Dividends
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Plains All American (PAA) Boosts Cash Distribution by 4.6% to $0.905/Unit; Comments on Liquidity Position, Q1 Outlook
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Plains All American Pipeline, L.P. (NYSE: PAA) today announced a cash distribution of $0.905 per unit on all of its outstanding limited partner units. The distribution will be payable on May 15, 2009, to holders of record of such units at the close of business on May 5, 2009.
The distribution represents an increase of approximately 4.6% over the quarterly distribution of $0.865 per unit last quarter.
Greg L. Armstrong, Chairman and CEO of PAA, stated that the Partnership has significantly increased its already substantial liquidity and financial flexibility since year-end 2008 as a result of strong financial performance, the realization of planned inventory reductions and financing activities completed during the first quarter. PAA ended the first quarter with approximately $1.5 billion of unused, committed liquidity available under its credit facilities, up from $1.0 billion at year-end.
Armstrong noted that the Partnership’s adjusted earnings before interest expense, income taxes and depreciation and amortization for the first quarter 2009 are expected to be in line with or above the high end of the guidance range of $235 million to $255 million contained in the Partnership’s Form 8-K furnished on February 11, 2009. The Partnership will provide additional commentary on first-quarter results and update its 2009 guidance in conjunction with its first-quarter earnings conference call on May 7, 2009.
“PAA’s asset base and business model have generated strong performance thus far in 2009 and our current outlook for the remainder of the year remains solid,” said Armstrong. “In addition, as evidenced by the success of our recent equity offering, certain aspects of the financial markets have re-opened and stabilized since the chaotic fourth quarter of 2008. In light of these factors, our solid distribution coverage levels and the importance of distribution growth to our unitholders, our board of directors elected to declare an increase in our quarterly distribution level.”
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