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Plains All American Pipeline (NYSE: PAA ) officially announced its upcoming cash distribution in a news release. The limited partnership will pay $0.5625 per unit, which will be distributed on Feb. 14 to unitholders of record as of Feb. 1.
The new payout represents a slight increase from the $0.5425 it disbursed in October of last year and the equivalent of $0.5125 paid in Feb. 2012 when adjusted for a subsequent stock split.
The company quoted CEO Greg Armstrong as saying that "[as] a result of continued strong financial results, extended visibility for organic growth, recent acquisitions and very solid distribution coverage we are increasing the range of our targeted distribution growth for 2013 to 9% to 10%."