Partners' Capital and Distributions

9 Months Ended

Sep. 30, 2015

Note 7—Partners’ Capital and Distributions

Distributions

The following table details the distributions paid during or pertaining to the first nine months of 2015, net of reductions to the general partner’s incentive distributions (in millions, except per unit data):


			Distributions Paid								Distributions
			Limited		General Partner						per limited
Date Declared	Distribution Date		Partners		2%		Incentive		Total		partner unit
October 7, 2015	November 13, 2015	(1)	$	279	$	6	$	148	$	433	$	0.7000
July 7, 2015	August 14, 2015		$	276	$	6	$	146	$	428	$	0.6950
April 7, 2015	May 15, 2015		$	272	$	6	$	142	$	420	$	0.6850
January 8, 2015	February 13, 2015		$	254	$	5	$	131	$	390	$	0.6750

⁽¹⁾

Payable to unitholders of record at the close of business on October 30, 2015 for the period July 1, 2015 through September 30, 2015.

PAA Equity Offerings

Continuous Offering Program. During the nine months ended September 30, 2015, we issued an aggregate of approximately 1.1 million common units under our continuous offering program, generating proceeds of $59 million, including our general partner’s proportionate capital contribution of $1 million, net of $1 million of commissions to our sales agents.

Underwritten Offering. In March 2015, we completed an underwritten public offering of 21.0 million common units, generating proceeds of approximately $1.1 billion, including our general partner’s proportionate capital contribution of $21 million, net of costs associated with the offering.

Noncontrolling Interests in Subsidiaries

As of September 30, 2015, noncontrolling interests in our subsidiaries consisted of a 25% interest in SLC Pipeline LLC.