Plains Cuts Distribution as Part of Deleveraging Plan
Plains All American has finally taken steps to address its strained balance sheet amid a period of sustained underperformance. The distribution reset--to $1.20 per unit, or $0.30 quarterly, from last quarter’s $0.55 payout--will save about $725 million annually. With the addition of planned asset sales of $700 million and a reduction in hedges of $300 million, total debt is expected to decline to around $9.7 billion by March 2019 from $11.15 billion currently. The partnership plans to fund expan...
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