Plains All American Pipeline, L.P. (NYSE: PAA)
today announced a quarterly cash distribution of $0.6000 per unit ($2.40
per unit on an annualized basis) on all of its outstanding limited
partner units. This distribution represents a 2.1% increase over the
distribution of $0.5875 per unit ($2.35 per unit on an annualized basis)
paid in August 2013 and a 10.6% increase over the $0.5425 per unit
($2.17 per unit on an annualized basis) paid in November 2012. The
distribution will be payable on November 14, 2013 to holders of record
at the close of business on November 1, 2013. As of this distribution,
PAA will have increased its quarterly distribution to limited partners
in 36 out of the past 38 quarters and consecutively in each of the past
17 quarters.
"We are very pleased to announce a distribution increase of 10.6% over
the quarterly distribution paid in November 2012, which exceeds our
9%-10% year-over-year distribution growth target established earlier
this year," stated Greg L. Armstrong, Chairman & CEO of Plains All
American. "As a result of solid baseline financial performance, strong
distribution coverage and expected contributions to cash flow from our
organic capital program, we are targeting to deliver an approximate 10%
increase in PAA's distribution rate by November 2014."
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, or delays in implementing or
capitalizing, on planned internal growth projects; unanticipated changes
in crude oil market structure, grade differentials and volatility (or
lack thereof); the successful integration and future performance of
acquired assets or businesses and the risks associated with operating in
lines of business that are distinct and separate from our historical
operations; the occurrence of a natural disaster, catastrophe, terrorist
attack or other event, including attacks on our electronic and computer
systems; tightened capital markets or other factors that increase our
cost of capital or limit our access to capital; 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; declines in the
volumes of crude oil, refined product and NGL shipped, processed,
purchased, stored, fractionated and/or gathered at or through the use of
our facilities, whether due to declines in production from existing oil
and gas reserves, failure to develop or slowdown in the development of
additional oil and gas reserves or other factors; shortages or cost
increases of supplies, materials or labor; 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; our ability to obtain debt or
equity financing on satisfactory terms to fund additional acquisitions,
expansion projects, working capital requirements and the repayment or
refinancing of indebtedness; the impact of current and future laws,
rulings, governmental regulations, accounting standards and statements
and related interpretations; non-utilization of our assets and
facilities; the effects of competition; interruptions in service on
third-party pipelines; increased costs or lack of availability of
insurance; fluctuations in the debt and equity markets, including the
price of our units at the time of vesting under our long-term incentive
plans; the currency exchange rate of the Canadian dollar; weather
interference with business operations or project construction; risks
related to the development and operation of our facilities; factors
affecting demand for natural gas and natural gas storage services and
rates; 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 and refined products, as well as in the
storage of natural gas and the processing, transportation,
fractionation, storage and marketing of natural gas liquids discussed in
the Partnership's filings with the Securities and Exchange Commission.
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
or 800-564-3036
Director, Investor Relations