Plains All American Pipeline and Plains GP Holdings Announce Quarterly Distributions and Timing of Fourth Quarter 2024 Earnings

Rhea-AI Summary

Plains All American Pipeline (PAA) and Plains GP Holdings (PAGP) have announced their quarterly distributions for Q4 2024 and upcoming earnings release schedule. The companies declared a quarterly cash distribution of $0.38 per Common Unit/Class A Share, representing a $0.0625 increase from November 2024 ($0.25 increase or 20% annualized). Additional distributions include $0.61524 per Series A Preferred Unit and $22.73 per Series B Preferred Unit.

Distributions for Common Units, Class A Shares, and Series A Preferred Units will be paid on February 14, 2025, to holders of record as of January 31, 2025. Series B Preferred Unit distributions will be paid on February 18, 2025, to holders of record as of February 3, 2025. The Q4 2024 earnings release is scheduled for February 7, 2025, before market open, followed by a conference call at 9:00 a.m. CT.

Positive

• 20% increase in quarterly distribution ($0.25 annualized) for both PAA and PAGP shareholders
• Distribution raised to $0.38 per unit/share ($1.52 annualized)

Negative

• None.

News Market Reaction

+6.24%

1 alert

+6.24% News Effect

On the day this news was published, PAA gained 6.24%, reflecting a notable positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

HOUSTON, Jan. 07, 2025 (GLOBE NEWSWIRE) -- Plains All American Pipeline, L.P. (Nasdaq: PAA) and Plains GP Holdings (Nasdaq: PAGP) announced today their quarterly distributions with respect to the fourth quarter of 2024 and also announced timing of fourth quarter 2024 earnings.

Fourth Quarter Distribution Declaration

PAA and PAGP announced the following quarterly cash distributions:

• PAA Common Units – $0.38 per Common Unit ($1.52 per unit on an annualized basis), which represents a $0.0625 increase from the distribution paid in November 2024 ($0.25 per unit increase, or 20%, on an annualized basis).
• PAGP Class A Shares – $0.38 per Class A Share ($1.52 per Class A Share on an annualized basis), which also represents a $0.0625 increase from the distribution paid in November 2024 ($0.25 per share increase, or 20%, on an annualized basis).
• PAA Series A Preferred Units – $0.61524 per Series A Preferred Unit (approximately $2.46 per unit on an annualized basis).
• PAA Series B Preferred Units - $22.73 per Series B Preferred Unit (based on the applicable quarterly floating rate).

The distributions on the PAA Common Units, PAGP Class A Shares and PAA Series A Preferred Units are payable on February 14, 2025, to holders of each respective security as of January 31, 2025. The distribution on the PAA Series B Preferred Units is payable on February 18, 2025, to holders of such security as of February 3, 2025.

Although equity holders should consult their own tax advisor regarding their particular circumstances, the PAGP cash distribution per Class A Share 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 such tax basis. In addition, to the extent any cash distribution exceeds a Class A Shareholder’s tax basis, it should be taxable as a capital gain. Qualified Notices under Treasury Regulation Section 1.1446 with respect to the PAA Common Unit distribution and PAA Series B Preferred Unit distribution will be posted on the Plains website under “Investor Relations – Unit Information.”

Fourth Quarter 2024 Earnings Timing

PAA and PAGP also announced that they will release fourth quarter 2024 earnings before market open on Friday, February 7, 2025. Following the announcement, PAA and PAGP will host a conference call at 9:00 a.m. CT (10 a.m. ET) with analysts and investors to discuss earnings. The call will be webcast live on the internet and may be accessed through the "Investors Relations” section of the website at www.plains.com. An audio replay will be available on the website after the call.

About Plains

PAA is a publicly traded master limited partnership that owns and operates midstream energy infrastructure and provides logistics services for crude oil and natural gas liquids (NGL). PAA owns an extensive network of pipeline gathering and transportation systems, in addition to terminalling, storage, processing, fractionation and other infrastructure assets serving key producing basins, transportation corridors and major market hubs and export outlets in the United States and Canada. On average, PAA handles approximately eight million barrels per day of crude oil and NGL. 

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. 

PAA and PAGP are headquartered in Houston, Texas. More information is available at www.plains.com.

Investor Relations Contacts:

Blake Fernandez
Michael Gladstein
PlainsIR@plains.com
(866) 809-1291

FAQ

What is PAA's new quarterly distribution amount for Q4 2024?

PAA's quarterly distribution for Q4 2024 is $0.38 per Common Unit ($1.52 annualized), representing a $0.0625 increase from the previous quarter.

When will Plains All American Pipeline (PAA) pay its Q4 2024 distribution?

PAA will pay its Q4 2024 distribution on February 14, 2025, to holders of record as of January 31, 2025.

How much did PAA increase its distribution compared to November 2024?

PAA increased its distribution by $0.0625 quarterly ($0.25 annually), representing a 20% increase from November 2024.

When will PAA release its Q4 2024 earnings?

PAA will release its Q4 2024 earnings before market open on Friday, February 7, 2025.

What is the distribution amount for PAA's Series A Preferred Units?

PAA's Series A Preferred Units will receive a distribution of $0.61524 per unit (approximately $2.46 annualized).