Plains All American Pipeline, L.P. and Plains GP Holdings today announced their quarterly distributions with respect to 2Q18.
PAA announced a quarterly cash distribution of US$0.30 per common unit (US$1.20 per unit on an annualised basis), which is unchanged from the distribution paid in May 2018. PAGP announced a corresponding quarterly cash distribution of US$0.30 per Class A share (US$1.20 per Class A share on an annualised basis), which is unchanged from the distribution paid in May 2018. With respect to PAA's Series A Preferred Units, PAA announced a quarterly cash distribution of US$0.525 per Series A Preferred Unit, or US$2.10 on an annualised basis. Each of these distributions will be payable on 14 August 2018 to holders of record of each security at the close of business on 31 July 2018.
The PAGP cash distribution is expected to be a non-taxable return of capital to the extent of a Class A Shareholder's tax basis in each PAGP Class A Share and a reduction in the tax basis of that Class A Share. To the extent any cash distribution exceeds a Class A Shareholder's tax basis, it should be taxable as capital gains.
Plains All American Pipeline, L.P. is a publicly traded master limited partnership that owns and operates midstream energy infrastructure and provides logistics services for crude oil, natural gas liquids (NGL), and natural gas. PAA owns an extensive network of pipeline transportation, terminalling, storage and gathering assets in key crude oil and NGL producing basins and transportation corridors and at major market hubs in the United States and Canada. On average, PAA handles more than 5 million bpd of crude oil and NGL in its Transportation segment. PAA is headquartered in Houston, Texas.
PAGP is a publicly traded entity that owns an indirect, non-economic controlling general partner interest in PAA and an indirect limited partner interest in PAA, one of the largest energy infrastructure and logistics companies in North America. PAGP is headquartered in Houston, Texas.
Read the article online at: https://www.worldpipelines.com/business-news/09072018/plains-all-american-pipeline-and-plains-gp-holdings-announce-distributions/
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