Pacific Energy Partners, L.P.

Pacific Energy Partners, L.P.

February 24, 2005 22:01 ET

Pacific Energy Partners, L.P. Announces Approval of the Sale of Its General Partner


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: PACIFIC ENERGY PARTNERS, L.P.

NYSE SYMBOL: PPX

FEBRUARY 24, 2005 - 22:01 ET

Pacific Energy Partners, L.P. Announces Approval of
the Sale of Its General Partner

LONG BEACH, Calif.--(CCNMatthews - Feb 24, 2005) -

Pacific Energy Partners, L.P. (NYSE:PPX) today announced that the
California Public Utilities Commission ("CPUC") has approved the
previously announced sale of its General Partner, by The Anschutz
Corporation, to LB Pacific, LP, formed by Lehman Brothers Merchant
Banking Group.

The acquisition by LB Pacific, LP will include (i) a 100% ownership
interest in Pacific Energy GP, Inc. (the "General Partner"), which owns
a 2% general partner interest in Pacific Energy and the incentive
distribution rights, and (ii) 10,465,000 subordinated units of Pacific
Energy representing a 34.6% limited partner interest in Pacific Energy.
The transaction is expected to close on March 3, 2005.

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 and other related products in California and the
Rocky Mountain region, including Alberta, Canada. Pacific Energy
generates revenues primarily 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, 2003.

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

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Pacific Energy Partners, L.P.
    Aubrye Harris, 562-728-2871
    email: aharris@PacificEnergy.com
    562-728-2881 (FAX)