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PAA Natural Gas Storage Declares Increased Distribution on Limited Partner Units

^{Published on 2011-10-11 05:41:46 - Market Wire}
 

HOUSTON--([ BUSINESS WIRE ])--PAA Natural Gas Storage, L.P. (NYSE:[ PNG ]) today announced its quarterly cash distribution of $0.3575 per unit ($1.43 per unit on an annualized basis) on all of its outstanding common and Series A subordinated units. The distribution will be payable on November 14, 2011, to holders of record of such units at the close of business on November 4, 2011. This distribution represents an increase of approximately 5.9% over the quarterly distribution of $0.3375 per unit ($1.35 per unit on an annualized basis) paid in November 2010 and an increase of approximately 3.6% from the quarterly distribution of $0.345 per unit ($1.38 per unit on an annualized basis) paid in August 2011.

PNG is a publicly traded master limited partnership engaged in the development, acquisition, operation and commercial management of natural gas storage facilities. The Partnership currently owns and operates three natural gas storage facilities located in Louisiana, Mississippi and Michigan. The Partnership's general partner, as well as the majority of the Partnership's limited partner interests, is owned by Plains All American Pipeline, L.P. (NYSE:PAA). The Partnership is headquartered in Houston, TX.