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Partners' Capital and Distributions (Tables) | 12 Months Ended
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Dec. 31, 2012
Partners' Capital and Distributions |
Per unit cash distributions and the portion of the distributions representing an excess over the MQD |
|  | Year |
|  | 2012 |  | 2011 |  | 2010 |
|  |  |  | Excess |  |  |  | Excess |  |  |  | Excess |
|  | Distribution (1) |  | over MQD |  | Distribution (1) |  | over MQD |  | Distribution (1) |  | over MQD |
First Quarter |  | $ | 0.5125 |  | $ | 0.2875 |  | $ | 0.4788 |  | $ | 0.2538 |  | $ | 0.4638 |  | $ | 0.2388 |
Second Quarter |  | $ | 0.5225 |  | $ | 0.2975 |  | $ | 0.4850 |  | $ | 0.2600 |  | $ | 0.4675 |  | $ | 0.2425 |
Third Quarter |  | $ | 0.5325 |  | $ | 0.3075 |  | $ | 0.4913 |  | $ | 0.2663 |  | $ | 0.4713 |  | $ | 0.2463 |
Fourth Quarter |  | $ | 0.5425 |  | $ | 0.3175 |  | $ | 0.4975 |  | $ | 0.2725 |  | $ | 0.4750 |  | $ | 0.2500 |
(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 (1) |
2012 |  | $ | 684 |  | $ | 271 |  | $ | 14 |  | $ | 969 |  | $ | 2.11 |
2011 |  | $ | 575 |  | $ | 204 |  | $ | 12 |  | $ | 791 |  | $ | 1.95 |
2010 |  | $ | 512 |  | $ | 160 |  | $ | 10 |  | $ | 682 |  | $ | 1.88 |
(1) Distributions per limited partner unit are presented as adjusted for the two-for-one unit split effected on October 1, 2012.
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 15.
Operational and financial benchmarks for conversion of the Series B subordinated units into 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 |
Ownership changes in limited partner units of PNG |
|  | December 31, 2010 |  | February 2011 PNG Issuance |  | May 2011 and May 2012 Transaction Grants |  | December 31, 2012 |
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 |
|  | Year Ended December 31, |
|  | 2012 |  | 2011 |  | 2010 |
Beginning balance |  | $ | 524 |  | $ | 231 |  | $ | 63 |
Sale of noncontrolling interests in a subsidiary |  | — |  | 306 |  | 167 |
Net income attributable to noncontrolling interests |  | 33 |  | 28 |  | 9 |
Distributions to noncontrolling interests |  | (48 | ) | (40 | ) | (10 | )
Equity compensation expense |  | 4 |  | 3 |  | 3 |
Distribution equivalent right payments |  | (1 | ) | — |  | — |
Other comprehensive income/(loss): |  | — |  | — |  | — |
Reclassification adjustments |  | (4 | ) | — |  | — |
Net deferred gain/(loss) on cash flow hedges |  | 1 |  | (4 | ) | — |
Other |  | — |  | — |  | (1 | )
Ending balance |  | $ | 509 |  | $ | 524 |  | $ | 231 |
Schedule of impact of changes in the entity ownership interest in subsidiary on the entity's capital |
|  | Year Ended December 31, |
|  | 2012 |  | 2011 |  | 2010 |
Net income attributable to Plains |  | $ | 1,094 |  | $ | 966 |  | $ | 505 |
Transfers to the noncontrolling interests: |  |  |  |  |  |  |
Increase in capital from sale of PNG units |  | — |  | 64 |  | 101 |
Change from net income attributable to Plains and net transfers to the noncontrolling interest |  | $ | 1,094 |  | $ | 1,030 |  | $ | 606 |
Equity offerings of common units |
|  |  |  |  |  |  |  | General |  |  |  |  |
|  |  |  | Gross |  | Proceeds |  | Partner |  |  |  | Net |
Period |  | Units Issued (2) |  | Unit Price (2) |  | from Sale |  | Contribution |  | Costs |  | Proceeds |
March 2012 (1) |  | 11,500,000 |  | $ | 40.015 |  | $ | 460 |  | $ | 9 |  | $ | (14 | ) | $ | 455 |
2012 Total |  | 11,500,000 |  |  |  | $ | 460 |  | $ | 9 |  | $ | (14 | ) | $ | 455 |
November 2011 (1) |  | 12,000,000 |  | $ | 32.515 |  | $ | 390 |  | $ | 9 |  | $ | (13 | ) | $ | 386 |
March 2011 (1) |  | 15,870,000 |  | $ | 32.000 |  | 508 |  | 10 |  | (15 | ) | 503 |
2011 Total |  | 27,870,000 |  |  |  | $ | 898 |  | $ | 19 |  | $ | (28 | ) | $ | 889 |
November 2010 (1) |  | 9,560,000 |  | $ | 31.300 |  | $ | 299 |  | $ | 6 |  | $ | (9 | ) | $ | 296 |
2010 Total |  | 9,560,000 |  |  |  | $ | 299 |  | $ | 6 |  | $ | (9 | ) | $ | 296 |
(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. The net proceeds from the March 2012 offering were also used to fund a portion of the BP NGL Acquisition. (2) Units issued and gross unit price are presented as adjusted for the two-for-one unit split effected on October 1, 2012.

X
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