Plains All American Pipeline LP

Plains All American Pipeline LP

Plains All American Pipeline LP

Overview
Date Founded

1998

Headquarters

333 Clay Street, Suite 1600, Houston, TX, 77002, USA

Type of Company

Public

Employees (Worldwide)

4,900

Industries

Oil & Gas
Other Business & Consulting Services
Power & Utilities

Company Description

Plains All American Pipeline, L.P. is a publicly traded master limited partnership (“MLP”) engaged in the transportation, storage, terminalling and marketing of crude oil, refined products and liquefied petroleum gas and other natural gas related petroleum products (together "NGL"). Through our general partner interest and majority equity ownership position in PAA Natural Gas Storage, L.P. (NYSE: PNG), we are also engaged in the development and operation of natural gas storage facilities. We own and operate a diversified portfolio of strategically located assets that play a vital role in the movement of U.S. and Canadian energy supplies. On average we handle over 3 million barrels per day of crude oil, refined products and NGL through our extensive network of assets located in key North American producing basins and transportation gateways. As an MLP, we make quarterly distributions of our available cash to our Unitholders. Since our initial public offering in 1998, we have increased our quarterly distribution by 150% to its current level (with February 2013 distribution) of $0.56250 per unit, or $2.25 per unit on an annualized basis. It is our goal to increase our distribution to Unitholders over time through a combination of internal and acquisition-oriented growth. Our common units are traded on the New York Stock Exchange under the symbol "PAA." We are headquartered in Houston, Texas

Contact Data
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Executives & Employees

Director & Chief Executive Officer

Executive Vice President & Chief Financial Officer

Executive Vice President & Chief Operating Officer

Secretary, Executive Vice President & General Counsel

Senior Vice President & Chief Accounting Officer

Associate General Counsel-Commercial & Litigation

Executive Vice President & Chief Financial Officer, Plains Midstream Canada

President, Plains Midstream Canada of Plains All American GP LLC

Managing Director-Internal Audit

Director, President & Chief Commercial Officer, Plains All American GP LLC

Board of Directors

Co-Founder at EMG Fund II Management LP

General Partner at Oasis Petroleum, Inc.

Managing Partner & Co-Founder at EnCap Investments LP

Director & Chief Executive Officer at Plains All American Pipeline LP

Founder at DelTex Capital LLC

Co-Chairman at Kayne Anderson Capital Advisors LP

Former President & Chief Executive Officer at Liberty Energy Holdings LLC

Lead Director at National Oilwell Varco, Inc.

Former Chairman & Chief Financial Officer at Maurice Pincoffs Co., Inc.

Director, President & Chief Commercial Officer, Plains All American GP LLC at Plains All American Pipeline LP

Paths to Plains All American Pipeline LP
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Plains All American Pipeline LP
Owners & Shareholders
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Harvest Fund Advisors' principal investment area is energy and energy infrastructure assets with a particular focus on US MLPs. They use fundamental, value-oriented, bottom-up research, analysis, and industry knowledge to generate alpha. The funds may be organized in the US or in a foreign jurisdiction as limited liability companies, limited partnerships, trusts, or offshore corporations, partnerships, trusts, or any other legal entity. For some of their clients or funds, Harvest Fund Advisors may purchase or sell derivatives instruments or swaps.

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AAI offers innovative investment solutions designed to help advisors and investors build better portfolios. Through both their alternative investment products and access to specialty asset managers, the firm seeks to deliver portfolio solutions that allow investors to diversify their core holdings and obtain exposure to attractive investment themes. The firm's exposure to alternatives and specialty managers is achieved primarily through ETFs, exchange-traded products, closed-end funds and open-end funds with the goal of providing access that is registered, liquid and fully transparent. AAI currently does not research or actively recommend specific portfolio securities. Rather, the firm collects, validates and utilizes quantitative data and information from various sources with the goal of identifying one or more sub-advisors that are appropriate to their respective investment objectives and that provide an appropriate mix of diversified investment styles or alternatively through products that are passively managed, and track a designated index.

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Tortoise Capital Advisors' primary investment strategy is fundamentals based, long-only, with an emphasis on managing risk which they define as the potential for a permanent loss of capital. However, their investment strategies may include short-term purchases and trading where appropriate, as indicated by their fundamental and technical analysis. The firm may employ other strategies for investment company clients involving leveraging and hedging, or writing (selling) covered call options on selected equity securities in the client's portfolio. These other strategies may include currency hedging transactions and interest rate transactions such as swaps, caps and floors. Tortoise Capital Advisors evaluate companies operating in the entire energy value chain to gain a better understanding of the impact on the firm's respective investments. They have primary coverage on all midstream MLPs and pipeline c-corporations in the investment universe, and a majority of the large energy and power companies. Tortoise Capital Advisors have secondary coverage on all other MLPs, as well as a majority of the energy value chain in their investment universe.

Recent Transactions
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OMERS Administration Corp., Omers Infrastructure Management, Inc. purchase BridgeTex Pipeline Co., LLC from Plains All American Pipeline LP, Magellan Midstream Partners LP

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Steel Reef Infrastructure Corp. purchases Plains Midstream Canada Ulc /2 Gas Plants from Plains All American Pipeline LP

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Andeavor Logistics LP purchases Plains All American Pipeline LP /Wamsutter Pipeline Assets from Plains All American Pipeline LP

Insider Transactions
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Transaction Advisors
Auditor

Advised onPlains All American Pipeline LP issued Common Units

Legal Advisor

Advised onPlains All American Pipeline LP purchases Pacific Energy Partners LP from LB Pacific LP

Underwriter

Advised onPlains All American Pipeline LP issued Common Units

Legal Advisor

Advised onPlains All American Pipeline LP purchases Pacific Energy Partners LP from LB Pacific LP

Professional

Advised onPlains All American Pipeline LP issued Common Units

Professional

Advised onPlains All American Pipeline LP issued Common Units

Advisors & Consultants
Legal Advisor

Partner at Vinson & Elkins LLP

Legal Advisor

Partner at Vinson & Elkins LLP

Advisor

Former Senior Vice President, General Counsel-Commercial & Litigation & Assistant Secretary at Plains All American Pipeline LP

Clients

Headquartered in Findlay, Ohio in the heart of the Midwest, Marathon Petroleum Corporation (MPC) is the name of the parent company which includes several subsidiary companies including Marathon Petroleum Company LP, Marathon Pipe Line LLC, and Speedway LLC. MPC is the nation’s fifth largest refiner and the largest refiner in the Midwest. MPC’s refining, marketing and transportation operations are concentrated primarily in the Midwest, Gulf Coast and Southeast regions of the U.S. MPC operations are strategically located to serve major markets. They include a six-plant refining network, a comprehensive terminal and transportation system, and extensive wholesale and retail marketing operations. This includes both the Marathon Brand and MPC’s wholly owned retail marketing subsidiary, Speedway LLC, the nation’s fourth largest chain of company-owned and operated retail gasoline and convenience stores.

Occidental Petroleum Corporation (NYSE: OXY) is an international oil and gas exploration and production company with operations in the United States, Middle East and Latin America. Headquartered in Houston, Occidental is one of the largest U.S. oil and gas companies, based on equity market capitalization. Occidental's midstream and marketing segment gathers, processes, transports, stores, purchases and markets hydrocarbons and other commodities. Occidental's wholly owned subsidiary, OxyChem, is a major North American chemical manufacturer.Occidental's success is built on technical expertise, business acumen, strong partnerships and proven ability to deliver lasting results. With approximately 35,000 employees and contractors worldwide at year-end 2015, they are committed to being a Partner of Choice® everywhere they operate. Occidental is committed to respecting the environment, operating safely and upholding high standards of social responsibility throughout the company's worldwide operations.

Exxon Mobil Corporation is an American multinational oil and gas corporation headquartered in Irving, Texas. It is the largest direct descendant of John D. Rockefeller's Standard Oil Company, and was formed on November 30, 1999 by the merger of Exxon (formerly Standard Oil Company of New Jersey) and Mobil (formerly the Standard Oil Company of New York).

Key Stats and Financials As of 2018
Market Capitalization
$16.6B
Total Enterprise Value
$27.4B
Earnings Per Share
$2.71
Revenue
$33.9B
EBITDA
$2.56B
EBITDAMargin
7.54%
Total Debt
$9.21B
Enterprise Value Sales
0.81x
Enterprise Value EBITDAOperating
10.73x
TEVNet Income
12.44x
Debt TEV
0.34x
Five Year Compounded Annual Growth Rate Of Revenue
-4.31%
Three Year Compounded Annual Growth Rate Of Revenue
13.89%
Total Equity
$12B
Net Profit
$2.21B
Non-Profit Donations & Grants
Non-Profit Donations & Grants Received
Investments
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PAA Natural Gas Storage LLC develops and operates natural gas storage facilities. It has offices in Michigan and South Louisiana. PAA Natural Gas Storage operates as a subsidiary of PAA/Vulcan Gas Storage LLC. The company was founded in 2005 and is headquartered in Houston, TX

Investors
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EnCap Flatrock Midstream is a venture capital firm with a singular focus: identifying, investing in and enhancing the value of great businesses and attractive assets in the midstream sector of North America's oil and gas industry. Founded in 2008 by Flatrock Energy Advisors and EnCap Investments L.P., the firm is guided by a disciplined and persistent approach to value creation through the rigorous application of intellectual and financial capital. The firm manages the EnCap Flatrock Midstream Funds I, II and III, which together have approximately $5.6 billion in institutional capital commitments from a broad range of prestigious institutional investors. EnCap Flatrock has more than $6.5 billion in total assets under management.

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First Reserve is an investment company that offers private equity investment services to firms in the energy industry. It was founded in 1983 and is based in Connecticut.

Suppliers
Matrix Service Co. Other Business & Consulting Services | Tulsa, OK

Since 1984, Matrix Service Company employees have earned our company a reputation for outstanding performance across North America. Through our businesses - Matrix Service, Matrix SME and Matrix PDM Engineering - we're known for completing even the most demanding projects on time, to the highest quality standards and, above all, safely. In all the services we provide - from engineering, electrical and construction to fabrication, maintenance and repair - the proof is in our performance.

PrimeEnergy Resources Corp. Oil & Gas | Houston, TX

PrimeEnergy Resources Corp. engages in the acquisition, developing and producing oil and natural gas. It owns producing and non-producing properties located primarily in Texas, Oklahoma and West Virginia. The company was founded in March 1973 and is headquartered in Houston, TX.

Energen Corp. Oil & Gas | Birmingham, AL

Energen Corporation is a growing oil and gas exploration and production company complemented by a single-state natural gas utility. Headquartered in Birmingham, Alabama, Energen has approximately 900 million barrels of oil-equivalent proved, probable, and possible reserves. The bulk of these all-domestic, all-onshore reserves are located in the Permian and San Juan basins. Over the last several years, Energen has positioned itself as a major producer of oil and natural gas liquids through acquisitions and drilling in the Permian Basin. Total liquids production in 2013 is estimated to increase more than 86 percent from 2010 levels and reflect a three-year compound average growth rate of 23-26 percent. A top 20 independent producer on the basis of U.S. proved reserves at year-end 2010, Energen’s exploration and production subsidiary is capitalizing on its balance sheet strength and financial capacity to embark in 2012 on another record year of capital investment to drill and develop its liquids-rich Permian assets. The company plans to continue developing its extensive Wolfberry inventory while pursuing multiple opportunities in the Permian’s Delaware Basin; these include the 3rd Bone Spring sands, the Avalon and Wolfcamp shales, and the Wolfbone play. Energen’s legacy business is natural gas distribution in Alabama. Regulated by the Alabama Public Service Commission, the largest gas utility in Alabama provides clean-burning, energy-efficient natural gas to more than 425,000 homes, businesses and industries. The utility is the primary contributor to Energen’s dividend, returning more than 65 percent of its net income to shareholders each year. Energen has paid a dividend each year since its inception in 1953, and the Energen Board of Directors has increased the cash dividend for 29 consecutive years.

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