Plains All American Pipeline – PAA – Comments on 2013 Financial Guidance
Plains All American Pipeline, L.P. (NYSE: PAA) 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%.
About Plains All American Pipeline – PAA
Plains All American Pipeline, L.P. (PAA) is a publicly traded master limited partnership engaged in the transportation, storage, terminalling and marketing of crude oil and refined products, as well as in the processing, transportation, fractionation, storage and marketing of natural gas liquids. Through its general partner interest and majority equity ownership position in PAA Natural Gas Storage, L.P. (PNG), PAA owns and operates natural gas storage facilities. PAA is headquartered in Houston, Texas.
PAA owns and operates a diversified portfolio of strategically located assets that play a vital role in the movement of U.S. and Canadian energy supplies. On average PAA handles over 3 million barrels per day of crude oil, refined products and NGL through their extensive network of assets located in key North American producing basins and transportation gateways.
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Post Written By: Ed Liston
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.
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