HOUSTON, Texas - Plains All American Pipeline, L.P. (NYSE: PAA) on April 11 announced a quarterly cash distribution of $0.97 per unit ($3.88 per unit on an annualized basis) on all of its outstanding limited partner units.
The distribution will be payable on May 13 to holders of record at the close of business on May 3.
This distribution represents an increase of approximately 3.7 percent over the quarterly distribution of $0.935 per unit ($3.74 per unit on an annualized basis) paid in May 2010 and an increase of approximately 1.3 percent from the quarterly distribution of $0.9575 per unit ($3.83 per unit on an annualized basis) paid in February 2011.
As of this distribution, PAA will have increased its quarterly distribution to limited partners in 26 out of the past 28 quarters and in each of the past seven quarters.
PAA also stated that it expects to deliver adjusted EBITDA that will exceed the high end of its public guidance for the first quarter of 2011. PAA's financial guidance furnished on Feb. 9 included an adjusted EBITDA range of $280 million to $310 million for the first quarter of 2011.