Pacific Energy Partners, L.P.
NYSE : PPX

Pacific Energy Partners, L.P.

September 12, 2005 08:50 ET

Pacific Energy Partners, L.P. Announces $150 Million Offering of Senior Notes Due 2015

LONG BEACH, Calif.--(CCNMatthews - Sep 12, 2005) -

Pacific Energy Partners, L.P. (NYSE:PPX) ("Pacific Energy") and its wholly owned subsidiary, Pacific Energy Finance Corporation, announced today that they intend to commence a Rule 144A/Regulation S offering of $150 million of senior unsecured notes due 2015. Subject to acceptable market and interest rate conditions, Pacific Energy intends to complete the offering by the end of September and to use the net proceeds from the offering to fund a portion of the acquisition of terminal and pipeline assets from Valero L.P.

The securities to be offered have not been registered under the Securities Act of 1933, as amended, (the "Securities Act"), or any state securities laws, and unless so registered, the securities may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws. The senior unsecured notes will be offered only to qualified institutional buyers under Rule 144A and to non-U.S. persons under Regulation S.

This news release does not constitute an offer to sell or a solicitation of an offer to buy these securities.

About Pacific Energy:

Pacific Energy Partners, L.P. is a master limited partnership headquartered in Long Beach. Pacific Energy is currently engaged in the business of gathering, transporting, storing and distributing crude oil and other related products in California and the Rocky Mountain region, including Alberta, Canada. Pacific Energy currently generates revenues by transporting crude oil on its pipelines and by leasing capacity in its storage facilities. Pacific Energy also buys, blends and sells crude oil, activities that are complementary to its pipeline transportation business.

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, 2004.

For additional information, please visit the Pacific Energy Partners, L.P. website at www.PacificEnergy.com.

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