HOUSTON--(BUSINESS WIRE)--Plains All American Pipeline, L.P. (NYSE: PAA) and Plains GP Holdings, L.P. (NYSE: PAGP) today announced the commencement of concurrent secondary public offerings (the “Offerings”) by Oxy Holding Company (Pipeline), Inc., a subsidiary of Occidental Petroleum Corporation, of common units of PAA and Class A shares of PAGP. The aggregate number of PAA common units and PAGP Class A shares offered in the Offerings is 29,977,890, with the specific number of PAA common units and PAGP Class A shares to be determined prior to the pricing of the Offerings. PAA and PAGP will not receive any proceeds from the Offerings.
Barclays will act as the sole underwriter of the Offerings.
The common units and Class A shares will be offered and sold pursuant to effective registration statements on Form S-3 previously filed with the Securities and Exchange Commission, and only by means of the prospectus supplements and accompanying base prospectuses. When available, copies of the prospectus supplements and accompanying base prospectuses relating to the Offerings may be obtained from Barclays, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, Telephone: (888) 603-5847, E-mail: Barclaysprospectus@broadridge.com. This news release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
PAA is a publicly traded master limited partnership that owns and operates midstream energy infrastructure and provides logistics services for crude oil, natural gas liquids (“NGL”), and natural gas. PAA owns an extensive network of pipeline transportation, terminalling, storage and gathering assets in key crude oil and NGL producing basins and transportation corridors and at major market hubs in the United States and Canada. On average, PAA handles more than 6 million barrels per day of crude oil and NGL in its Transportation segment. PAA is headquartered in Houston, Texas.
PAGP is a publicly traded entity that owns an indirect, non-economic controlling general partner interest in PAA and an indirect limited partner interest in PAA, one of the largest energy infrastructure and logistics companies in North America. PAGP is headquartered in Houston, Texas.