Plains All American Pipeline, L.P. 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.'