Pacific Energy Partners, L.P. Declares Cash Distribution for Second Quarter 2006
July 17 2006 - 5:42PM
Business Wire
Pacific Energy Partners, L.P. (NYSE:PPX) ("Pacific Energy")
declared a cash distribution of $0.5675 per unit for the quarter
ended June 30, 2006. The distribution remains unchanged from the
distribution for the quarter ended March 31, 2006 and is 10.7%
greater than the distribution for the quarter ended June 30, 2005.
The distribution is payable August 14, 2006 to unitholders of
record as of July 31, 2006. On an annualized basis, the
distribution rate is $2.27 per unit. About Pacific Energy: Pacific
Energy Partners, L.P. is a master limited partnership headquartered
in Long Beach, California. Pacific Energy is engaged principally in
the business of gathering, transporting, storing and distributing
crude oil, refined products and other related products. Pacific
Energy generates revenues by transporting such commodities on its
pipelines, by leasing capacity in its storage facilities and by
providing other terminaling services. Pacific Energy also buys and
sells crude oil, activities that are generally complementary to its
crude oil operations. Pacific Energy conducts its business through
two business units, the West Coast Business Unit, which includes
activities in California and the Philadelphia, PA area, and the
Rocky Mountain Business Unit, which includes activities in five
Rocky Mountain states and Alberta, Canada. Investor Notice Pacific
Energy and Plains All American Pipeline, L.P. ("Plains") have filed
a joint proxy statement/prospectus and other documents with the
Securities and Exchange Commission with respect to a proposed
merger of Pacific Energy with and into Plains. Upon being declared
effective by the Securities and Exchange Commission, a definitive
joint proxy statement/prospectus will be sent to security holders
of Pacific Energy and Plains seeking their approval of the merger
and related transactions. Investors and security holders are urged
to read carefully the joint proxy statement/prospectus because it
contains important information, including detailed risk factors,
regarding Pacific Energy, Plains and the merger. Investors and
security holders may obtain a free copy of the definitive joint
proxy statement/prospectus, when it becomes available, and other
documents containing information about Pacific Energy and Plains,
without charge, at the SEC's web site at www.sec.gov. Copies of the
definitive joint proxy statement/prospectus, when it becomes
available, and the SEC filings that are incorporated by reference
in the joint proxy statement/prospectus may also be obtained free
of charge by directing a request to Pacific Energy or Plains.
Pacific Energy or Plains and the officers and directors of the
respective general partners of Pacific Energy or Plains may be
deemed to be participants in the solicitation of proxies from their
security holders in connection with the proposed transaction.
Information about these persons can be found in Pacific Energy's or
Plains' respective Annual Reports on Form 10-K filed with the SEC,
and additional information about such persons may be obtained from
the joint proxy statement/prospectus. Cautionary Statement
Regarding Forward-Looking Statements This news release may include
"forward-looking" statements within the meaning of Section 27A of
the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. All statements other
than statements of historical fact included or incorporated herein
may constitute forward-looking statements. Although Pacific Energy
believes that the forward-looking statements are reasonable, it can
give no assurance that such expectations will prove to be correct.
The forward-looking statements involve risks and uncertainties that
may affect Pacific Energy's operations and financial performance.
Among the factors that could cause results to differ materially are
those risks discussed in Pacific Energy's filings with the
Securities and Exchange Commission, including our Annual Report on
Form 10-K for the year ended December 31, 2005 including the
definitive joint proxy statement/prospectus referred to in this
press release. For additional information about the partnership,
please visit www.PacificEnergy.com.
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