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Partners' Capital and Distributions (Tables)
 12 Months Ended
Dec. 31, 2014
Partners' Capital and Distributions  
Per unit cash distributions and the portion of the distributions representing an excess over the MQD

 

 

 

Year

 

 

 

2014

 

2013

 

2012

 

 

 

 

 

Excess

 

 

 

Excess

 

 

 

Excess

 

 

 

Distribution (1)

 

over MQD

 

Distribution (1)

 

over MQD

 

Distribution (1)

 

over MQD

 

First Quarter

 

$
0.6150 

 

$
0.3900 

 

$
0.5625 

 

$
0.3375 

 

$
0.5125 

 

$
0.2875 

 

Second Quarter

 

$
0.6300 

 

$
0.4050 

 

$
0.5750 

 

$
0.3500 

 

$
0.5225 

 

$
0.2975 

 

Third Quarter

 

$
0.6450 

 

$
0.4200 

 

$
0.5875 

 

$
0.3625 

 

$
0.5325 

 

$
0.3075 

 

Fourth Quarter

 

$
0.6600 

 

$
0.4350 

 

$
0.6000 

 

$
0.3750 

 

$
0.5425 

 

$
0.3175 

 

 

 

(1)

Distributions represent those declared and paid in the applicable period shown.
Total cash distributions paid, net of reductions in the general partner's incentive distributions

 

 

 

Distributions Paid

 

 

Distributions

 

 

 

Common

 

General Partner

 

 

 

 

per limited

 

Year

 

Units

 

2%

 

Incentive

 

Total

 

 

partner unit

 

2014

 

$
934 

 

$
19 

 

$
454 

 

$
1,407 

 

 

$
2.55 

 

2013

 

$
791 

 

$
16 

 

$
353 

 

$
1,160 

 

 

$
2.33 

 

2012

 

$
684 

 

$
14 

 

$
271 

 

$
969 

 

 

$
2.11 

 

 

Issuance of common units

 

Year

 

Type of Offering

 

Units Issued

 

Net Proceeds (1) (2)

 

 

 

 

 

 

 

 

 

2014 Total

 

Continuous Offering Program

 
15,375,810 

 

$
866 

(3)

 

 

 

 

 

 

 

 

2013 Total

 

Continuous Offering Program

 
8,644,807 

 

$
477 

(3)

 

 

 

 

 

 

 

 

2012

 

Continuous Offering Program

 
12,063,707 

 

$
524 

(3)

2012

 

Marketed Offering

 
11,500,000 

 
455 

(4)

2012 Total

 

 

 
23,563,707 

 

$
979 

 

 

 

(1)

Amounts are net of costs associated with the offerings.

 

(2)

Amounts include our general partner’s proportionate capital contributions of $18 million, $9 million and $20 million during 2014, 2013 and 2012, respectively.

 

(3)

We pay commissions to our sales agents in connection with common unit issuances under our Continuous Offering Program. We paid $9 million, $5 million and $6 million of such commissions during 2014, 2013 and 2012, respectively.

 

(4)

Offering was an underwritten transaction that required us to pay a gross spread. The net proceeds from such offering were used to fund a portion of the BP NGL Acquisition.
Schedule of effect of changes in the entity's ownership interest in subsidiary on partner's capital

 

 

 

Year Ended

 

 

 

December 31, 2013

 

Net income attributable to PAA

 

$
1,361

 

Transfers to/from noncontrolling interests:

 

 

 

Increase in capital from sale of PNG common units

 
8

 

Decrease in capital from purchase of PNG common units in conjunction with the PNG Merger

 
(290

)

Net transfers to/from noncontrolling interests

 
(282

)

Change from net income attributable to PAA and transfers to/from noncontrolling interests

 

$
1,079