Plains All American Pipeline, L.P. Announces Completion of Sale of 10% General Partner Interest to OXY

Thu Aug 7, 11:20 AM

HOUSTON--(BUSINESS WIRE)--Plains All American Pipeline, L.P. (NYSE:PAA) announced today that certain owners of its general partner have completed the previously announced sale of an aggregate 10% equity interest in PAA’s general partner entities to a wholly owned subsidiary of Occidental Petroleum Corporation (“OXY”). The purchase price was not disclosed.

The table below sets forth the approximate percentage ownership of PAA’s general partner interests before and after the transaction.

  Before   After
Vulcan Energy Corporation 54.3 % 50.1 %
Kayne Anderson affiliated entities 20.3 % 17.9 %
EnCap affiliated entities 11.1 % 8.8 %
Management & others 14.3 % 13.2 %
OXY 0.0 % 10.0 %
Total 100.0 % 100.0 %

Plains All American Pipeline, L.P. is a publicly traded master limited partnership engaged in the transportation, storage, terminalling and marketing of crude oil, refined products and liquefied petroleum gas and other natural gas related petroleum products. Through its 50% ownership in PAA/Vulcan Gas Storage LLC, the partnership is also engaged in the development and operation of natural gas storage facilities. The Partnership is headquartered in Houston, Texas.

Plains All American Pipeline, L.P., Houston
Manager, Investor Relations
Roy I. Lamoreaux, 713-646-4222 – 800-564-3036
or
Vice President
A. Patrick Diamond, 713-646-4487 – 800-564-3036