Jan 22, 2004 |
PAA Declares Distribution Increase |
(Houston – January 22, 2004) Plains All American Pipeline, L.P. (NYSE: PAA) today announced a cash distribution of $0.5625 per unit on all of its outstanding limited partner units. The distribution will be payable on February 13, 2004, to holders of record of such units at the close of business on February 3, 2004. The distribution effectively increases the annualized distribution rate by $0.05 to $2.25 per unit and represents an increase of 4.7% over the February 2003 distribution.
The Partnership also indicated that the payment of this distribution would satisfy the final requirement for conversion of all remaining subordinated units into common units. Plains All American Pipeline, L.P. is engaged in interstate and intrastate crude oil transportation, terminalling and storage, as well as crude oil and LPG gathering and marketing activities, primarily in Texas, California, Oklahoma and Louisiana and the Canadian Provinces of Alberta and Saskatchewan. The Partnership’s common units are traded on the New York Stock Exchange under the symbol “PAA.” The Partnership is headquartered in Houston, Texas. |
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