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plains all american pipeline  Annual Reports 2005 plains all american pipeline Annual Reports 2005 Document Transcript

  • Plains All American Pipeline, L.P. 2005 Annual Report PAA:05
  • During 2005, the Partnership achieved each of its stated goals and much, much more.
  • Goals and Achievements for 2005 Perform 1. Deliver operating and financial performance in line with our guidance. • Exceeded initial operating and financial guidance for adjusted EBITDA and adjusted net income by 46% and 83,% respectively Strengthen 2. Optimize our field operations to eliminate inefficiencies and improve our ability to service our customers and, therefore, our competitive position. • Completed integration of previous acquisitions • Relocated headquarters of operations group from Oklahoma Here’s how... City to Houston • Realigned our trucking operations and upgraded trucking- related information systems Distribute 3. Increase our distribution to Unitholders by 5% to 7%, without regard to future acquisitions. • Increased annualized distribution to Unitholders in all four quarters for total increase of 12.5% Grow 4. Position the Partnership for continued growth by executing our organic expansion projects and pursuing our target of averaging $200 million to $300 million of accretive and strategic acquisitions. • Implemented $149 million of internal growth projects – a 49% increase over our original 2005 budget • Initiated, developed or advanced a number of new internal growth projects for implementation in 2006 and beyond • Completed seven acquisitions for approximately $165 million, generating two-year and three-year averages of $ 360 million and $ 290 million, respectively PAA:05 01
  • Plains All American Pipeline, L.P. (“PAA”) is a publicly traded master limited partnership (“MLP”) engaged in interstate and intrastate crude oil transportation, and crude oil gathering, marketing, terminalling and storage, as well as the marketing and storage of liquefied petroleum gas and other petroleum products (collectively, “LPG”). In addition, through our 50% equity ownership in PAA/Vulcan Gas Storage, LLC, we are engaged in the development and operation of natural gas storage facilities. We are one of the largest midstream crude oil transportation companies in North America, handling over 3.0 million barrels per day of physical crude oil through our extensive network of assets located in key producing regions and transportation corridors and gateways in the United States and Canada. Our crude oil and LPG operations can be categorized into two primary business activities: (i) crude oil pipeline transportation operations and (ii) gathering, marketing, terminalling and storage operations. PAA:05 As an MLP, we make quarterly distributions of our available cash to our Unitholders. Since our initial public offering in 1998, we have increased our quarterly distribution by approximately 53% to its current level of $0.6875 per unit, or $2.75 per unit on an annualized basis. It is our goal to increase our distribution to Unitholders over time through a combination of internal and acquisition-oriented growth. Our common units are traded on the New York Stock Exchange under the symbol “PAA.” We are headquartered in Houston, Texas. Total Return to Unitholders 47% 2% 44% 25% 11% Five-Year Annual Total Return = 25% Historical Distribution Growth Represents cash distribution paid during each period $0.675 $0.650 $0.638 $0.613 $0.600 $0.578 $0.563 $0.563 $0.550 $0.550 $0.550 $0.538 $0.538 $0.538 $0.525 $0.513 $0.513 $0.500 $0.475 $0.463 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 $1.85 $1.90 $2.00 $2.05 $2.05 $2.10 $2.15 $2.15 $2.15 $2.20 $2.20 $2.20 $2.25 $2.25 $2.31 $2.40 $2.45 $2.55 $2.60 $2.70 ANNUALIZED RATE 2002 2003 2004 2005 2001 PAA:05 02
  • Chairman and President’s Letter Dear Fellow Unitholders: By far, 2005 was the most productive year in the history of Plains All American, which is no small feat given the Partnership’s record-setting performance in 2004. During the year, the Partnership met or exceeded each of its stated goals, significantly expanded its portfolio of internal growth projects, established a platform for future growth in the natural gas storage business and exited the year with a very strong capitalization. As a result of these accomplishments, we believe the Partnership is well positioned to generate attractive, consistent distribution growth over the next several years. 2005 Review At the beginning of each year, we establish very specific goals that motivate us on a daily basis to achieve long-term value creation for our stakeholders. Our goals for 2005 were to: 1 . Deliver operating and financial performance in line with guidance; 2. Optimize our field operations to eliminate inefficiencies and improve our ability to service our customers and, therefore, our competitive position; 3. Position the Partnership for continued growth by executing our organic expansion projects and pursuing our target of averaging $200 million to $300 million of accretive and strategic acquisitions; and 4 . Increase our distribution to Unitholders by 5% to 7%, without regard to future acquisitions. We accomplished these objectives and much, much more. Our operating and financial results significantly surpassed our initial guidance for the year. Excluding selected items impacting comparability, adjusted EBITDA and adjusted net income exceeded our original guidance by 46% and 83%, respectively, while adjusted net income per unit exceeded original guidance by 83%. These results were achieved on the strength of improved fundamental performance and the strategic positioning and counter-cyclical balance of our assets in a very volatile crude oil market. We also took a number of steps during the year to optimize our operations, improve our ability to service our customers and also improve our competitive position. These activities included completing the integration of acquisitions made in previous years, moving the headquarters of our operations group from Oklahoma City to Houston, realigning our trucking operations and upgrading our trucking-related information systems. Quantifying the impact of these activities is challenging, but we believe our recent results reinforce the success of these efforts. PAA:05 03
  • The Partnership successfully developed and executed on internal growth projects totaling approximately $149 million, expanding the scope set forth in our initial plan by 49%. We were also able to initiate, develop or advance a number of other internal growth projects for implementation in 2006 and beyond. On the acquisition front, we followed up on the significant acquisitions made in 2004 by completing seven acquisitions (including a joint- venture investment) in 2005 for aggregate consideration of approximately $165 million, generating a two-year and three-year average for acquisitions of approximately $360 million and $290 million, respectively. Notably, this joint-venture investment marked our entry into the natural gas storage business and is discussed in more detail on page 8 of this report. In last year’s annual report, we highlighted a strategic initiative to build an asset position capable of receiving foreign crude oil via the Gulf Coast. We are pleased to report that we made significant progress in implementing this initiative in 2005. Using our existing assets at Mobile, Cushing and other locations as well as assets leased from third parties, we increased the volume of our foreign crude oil purchases by over 300%, averaging 59,400 barrels per day A Special Thanks of foreign crude imports versus 13,500 barrels per day in 2004. We also positioned ourselves for further growth as the Partnership initiated construction of a 3.2 million barrel storage facility strategically located in St. James, Louisiana. With these building blocks in place, we A review of 2005 would not be expect solid growth in this area of our business in 2006 and beyond. complete without acknowledging the valiant and compassionate Our distribution growth also exceeded our initial guidance for the year as we raised our response of our employees to distribution in all four quarters of 2005, resulting in an aggregate increase of $0.30 per unit. the devastating hurricanes that Our November 2005 annualized distribution of $2.70 per unit represents a 12.5% increase over ravaged the Gulf Coast. Several the November 2004 distribution of $2.40 per unit. As a result, despite challenging stock of our employees braved perilous market conditions late in the year, 2005 was another rewarding year for our Unitholders. conditions to secure and preserve For the 2005 calendar year, the Partnership generated a total return to Unitholders of the integrity of our facilities, approximately 11.5%. While this total return is not as high as we have experienced in the while countless other employees past couple of years, it compares very favorably to the returns of our peers and major market worked tirelessly behind the indices. Comparable returns for the large capitalization pipeline MLP peer group, the S&P scenes to restore service to our 500 and the Dow Jones were 2.3%, 4.9% and 1.7%, respectively. customers, direct employee relief efforts and establish command 2005 was also a year of significant strengthening of our capital structure and liquidity. Our and control centers for repair and excess cash flow and equity funding activities allowed us to fully finance our $328 million clean-up efforts. On behalf of our capital program while long-term debt remained essentially unchanged. In addition, the management team, we want to excess capital raised during 2005 will be used to fund a large portion of our 2006 capital thank everyone who contributed program. As a result of our performance and financial discipline, we ended the year with of their time, talent or treasure to an extremely strong long-term debt to capitalization ratio of 42% and with very little direct minimize the adverse impact of exposure to rising interest rates as virtually all of our long-term debt was fixed rate. We these storms on our company believe our balance sheet and credit profile are among the strongest in our large capitalization and our employees. pipeline MLP peer group. During 2005, we made important strides in positioning the Partnership for future growth and success. Outlook for the Future We are indeed optimistic about the future of Plains All American. In order to define our near- term course and provide our stakeholders with the criteria to judge our performance, each year we establish and publish our annual goals for the year. Our goals for 2006 are similar in PAA:05 04
  • many respects to those we established in previous years. The consistency of our goals over the years is a reflection of management’s focus on fundamentals and sustainable long-term performance. Specifically, our five goals for 2006 are to: 1 . Deliver operating and financial performance in line with guidance; 2. Maintain and improve our present credit rating and further expand our liquidity and financial flexibility to accommodate future growth; 3. Optimize our existing asset base and operations and expand our inventory of internal expansion projects; 4 . Pursue our target of averaging $200 million to $300 million of accretive and strategic acquisitions; and 5. Increase our distribution paid to Unitholders in 2006 by 10% over 2005 payments. The midpoint of our published guidance for 2006 targets adjusted EBITDA* of approximately $365 million, which is approximately 45% higher than 2004 results of $252 million and $85 million, or 30% higher than the midpoint of our original guidance for 2005 of $280 million. You should note that the midpoint of our 2006 guidance is approximately 11% lower than 2005 actual results. This is a result of a less robust outlook for market conditions in 2006 as compared to the very favorable market conditions experienced in 2005. Our 2006 guidance also incorporates meaningfully higher assumptions with respect to utility, power and fuel costs as a result of a substantial increase in commodity prices. If the favorable market conditions we experienced in 2005 continue throughout 2006, we believe there is an upward bias to our 2006 guidance, but for planning purposes we believe it is prudent to assume more moderate conditions. Notwithstanding these more conservative assumptions, our guidance for 2006 indicates that we expect to have strong cash flow coverage of the current distribution as well as the capacity to increase the distribution in line with the targeted objectives and still maintain a healthy coverage ratio. As a result of our consistent distribution growth and a favorable response from the stock market, over the last several years we have been able to generate some very attractive total returns for our Unitholders. There are many factors that influence the way in which the stock market values MLPs in general and our unit price in particular. Many of these factors are beyond our control, including interest rates, views on the broad economy and alternative investment opportunities. For those reasons, we cannot forecast how the market will value PAA at any point in time. What we can do is strive to deliver solid operating and financial results and based on those results generate growth in our distribution. We are optimistic that we are well positioned to achieve our goals, and we are dedicated to delivering solid results to you, our Unitholders. For these reasons, we believe Plains All American continues to offer our investors an attractive and competitive total return proposition and we encourage you to monitor our progress and our results by visiting our web site at www.paalp.com. On behalf of Plains All American Pipeline and its 2,000 plus loyal and dedicated employees, we thank you for your continued support. Greg L. Armstrong Harry N. Pefanis Chairman and CEO President and COO * View complete Non-GAAP reconciliation table on the last page of this report. PAA:05 05
  • Internal PAA has assembled an expanding portfolio of Growth Projects $230 Internal Growth Capital (Dollars in Millions) $149 * Per public guidance furnished via Form 8-K on February 23, 2006 $117 $55 $38 ‘02 ‘03 ‘04 ‘05 ‘06G* PAA:05 06
  • Internal Growth Projects From our IPO in 1998 through 2004, the growth of Plains All American was principally driven by acquisitions. Beginning in 2005, we increased our focus on optimizing the performance of the acquired assets and expanding our network of transportation and storage assets to better serve our producer and refiner customers, which has translated into a meaningful expansion of our internal growth activities. The level of our internal growth capital expenditures increased from $38 million in 2002 to $149 million in 2005, which significantly exceeded our initial 2005 estimate of $100 million. To support the elevated activity level and position ourselves for future growth, we strengthened our project management capabilities in 2005 by creating and filling the position of Vice President of Engineering and significantly augmenting our internal technical resources. Due to the combined efforts of our commercial group and our technical staff, 2006 is shaping up to be another tremendous year for internal growth projects as we currently expect to spend approximately $230 million on such projects during the year. Perhaps more importantly, we have also developed a backlog of internal growth projects exceeding $300 million, excluding the $230 million slated for 2006. Although not all of the projects in our backlog will come to fruition, we believe that we have put in place the resources necessary to consistently identify, develop and execute the internal growth projects that our strategically located asset base affords us. During 2005, we made significant progress on another important internal growth project – implementing our strategic initiative to grow our foreign crude oil activities through our Gulf Coast assets. Using our existing assets at Mobile, Cushing and other locations, we were able to increase our purchases of foreign crude oil by over 300%, averaging 59,400 barrels per day in 2005 versus 13,500 barrels per day in 2004. Moreover, we positioned ourselves to further expand these activities by initiating construction of a 3.2 million barrel crude oil terminalling and storage facility at St. James, Louisiana. The project is expected to cost approximately $85 million and should become operational in mid-2007. We believe that our enhanced inventory of internal growth projects, combined with the solid foundation provided by our existing business activities, gives us the ability to continue to generate attractive operating and financial results and provides clear visibility for future distribution growth over the next several years. Our Mobile terminal (right) provides us with the ability to receive foreign cargoes of crude oil delivered by oceangoing tankers. PAA:05 07
  • Natural Gas Storage Investment One of the ways in which we intend to execute our business strategy is to prudently and economically leverage our asset base, knowledge base and skill sets to participate in energy businesses that are closely related to, or significantly intertwined with, the crude oil business. During 2005, we partnered with a subsidiary of Vulcan Capital, the investment arm of Supply Paul G. Allen, to form PAA/Vulcan Gas Storage, LLC, a 50/50 joint venture to develop and operate natural gas storage facilities. In September 2005, PAA/Vulcan acquired Energy Center and Demand Investments (“ECI”), an entity that owned two natural gas storage assets – an operating facility in Michigan (“Bluewater”) and a project under development in Louisiana (“Pine Prairie”) – for approximately $250 million. We believe ECI provides an excellent platform for future growth in the natural gas storage business. In the U.S., natural gas demand has outstripped domestic produc- Because of its fungibility and physical volatility, natural gas presents different logistical tion of natural gas. By 2030, the transportation challenges than crude oil. However, we believe the U.S. natural gas supply Energy Information Administration and demand situation will ultimately face storage challenges very similar to those that estimates that the U.S. will require exist in the North American crude oil sector. We believe these factors will result in an approximately 5.6 trillion cubic increased need and an attractive valuation for natural gas storage facilities in order to balance feet of annual net natural gas market demands. imports to meet its demand – nearly 1.6 times the 2004 annual We believe strategically located natural gas storage facilities with multi-cycle injection and shortfall. The vast majority of withdrawal capabilities and access to critical transportation infrastructure will play an the projected supply shortfall is increasingly important role in balancing the markets and ensuring reliable deliverability of expected to be met with imports natural gas to the customer during peak demand periods. Our Pine Prairie facility, which we of liquefied natural gas (LNG). plan to have partially operational in 2007 and fully operational in 2009, is well positioned to We believe that the growth of benefit from these evolving market dynamics due to its location near Gulf Coast supply LNG as a supply source will sources, the largest LNG import facility in the United States and Henry Hub, the delivery increase the demand for natural point for NYMEX natural gas futures contracts. It is also anticipated to be connected to at gas storage as a result of inconsis- least seven major pipelines serving Midwest and East Coast markets. tent surges and shortfalls in supply based on LNG tanker deliveries, In the northern tier of the U.S., where gas storage facilities which can be disrupted by natural are traditionally cycled once or twice per year, our Bluewater disasters and geopolitical factors. facility is well positioned to meet seasonal gas demand In addition, normal depletion of in Michigan, where almost 75% of peak winter demand is regional natural gas supplies will provided by gas storage withdrawals. Bluewater has direct require additional storage capacity interconnects to four major pipelines and indirect access to to preposition natural gas supplies four additional pipelines as well as Dawn, a major natural for seasonal usage. gas market hub in Canada. We believe that our expertise in hydrocarbon storage, our strategically located assets, our financial strength and our commercial experience will enable us to play a meaningful role in meeting the challenges and capitalizing on the opportunities associated with the evolution of the U.S. natural gas storage markets. PAA:05 08
  • Financial Strength and Liquidity Plains All American was one of the first MLPs in the sector to publicly define its financial growth strategy and target credit profile. Despite completing nearly $2 billion of acquisitions and expansion capital projects since 2001, we have adhered to our strategy, achieved an investment grade credit rating and now possess what we believe to be one of the strongest balance sheets in the large capitalization pipeline MLP sector. We believe that our customers feel secure in knowing that we have the financial strength and liquidity to meet their needs in all types of crude oil price environments. Our strategically located assets and ample liquidity provide us with the opportunity to capture upside oppor- tunities in certain types of crude oil markets and our financial flexibility enables us to aggressively pursue internal growth projects and acquisitions of meaningful size and scale. We are dedicated to prudently and conservatively financing our future growth. Aggressive Growth – Conservative Financing Total Book Capitalization Long-Term Debt/Total Book Capitalization (Dollars in Millions) 60% $2,282 $2,019 50% 40% $1,266 30% $1,021 $758 20% $534 10% 0% 2000 2001 2002 2003 2004 2005 During 2005, we strengthened our balance sheet and enhanced our liquidity. We expanded the size of our credit facility to $1 billion and increased the size of our hedged inventory facility to $800 million, extending the maturities on both facilities. We raised over $400 million in the public and private capital markets, with over 60% coming from equity issuances. These financings, combined with over $130 million of distributable cash flow that we generated in excess of our distributions during the year, enabled us to end the year with a long-term debt balance essentially the same as our year-end 2004 balance – despite spending $328 million on capital projects. In addition, we also ended the year with 100% of our long-term debt subject to fixed rates of interest, thereby minimizing our exposure to rising interest rates. As a result of these activities, we ended 2005 with the strongest capital structure and highest liquidity in our history. PAA:05 09
  • PERFORMANCE METRICS 1 2 Pipeline Volumes Lease Gathering & LPG Volumes thousands Lease Gathering LPG 1,799 of barrels per day 1,486 610 56 2005 902 589 48 2004 637 437 38 2003 406 Barrels 410 35 2002 thousands 2001 2002 2003 2004 2005 of barrels 348 19 2001 per day 3 4 Adjusted EBITDA* Adjusted Net Income Per Diluted Unit* Excluding selected items impacting comparability Excluding selected items impacting comparability $3.47 $408 $252 $2.00 $1.52 $1.47 $1.38 $169 $130 $110 Dollars Dollars millions 2001 2002 2003 2004 2005 2001 2002 2003 2004 2005 of dollars *View complete Non-GAAP reconciliation table on the last page of this report. PAA:05 10
  • Non-GAAP Reconciliations (1) (2) (in millions, except per unit data) Year Ended December 31, 2005 2004 2003 2002 2001 EBIT and EBITDA Reconciliations Net Income $ 217.8 $ 130.0 $ 59.4 $ 65.3 $ 44.2 Interest expense 59.4 46.7 35.2 29.1 29.1 277.2 176.7 94.6 94.4 73.3 EBIT Depreciation and amortization 83.5 68.7 46.2 34.1 23.3 $ 360.7 $ 245.4 $ 140.8 $ 128.5 $ 96.6 EBITDA Year Ended December 31, 2005 2004 2003 2002 2001 Selected items impacting comparability Increase (decrease) to reported amount: SFAS 133 mark-to-market adjustment $ (18.9) $ 1.0 $ 0.4 $ 0.3 $ 0.2 Long-term incentive plan (LTIP) charge (26.1) (7.9) (28.8) – – Noncash reserve for potential environmental obligations – – – (1.2) – Write-off of deferred acquisition-related costs – – – (1.0) – Noncash reserve for receivables – – – – (3.0) Cumulative effect of change in accounting principle – (3.1) – – 0.5 Noncash compensation expense – – – – (5.7) Noncash mark-to-market inventory charge – – – – (5.0) Inventory valuation adjustment – (2.0) – – – Gain/(loss) on foreign currency revaluation (2.1) 5.0 – – – $ (47.1) $ (7.0) $ (28.4) $ (1.9) $ (13.0) Total of selected items impacting comparability Year Ended December 31, 2005 2004 2003 2002 2001 Adjusted net income and adjusted EBITDA (excluding selected items impacting comparability) Adjusted net income $ 264.9 $ 137.0 $ 87.8 $ 67.2 $ 57.2 Adjusted EBITDA $ 407.8 $ 252.4 $ 169.2 $ 130.4 $ 109.6 Year Ended December 31, 2005 2004 2003 2002 2001 Reconciliation of adjusted diluted net income per limited partner unit Adjusted Net Income $ 264.9 $ 137.0 $ 87.8 $ 67.2 $ 57.2 Net income available for limited partners under EITF 03-06 $ 191.6 $ 119.3 $ 53.4 $ 60.9 $ 42.3 Limited partners 98% of selected items impacting comparability 46.1 6.9 27.8 1.9 12.7 Pro forma additional general partner distribution under EITF 03-06 7.2 – – – – Adjusted limited partners net income $ 244.9 $ 126.2 $ 81.2 $ 62.8 $ 55.0 Diluted weighted average units outstanding 70.5 63.3 53.4 45.5 37.5 Adjusted diluted net income per limited partner unit $ 3.47 $ 2.00 $ 1.52 $ 1.38 $ 1.47 Midpoint of 2005 2005 Guidance on 2/24/05 Change % 2005 Actual vs. 2005 Guidance Adjusted EBITDA $ 407.8 $ 280.0 $ 127.8 46% Adjusted Net Income $ 264.9 $ 144.5 $ 120.4 83% Midpoint of 2006 Guidance on 2/23/06 2004 Change % 2006 Guidance vs. 2004 Actual Adjusted EBITDA $ 365.0 $ 252.4 $ 112.6 45% Midpoint of Midpoint of 2006 Guidance on 2005 Guidance on 2/23/06 2/24/05 Change % 2006 Guidance vs. 2005 Guidance Adjusted EBITDA $ 365.0 $ 280.0 $ 85.0 30% Midpoint of 2006 Guidance on 2/23/06 2005 Change % 2006 Guidance vs. 2005 Actual Adjusted EBITDA $ 365.0 $ 407.8 $ (42.8) (11%) (1) Amounts may not recalculate due to rounding. (2) Certain reclassifications have been made for prior periods to conform to 2005 presentation.
  • Partnership Information Transfer Agent Directors of Plains All American GP LLC Lawrence J. Dreyfuss Vice President, Associate General The General Partner of Plains AAP, L.P., American Stock Transfer & Trust Counsel and Assistant Secretary The General Partner of Plains All American 59 Maiden Lane Pipeline, L.P. James B. Fryfogle New York, New York 10038-4502 Vice President – Refinery Supply 800.937.5449 Greg L. Armstrong Chairman of the Board and Jim G. Hester Independent Accountants Chief Executive Officer Vice President – Acquisitions PricewaterhouseCoopers LLP Plains All American GP LLC Tim Moore 1201 Louisiana Street, Suite 2900 David N. Capobianco Vice President, General Counsel Houston, Texas 77002-5607 Managing Director, and Secretary Executive Office of the Vulcan Capital Daniel J. Nerbonne General Partner Chairman of the Board, Vice President – Engineering Vulcan Energy Corporation Plains All American GP LLC John F. Russell Everardo Goyanes 333 Clay Street, Suite 1600 Vice President – Pipeline Operations President and Chief Executive Officer Houston, Texas 77002-4101 Liberty Energy Holdings LLC Phone: 713.646.4100 / Al Swanson 800.564.3036 Vice President – Finance and Treasurer Gary R. Petersen Fax: 713.646.4572 Senior Managing Director Tina L. Val E-mail: info@paalp.com EnCap Investments L.P. Vice President – Accounting and Website: www.paalp.com Chief Accounting Officer Robert V. Sinnott President and Chief Investment Officer Troy E. Valenzuela Kayne Anderson Capital Advisors, L.P. Vice President – Environmental, Health and Safety Arthur L. Smith Chairman and Chief Executive Officer John P. vonBerg John S. Herold, Inc. Vice President – Trading J. Taft Symonds Management Team of Chairman of the Board PMC (Nova Scotia) Company Tetra Technologies, Inc. W. David Duckett Executive Officers of President Plains All American GP LLC D. Mark Alenius Greg L. Armstrong Vice President and Chairman of the Board and Chief Financial Officer Chief Executive Officer Stephen L. Bart Harry N. Pefanis Vice President – Operations President and Chief Operating Officer Ralph R. Cross Phillip D. Kramer Vice President – Business Development Executive Vice President and and Transportation Services Chief Financial Officer M.D. (Mike) Hallahan George R. Coiner Vice President – Crude Oil Senior Group Vice President Richard H. (Rick) Henson Mark F. Shires Vice President – Corporate Services Senior Vice President – Operations Ron F. Wunder Alfred A. Lindseth Vice President – LPG Senior Vice President – Technology, Process & Risk Management Unitholder Information Our Common Units are listed and traded on the New York Stock Exchange under the symbol “PAA.” The following table sets forth the high and low sales prices for our common units as reported on the New York Stock Exchange Composite Tape for the periods indicated: 2005 High 2005 Low 2004 High 2004 Low 1st Quarter $ 40.98 $ 36.50 $ 35.23 $ 31.18 2nd Quarter $ 45.08 $ 38.00 $ 36.13 $ 27.25 3rd Quarter $ 48.20 $ 42.01 $ 35.98 $ 31.63 4th Quarter $ 42.82 $ 38.51 $ 37.99 $ 34.51
  • Plains All American Pipeline, L.P. 333 Clay Street, Suite 1600 Houston, Texas 77002 www.paalp.com