Partners' Capital and Distributions

6 Months Ended

Jun. 30, 2021

Partners’ Capital and Distributions

Units Outstanding

The following tables present the activity for our preferred and common units:


	Limited Partners
	Series A Preferred Units	Series B Preferred Units	Common Units
Outstanding at December 31, 2020	71,090,468	800,000	722,380,416
Repurchase and cancellation of common units under Common Equity Repurchase Program (1)	—	—	(350,000)
Issuances of common units under equity-indexed compensation plans	—	—	25,431
Outstanding at March 31, 2021	71,090,468	800,000	722,055,847
Repurchase and cancellation of common units under Common Equity Repurchase Program	—	—	(4,940,592)
Issuances of common units under equity-indexed compensation plans	—	—	256,321
Outstanding at June 30, 2021	71,090,468	800,000	717,371,576


	Limited Partners
	Series A Preferred Units	Series B Preferred Units	Common Units
Outstanding at December 31, 2019	71,090,468	800,000	728,028,576

Issuances of common units under equity-indexed compensation plans	—	—	24,431
Outstanding at March 31, 2020	71,090,468	800,000	728,053,007
Issuances of common units under equity-indexed compensation plans	—	—	47,391
Outstanding at June 30, 2020	71,090,468	800,000	728,100,398

(1)Trades for these units were executed in late December 2020, but settled in early January 2021.

Common Equity Repurchase Program

We repurchased 5,290,592 common units under our Common Equity Repurchase Program (the “Program”) through open market purchases that settled during the six months ended June 30, 2021. The total purchase price of these repurchases was $53 million, including commissions and fees. The repurchased common units were canceled immediately upon acquisition, as were the PAGP Class C shares held by us associated with the repurchased common units. At June 30, 2021, the remaining available capacity under the Program was $397 million. See Note 12 to our Consolidated Financial Statements included in Part IV of our 2020 Annual Report on Form 10-K for additional information regarding the Program.

Distributions

Series A Preferred Unit Distributions. The following table details distributions to our Series A preferred unitholders paid during or pertaining to the first six months of 2021 (in millions, except per unit data):


	Series A Preferred Unitholders
Distribution Payment Date	Cash Distribution		Distribution per Unit

August 13, 2021 (1)	$	37	$	0.525
May 14, 2021	$	37	$	0.525
February 12, 2021	$	37	$	0.525

(1)Payable to unitholders of record at the close of business on July 30, 2021 for the period from April 1, 2021 through June 30, 2021. At June 30, 2021, such amount was accrued as distributions payable in “Other current liabilities” on our Condensed Consolidated Balance Sheet.

Series B Preferred Unit Distributions. Distributions on our Series B preferred units are payable semi-annually in arrears on the 15th day of May and November. The following table details distributions paid to our Series B preferred unitholders (in millions, except per unit data):


	Series B Preferred Unitholders
Distribution Payment Date	Cash Distribution		Distribution per Unit

May 17, 2021	$	24.5	$	30.625

At June 30, 2021, approximately $6 million of accrued distributions payable to our Series B preferred unitholders was included in “Other current liabilities” on our Condensed Consolidated Balance Sheet.

Common Unit Distributions. The following table details distributions to our common unitholders paid during or pertaining to the first six months of 2021 (in millions, except per unit data):


	Distributions						Cash Distribution per Common Unit
	Common Unitholders				Total Cash Distribution
Distribution Payment Date	Public		AAP

August 13, 2021 (1)	$	85	$	44	$	129	$	0.18
May 14, 2021	$	86	$	44	$	130	$	0.18
February 12, 2021	$	86	$	44	$	130	$	0.18

(1)Payable to unitholders of record at the close of business on July 30, 2021 for the period from April 1, 2021 through June 30, 2021.

Noncontrolling Interests in SubsidiariesDuring the six months ended June 30, 2021, we paid distributions of $6 million to noncontrolling interests in Red River Pipeline Company LLC.