What changed in this filing

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Item 5. Market for Registrant’s Common Equity

2021-03-01 compared with 2020-02-27 · 36 added, 10 removed, 87 unchanged (35% of the section changed)

1 unchanged sentence

Market Information, Holders and Distributions

Our common units are listed and traded on the New York Stock Exchange under the symbol “PAA.” As of February 12, 2020, there were 728,050,904 common units outstanding and approximately 108,000 record holders and beneficial owners (held in street name).

Our common units are listed and traded on The Nasdaq Global Select Market under the symbol “PAA.” As of February 11, 2021, there were 722,052,254 common units outstanding and approximately 99,000 record holders and beneficial owners (held in street name).

The following table presents cash distributions per common unit pertaining to the quarter presented, which were declared and paid in the following calendar quarter (see the “Cash Distribution Policy” section below for a discussion of our policy regarding distribution payments):

13 unchanged sentences

Alerian MLP Index $ 100.00 $ 118.31 $ 110.59 $ 96.86 $ 103.21 $ 73.60

I n dex to Fin a ncial Statements

This information shall not be deemed to be “soliciting material” or to be “filed” with the Commission or subject to Regulation 14A or 14C under the Exchange Act, other than as provided in Item 201(e) of Regulation S-K, or to the liabilities of Section 18 of the Exchange Act, and shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except to the extent that we specifically request that such information be treated as soliciting material or specifically incorporate it by reference into a filing under the Securities Act or the Exchange Act.

1 unchanged sentence

Issuer Purchases of Equity Securities

The following table summarizes our equity repurchase activity during the fourth quarter of 2020:

Total Number of Common Units Purchased Average Price Paid per Common Unit (1)

Total Number of Common Units Purchased as Part of Publicly Announced Program (2)

Approximate Dollar Value of Common Units that may yet be purchased under the Program ( 2)

November 1, 2020 - November 30, 2020 3,132,806 $ 7.60 3,132,806 $ 476,266,424

December 1, 2020 - December 31, 2020 3,089,942 $ 8.61 3,089,942 $ 449,708,839

(1) Average price paid per common unit includes costs associated with the repurchases.

(2) On November 2, 2020, we announced that the board of directors of PAA GP Holdings LLC (“PAGP GP”) approved a $500 million common equity repurchase program (the “Program”), which authorizes the repurchase from time to time of up to $500 million of our common units and/or PAGP Class A shares via open market purchases or negotiated transactions conducted in accordance with applicable regulatory requirements.

No time limit has been set for completion of the Program, and the Program may be suspended or discontinued at any time.

The Program does not obligate us or PAGP to acquire a particular number of common units or PAGP Class A shares.

Any common units or Class A shares that are repurchased will be canceled.

No PAGP Class A shares were repurchased during the periods presented.

The common units repurchased under the Program during the periods presented were cancelled immediately upon acquisition.

Cash Distribution Policy

8 unchanged sentences

“Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Credit Agreements, Commercial Paper Program and Indentures.”

I n dex to Fin a ncial Statements

Under the terms of our partnership agreement, our Series A preferred units and our Series B preferred units rank senior to all classes or series of equity securities in us with respect to distribution rights.

6 unchanged sentences

2020 2019 2018 2017 2016

(in millions, except per unit data and volumes)

(in millions, except per unit data)

Statement of operations data:

Total revenues $ 23,290 $ 33,669 $ 34,055 $ 26,223 $ 20,182

Operating income $ 1,988 $ 2,277 $ 1,153 $ 994 $ 1,262

Net income $ 2,180 $ 2,216 $ 858 $ 730 $ 906

Net income attributable to PAA $ 2,171 $ 2,216 $ 856 $ 726 $ 903

Operating income/(loss) (1)

$ (2,375) $ 1,988 $ 2,277 $ 1,153 $ 994

Net income/(loss) (1)

$ (2,580) $ 2,180 $ 2,216 $ 858 $ 730

Net income/(loss) attributable to PAA (1)

$ (2,590) $ 2,171 $ 2,216 $ 856 $ 726

Per unit data:

Basic net income per common unit $ 2.70 $ 2.77 $ 0.96 $ 0.43 $ 0.78

Diluted net income per common unit $ 2.65 $ 2.71 $ 0.95 $ 0.43 $ 0.77

Basic net income/(loss) per common unit (1)

$ (3.83) $ 2.70 $ 2.77 $ 0.96 $ 0.43

Diluted net income/(loss) per common unit (1)

$ (3.83) $ 2.65 $ 2.71 $ 0.95 $ 0.43

Declared distributions per common unit (2)

2 unchanged sentences

Property and equipment, net (1) (3)

$ 14,611 $ 15,355 $ 14,787 $ 14,089 $ 13,872

Total assets (1) (4)

10 unchanged sentences

Capital expenditures:

Acquisition capital $ 50 $ — $ 1,323 $ 289 $ 105

Expansion capital $ 1,340 $ 1,888 $ 1,135 $ 1,405 $ 2,170

Investment capital $ 921 $ 1,340 $ 1,888 $ 1,135 $ 1,405

Maintenance capital $ 216 $ 287 $ 252 $ 247 $ 186

Acquisition capital $ 310 $ 50 $ — $ 1,323 $ 289

I n dex to Fin a ncial Statements

Year Ended December 31,

18 unchanged sentences

Supply and Logistics segment total volumes 1,318 1,369 1,309 1,219 1,153

(1) During the year ended December 31, 2020, we recognized impairments of approximately $3.4 billion.

See Note 6, Note 7 and Note 8 to our Consolidated Financial Statements for additional information.

(2) Represents cash distributions declared and paid per unit during the year presented.

See Note 12 to our Consolidated Financial Statements for further discussion regarding our distributions.

(3) See Note 7 for discussion of our acquisitions and dispositions completed during the three years ended December 31, 2020.

(4) On January 1, 2019, we adopted Accounting Standards Update 2016-02, Leases (Topic 842) using the optional transitional method.

1 unchanged sentence

(5) Average volumes are calculated as the total volumes (attributable to our interest) for the year divided by the number of days or months in the year.

(4) Facilities segment total volumes is calculated as the sum of:

(6) Facilities segment total volumes are calculated as the sum of:

(i) liquids storage capacity;

2 unchanged sentences

(7) Includes volumes (attributable to our interest) from facilities owned by unconsolidated entities.

I n dex to Fin a ncial Statements

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 5. Market for Registrant’s Common Equity