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Partners' Capital and Distributions (Tables)
 12 Months Ended
Dec. 31, 2011
Partners' Capital and Distributions  
Per unit cash distributions and the portion of the distributions representing an excess over the MQD

 

 

 

 

Year

 

 

 

2011

 

2010

 

2009

 

 

 

 

 

Excess

 

 

 

Excess

 

 

 

Excess

 

 

 

Distribution (1)

 

over MQD

 

Distribution

 

over MQD

 

Distribution

 

over MQD

 

First Quarter

 

$

0.9575

 

$

0.5075

 

$

0.9275

 

$

0.4775

 

$

0.8925

 

$

0.4425

 

Second Quarter

 

$

0.9700

 

$

0.5200

 

$

0.9350

 

$

0.4850

 

$

0.9050

 

$

0.4550

 

Third Quarter

 

$

0.9825

 

$

0.5325

 

$

0.9425

 

$

0.4925

 

$

0.9050

 

$

0.4550

 

Fourth Quarter

 

$

0.9950

 

$

0.5450

 

$

0.9500

 

$

0.5000

 

$

0.9200

 

$

0.4700

 

 

(1)                                     Distributions represent those declared and paid in the applicable period.
Reduction in incentive distributions related to acquisitions

 

 

Acquisition

 

2007

 

2008

 

2009

 

2010

 

2011

 

Total

 

Pacific

 

$

20

 

$

15

 

$

15

 

$

10

 

$

5

 

$

65

 

Rainbow

 

—

 

3

 

6

 

1

 

—

 

10

 

PNGS

 

—

 

—

 

1

 

5

 

2

 

8

 

Total

 

$

20

 

$

18

 

$

22

 

$

16

 

$

7

 

$

83
Total cash distributions made

 

 

 

 

Distributions Paid

 

Distributions

 

 

 

Common

 

General Partner

 

 

 

 

per limited

 

Year

 

Units

 

Incentive

 

2%

 

 

Total

 

partner unit

 

2011

 

$

575

 

$

204

 

$

12

 

 

$

791

 

$

3.91

 

2010

 

$

512

 

$

160

 

$

10

 

 

$

682

 

$

3.76

 

2009

 

$

468

 

$

127

 

$

10

 

 

$

605

 

$

3.62

 
Schedule of changes made to holdings in limited partner units of PNG result of modification

 

               

 

 

Prior to

Modification

 

Modification

 

Post

Modification

 

PNG Units Owned by PAA:

 

 

 

 

 

 

 

Common Units

 

18.1

 

—

 

18.1

 

Series A Subordinated Units

 

13.9

 

(2.0

)

11.9

 

Common & Series A Subordinated Unit Subtotal

 

32.0

 

(2.0

)

30.0

 

Series B Subordinated Units (Performance Thresholds):

 

 

 

 

 

 

 

Tranche 1 ($1.44 / 29.6 Bcf)

 

4.6

 

(2.0

)

2.6

 

Tranche 2 ($1.53 / 35.6 Bcf)

 

3.8

 

(1.0

)

2.8

 

Tranche 3 ($1.63 / 41.6 Bcf)

 

3.1

 

(1.0

)

2.1

 

Tranche 4 ($1.71 / 48.0 Bcf)

 

—

 

3.0

 

3.0

 

Tranche 5 ($1.80 / 48.0 Bcf)

 

—

 

3.0

 

3.0

 

Series B Subordinated Unit Subtotal

 

11.5

 

2.0

 

13.5

 

Total PNG Units Owned by PAA (1)

 

43.5

 

—

 

43.5

 

 

(1)             See “PNG Transaction Grants” in Note 10.
Operational and financial conditions necessary for conversion of Series B subordinated units to Series A subordinated units

 

 

 

 

Series B Subordinated Units to Convert into
Series A Subordinated Units

 

Working Gas Storage Capacity
 (Bcf)

 

Annualized
Distribution Level

 

Tranche 1

 

2.6

 

29.6

 

$

1.71

 

Tranche 2

 

2.8

 

35.6

 

$

1.71

 

Tranche 3

 

2.1

 

41.6

 

$

1.71

 

Tranche 4

 

3.0

 

48.0

 

$

1.71

 

Tranche 5

 

3.0

 

48.0

 

$

1.80
Changes made to holdings in limited partner units of PNG

 

 

 

 

December 31,
2010

 

February 2011
PNG Issuance

 

Transaction
Grants

 

December 31,
2011

 

PNG Units Owned by PAA:

 

 

 

Common Units

 

18.1

 

10.2

 

(0.1

)

28.2

 

Series A Subordinated Units

 

11.9

 

—

 

—

 

11.9

 

Series B Subordinated Units

 

13.5

 

—

 

—

 

13.5

 

Total PNG Units Owned by PAA

 

43.5

 

10.2

 

(0.1

)

53.6

 

 
Schedule of changes in noncontrolling interests in partners' capital

 

 

 

 

For the Year Ended December 31,

 

 

 

2011

 

2010

 

2009

 

Beginning balance

 

$

231

 

$

63

 

$

—

 

Sale of noncontrolling interests in subsidiaries

 

306

 

167

 

64

 

Net income attributable to noncontrolling interests

 

28

 

9

 

1

 

Distributions to noncontrolling interests

 

(40

)

(10

)

(2

)

Equity compensation expense

 

3

 

3

 

—

 

Net deferred loss on cash flow hedges

 

(4

)

—

 

—

 

Other

 

—

 

(1

)

—

 

Ending Balance

 

$

524

 

$

231

 

$

63

 
Schedule of impact of changes in the entity ownership interest in subsidiary on the entity's capital

 

 

 

 

Year Ended December 31,

 

 

 

2011

 

2010

 

2009

 

Net income attributable to Plains

 

$

966

 

$

505

 

$

579

 

Transfers to the noncontrolling interests:

 

 

 

 

 

 

 

Increase in capital from sale of PNG units

 

64

 

101

 

—

 

Decrease in capital from sale of interest in SLC Pipeline

 

—

 

—

 

(38

)

Change from net income attributable to Plains and net transfers to the noncontrolling interest

 

$

1,030

 

$

606

 

$

541
Equity offerings of common units

 

 

 

 

 

 

 

 

 

 

General

 

 

 

 

 

 

 

 

 

Gross

 

Proceeds

 

Partner

 

 

 

Net

 

Period

 

Units Issued

 

Unit Price

 

from Sale

 

Contribution

 

Costs

 

Proceeds

 

November 2011 (1)

 

6,000,000

 

$

65.03

 

$

390

 

$

9

 

$

(13

)

$

386

 

March 2011 (1)

 

7,935,000

 

$

64.00

 

508

 

10

 

(15

)

503

 

2011 Total

 

13,935,000

 

 

 

$

898

 

$

19

 

$

(28

)

$

889

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

November 2010 (1)

 

4,780,000

 

$

62.60

 

$

299

 

$

6

 

$

(9

)

$

296

 

2010 Total

 

4,780,000

 

 

 

 

$

299

 

$

6

 

$

(9

)

$

296

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

September 2009 (1)

 

5,290,000

 

$

46.70

 

$

247

 

$

5

 

$

(6

)

$

246

 

March 2009 (1)

 

5,750,000

 

$

36.90

 

212

 

4

 

(6

)

210

 

2009 Total

 

11,040,000

 

 

 

$

459

 

$

9

 

$

(12

)

$

456

 

 

(1)                                     These offerings of common units were underwritten transactions that required us to pay a gross spread. The net proceeds from these offerings were used to reduce outstanding borrowings under our credit facilities and for general partnership purposes.