Plains All American Pipeline's Q3 2024 Distributions Explained
Quarterly Distributions Announced by Plains All American Pipeline
In an exciting update, Plains All American Pipeline, L.P. (Nasdaq: PAA) and Plains GP Holdings (Nasdaq: PAGP) have shared significant news concerning their quarterly distributions for the third quarter of 2024. This announcement highlights their ongoing commitment to delivering value to their shareholders through stable cash distributions.
Details of the Distributions
The following distributions have been declared:
PAA Common Units
PAA has announced a cash distribution of $0.3175 per Common Unit, equating to an annualized rate of $1.27 per unit. This amount remains unchanged from the previous distribution in August, showcasing the company’s consistency in its financial strategy and commitment to its investors.
PAGP Class A Shares
Similarly, PAGP Class A Shares will also receive a distribution of $0.3175 per share, which translates to $1.27 on an annualized basis. This reaffirmation of their distribution levels reflects the stability and reliability that both companies aim to maintain in an ever-changing market landscape.
PAA Preferred Units
For PAA Series A Preferred Units, the distribution has been set at $0.61524 per unit, amounting to approximately $2.46 annually. In contrast, PAA Series B Preferred Units will receive $24.25 per unit, this amount being contingent on the applicable quarterly floating rate. These distributions signify a responsible approach in managing the company's capital structure while ensuring shareholder returns.
Distribution Payable Dates
The distributions for both the PAA Common Units and PAGP Class A Shares will be paid on November 14, 2024, to security holders on record as of October 31, 2024. Meanwhile, the distribution for the PAA Series B Preferred Units will be payable on November 15, 2024, to those holding the security as of November 1, 2024. It's crucial for investors to keep these dates in mind for their financial planning.
Tax Implications for Shareholders
As tax considerations can have significant impacts on net returns, shareholders should consult their tax advisors regarding the implications of these cash distributions. It is anticipated that the PAGP cash distribution per Class A Share will act as a non-taxable return of capital, which could influence tax bases for shareholders. Understandably, any distributions exceeding a shareholder's tax basis might be regarded as taxable capital gains, a detail that requires careful navigation for those looking to optimize their tax situations.
Upcoming Earnings Announcement
In addition to the distribution news, Plains All American and Plains GP Holdings are gearing up to release their third quarter 2024 earnings on November 8, 2024, before the market opens. Following this announcement, a conference call will be held at 9:00 a.m. CT (10 a.m. ET) to provide analysts and investors with detailed insights. This call will be webcast live, allowing participants to engage with the management’s overview and future outlook.
Overview of Plains All American Pipeline's Operations
PAA operates as a publicly traded master limited partnership, focusing on midstream energy infrastructure, particularly in the logistics of crude oil and natural gas liquids (NGL). The company owns a robust network of pipelines that facilitate efficient gathering and transportation, along with various other services, which play a vital role in energy distribution across North America. On a daily basis, PAA manages an impressive throughput of around eight million barrels pertaining to crude oil and NGL, underscoring its significant position within the sector.
Expansion and Strategic Initiatives
As part of its growth strategy, Plains GP Holdings maintains an indirect controlling general partner interest in PAA, alongside a limited partner stake. This relationship fosters a harmonized approach to strategic decision-making, ensuring both entities focus on long-term value creation. Their existence as one of North America's largest energy infrastructure and logistics firms highlights the strength of their combined operational capabilities.
Investor Relations and Contact Information
Both companies are headquartered in Houston, Texas, a strategic location that reflects their deep ties to the energy market. For more comprehensive insights and updates, stakeholders are encouraged to connect with the Investor Relations teams of Plains All American Pipeline and Plains GP Holdings directly through their official communications.
Investor Relations Contacts:
Blake Fernandez
Michael Gladstein
(866) 809-1291
Frequently Asked Questions
1. What is the distribution amount for PAA Common Units?
The distribution for PAA Common Units is $0.3175 per unit, equivalent to $1.27 annually.
2. When will the distributions be paid?
Distributions for PAA Common Units and PAGP Class A Shares will be paid on November 14, 2024.
3. What are the expected tax implications of the cash distributions?
The cash distributions are generally expected to serve as non-taxable returns of capital until they exceed the shareholder's tax basis.
4. When are the third quarter earnings scheduled to be announced?
The third quarter earnings will be released on November 8, 2024, before the market opens.
5. What is PAA's primary business operation?
PAA focuses on midstream energy infrastructure, particularly for crude oil and natural gas liquids, with significant pipeline and logistics capabilities.
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