Plains All American Pipeline, L.P. : Plains All American Pipeline Clears Final Regulatory Closing Condition for Acquisition of BP's Canadian NGL Business
03/09/2012| 02:25pm US/Eastern
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.
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.
Plains All American Pipeline, L.P.
Roy Lamoreaux, 713-646-4222 or
Director, Investor Relations
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