Houston-based Plains All American Pipeline LP (NYSE: PAA) and Plains GP Holdings (NYSE: PAGP) plan to reduce debt by about $1.4 billion over the next six quarters through a series of steps announced late Aug. 25.

The steps are the result of the companies’ leverage and distribution review and were endorsed by PAA’s board of directors at an Aug. 24 meeting.

As expected, the plan includes cutting distributions. PAA’s and PAGP’s distributions will be reduced to $1.20 per unit on an annualized…

Houston Biz Journal
Plains All American Pipeline to cut distribution, take other steps to reduce debt