pipeline, L.P.
Roy I. Lamoreaux, 713/646-4222 –
800/564-3036
Director, Investor Relations