Apr 01, 2004 |
PAA Closes Acquisition of Crude Oil Business from Link Energy LLC |
Contacts:
Phillip D. Kramer
Executive Vice President and CFO
713/646-4560 – 800/564-3036
A. Patrick Diamond
Manager, Special Projects
713/646-4487 – 800/564-3036
FOR IMMEDIATE RELEASE
Plains All American Pipeline Closes Acquisition
of Crude Oil Business from Link Energy LLC
(Houston – April 1, 2004) Plains All American Pipeline, L.P. (NYSE: PAA) announced today that it has completed the acquisition of the North American crude oil and pipeline operations of Link Energy LLC. The total purchase price for the transaction was approximately $330 million, which included $273 million in cash, the assumption of $49 million of liabilities and net working capital items and $8 million of third-party transaction, closing and integration costs and other items.
Plains All American Pipeline, L.P. is 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, primarily in Texas, California, Oklahoma, Louisiana and the Canadian Provinces of Alberta and Saskatchewan. The Partnership’s common units are traded on the New York Stock Exchange under the symbol “PAA.” The Partnership is headquartered in Houston, Texas. Except for the historical information contained herein, the matters discussed in this news release are forward-looking statements that involve certain risks and uncertainties. These risks and uncertainties include, among other things, potential for all or a portion of an acquisition transaction to be challenged, and the uncertainty of successful integration and future performance of assets acquired.
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