Plains All American Pipeline Clears Final Regulatory Closing Condition for Acquisition of BP's Canadian NGL Business

HOUSTON--()--Plains All American Pipeline, L.P. (NYSE: PAA) announced today that with respect to the pending acquisition by its wholly owned subsidiary Plains Midstream Canada ULC of BP’s Canadian natural gas liquids (NGL) business, the final regulatory closing condition under the Share Purchase Agreement has been satisfied. Subject to satisfaction of other customary closing conditions, the acquisition is anticipated to close early in the second quarter of 2012.

Plains All American Pipeline, L.P. is a publicly traded master limited partnership engaged in the transportation, storage, terminalling and marketing of crude oil and refined products, as well as in the processing, transportation, fractionation, storage and marketing of natural gas liquids. Through its general partner interest and majority equity ownership position in PAA Natural Gas Storage, L.P. (NYSE: PNG), PAA owns and operates natural gas storage facilities. PAA is headquartered in Houston, Texas.

Forward-Looking Statements

Certain statements made herein, including statements regarding the timing of the business combination transaction between PAA and BP, are forward-looking statements. These statements are based on current expectations and estimates of PAA’s management; however, actual results may differ materially due to certain risks and uncertainties, and there can be no assurance that such expectations will prove to be correct. For instance, although the parties have signed an acquisition agreement, there is no assurance that they will complete the proposed transaction or that all conditions to closing will be satisfied. Other risks and uncertainties that may affect actual results are discussed in PAA's filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December 31, 2011.

Contacts

Plains All American Pipeline, L.P.
Roy Lamoreaux, 713-646-4222 or 800-564-3036
Director, Investor Relations

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Contacts

Plains All American Pipeline, L.P.
Roy Lamoreaux, 713-646-4222 or 800-564-3036
Director, Investor Relations