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Partners' Capital and Distributions (Tables)
 12 Months Ended
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.