Monday, January 07, 2013 8:54:55 PM
HOUSTON--(BUSINESS WIRE)--
Plains All American Pipeline, L.P. (NYSE: PAA) today announced a quarterly cash distribution of $0.5625 per unit ($2.25 per unit on an annualized basis) on all of its outstanding limited partner units. The distribution will be payable on February 14, 2013, to holders of record of such units at the close of business on February 1, 2013. As of this distribution, PAA will have increased its quarterly distribution to limited partners in 33 out of the past 35 quarters and consecutively in each of the past 14 quarters.
“We are pleased to announce a distribution increase of 9.8% over the distribution paid in February 2012 and 3.7% over the distribution paid in November 2012,” said Greg L. Armstrong, Chairman and CEO. “As a result of continued strong financial results, extended visibility for organic growth, recent acquisitions and very solid distribution coverage we are increasing the range of our targeted distribution growth for 2013 to 9% to 10%. This compares to the preliminary 2013 target range of 7% to 8% discussed during our third quarter earnings conference call in November 2012.”
Concurrent with its fourth-quarter and full-year 2012 earnings announcement in early February, the Partnership expects to increase the midpoint of its 2013 guidance for adjusted earnings before interest, taxes, depreciation and amortization (“adjusted EBITDA”) by approximately 5% over the $1.925 billion preliminary adjusted EBITDA midpoint guidance provided in early November 2012. Based on the midpoint measures of targeted distribution growth and adjusted EBITDA guidance, management expects distribution coverage for 2013 to be approximately 120%.
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