(Houston - December 30, 2010) Plains All American Pipeline, L.P. (NYSE: PAA) today announced that it has closed the acquisition of Nexen's Bakken Gathering and Transportation Assets as previously announced on November 15 th. Total consideration, which is subject to post-closing adjustments, was approximately $223 million, including approximately $170 million for the business and physical assets and approximately $53 million for approximately 450,000 barrels of inventory and other working capital adjustments.
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 general partner interest and majority equity ownership position in PAA Natural Gas Storage, L.P. (NYSE:PNG), PAA is also engaged in the development and operation of natural gas storage facilities. PAA is headquartered in Houston, Texas.
Plains All American Pipeline, L.P.
Roy I. Lamoreaux, 713/646-4222 – 800/564-3036
Director, Investor Relations
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