Apr 22, 2005 |
PAA Announces Change to Board of Directors
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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
(Houston – April 22, 2005) Plains All American Pipeline, L.P. (NYSE: PAA) announced today that John T. Raymond has resigned from the board of directors of its general partner, Plains All American GP LLC. Mr. Raymond served on the board since June 2001. Mr. Raymond also notified the Partnership that he has resigned as CEO of Vulcan Energy Corporation, which owns a 44% interest in Plains All American GP LLC. Mr. Raymond will continue to serve on the board of, and as a non-exclusive consultant to, Vulcan Energy Corporation.
"On behalf of the Partnership, I would like to thank John for the support, advice and counsel that he has provided during his nearly four years of service on the board of our general partner," said Greg L. Armstrong, Chairman and Chief Executive Officer of the Partnership. "We understand that John intends to maintain his minority investments in Plains All American and Vulcan Energy Corporation, but that these changes will enable John to devote the majority of his time and effort to pursuing other opportunities in the energy industry. We wish John well in his future endeavors."
The board of Plains All American GP LLC is comprised of three independent directors, the Partnership's CEO and one director designated by each of Vulcan Energy Corporation, an affiliate of Kayne Anderson Capital Advisors and an affiliate of EnCap Investments. The board position previously held by Mr. Raymond is currently vacant.
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, the exercise of discretion (contractual and otherwise) by the investors or individuals involved.
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, in the United States and Canada. The Partnership's common units are traded on the New York Stock Exchange under the symbol "PAA." The Partnership is headquartered in Houston, Texas.
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