11 unchanged sentences
The following graph compares the total unitholder return performance of our Class A shares with the performance of:
−Removed: (i) the Standard & Poor’s 500 Stock Index (“S&P 500”), (ii) the Alerian MLP Index (“AMZX”) and (iii) the Alerian Midstream Energy Index (“AMNA”).
−Removed: The AMZX is a composite of the most prominent energy master limited partnerships that provides investors with a comprehensive benchmark for this asset class.
+Added: (i) the Standard & Poor’s 500 Stock Index (“S&P 500”) and (ii) the Alerian Midstream Energy Index (“AMNA”).
The AMNA is a broad-based composite of North American energy infrastructure companies that provides investors with a comprehensive benchmark for this asset class.
−Removed: We have elected to include the AMNA in addition to the AMZX in this year’s performance graph because we believe that a comparison of our performance to each of these industry indices is useful to investors.
The graph assumes that $100 was invested in our Class A shares and each comparison index beginning on December 31, 2017 and that all distributions were reinvested on a quarterly basis.
3 unchanged sentences
S&P 500 $ 100.00 $ 95.62 $ 125.72 $ 148.85 $ 191.58 $ 156.89
−Removed: AMZX $ 100.00 $ 93.48 $ 81.87 $ 87.24 $ 62.21 $ 87.20
AMNA $ 100.00 $ 86.71 $ 107.56 $ 82.43 $ 114.10 $ 138.67
9 unchanged sentences
As a result, the exercise by Legacy Owners of the Exchange Right is not dilutive.
−Removed: During the three months ended December 31, 2021, certain Legacy Owners or their permitted transferees exercised the Exchange Right, which resulted in the issuance of 50,362 Class A shares.
−Removed: The issuance of Class A shares in connection with the exercise of the Exchange Rights was exempt from the registration requirements of the Securities Act of 1933, as amended, pursuant to Section 4(a)(2) thereof.
+Added: During the three months ended December 31, 2022, Exchange Right exercises resulted in the issuance of 121,576 Class A shares.
+Added: The issuance of Class A shares in connection with the exercise of the Exchange Right was exempt from the registration requirements of the Securities Act of 1933, as amended, pursuant to Section 4(a)(2) thereof.
Issuer Purchases of Equity Securities
1 unchanged sentence
Our partnership agreement requires that, within 55 days following the end of each quarter, we distribute all of our available cash to Class A shareholders of record on the applicable record date.
−Removed: Available cash generally means, for any quarter ending prior to liquidation, all cash on hand at the date of determination of available cash for the distribution in respect of such quarter (including expected distributions from AAP in respect of such quarter), less the amount of cash reserves established by our general partner, which will not be subject to a cap, to:
+Added: Available cash generally means, for any quarter ending prior to liquidation, all cash and cash equivalents on hand on the date of determination of available cash for the distribution in respect of such quarter (including expected distributions from AAP in respect of such quarter), less the amount of cash reserves established by our general partner to:
• comply with applicable law or any agreement binding upon us or our subsidiaries (exclusive of PAA and its subsidiaries);
−Removed: • provide funds for distributions to shareholders;
+Added: • provide funds for future distributions to shareholders;
• provide for future capital expenditures, debt service and other credit needs as well as any federal, state, provincial or other income tax that may affect us in the future;
−Removed: • provide for the proper conduct of our business, including with respect to the matters described under our partnership agreement.
−Removed: Our available cash also includes cash on hand resulting from borrowings made after the end of the quarter.
−Removed: Index to Financial Statements
−Removed: Our principal sources of cash flow are derived from our indirect investment in PAA.
−Removed: As of December 31, 2021, we directly and indirectly owned approximately 194.2 million AAP units, which represented an approximate 81% limited partner interest in AAP.
+Added: • provide for our general, administrative or other expenses;
+Added: • provide for the proper conduct of our business.
+Added: Our principal source of cash flow is derived from our indirect investment in PAA.
+Added: As of December 31, 2022, we owned approximately 194.4 million AAP units, which represented an approximate 81% limited partner interest in AAP.
AAP currently receives all of its cash flows from its ownership of PAA common units.
5 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.”
+Added: Index to Financial Statements
Our general partner owns a non-economic general partner interest in us, which does not entitle it to receive cash distributions.
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.