Pacific Energy Partners, L.P.
NYSE : PPX

Pacific Energy Partners, L.P.

September 06, 2005 17:03 ET

Pacific Energy Partners, L.P. Announces Public Offering of Common Units

LONG BEACH, Calif.--(CCNMatthews - Sep 6, 2005) -

Pacific Energy Partners, L.P. (NYSE:PPX) ("Pacific Energy") announced it plans to sell 4,550,000 common units pursuant to an effective shelf registration statement on Form S-3 previously filed with the Securities and Exchange Commission. The underwriters have been granted an option to purchase up to 682,500 additional common units. This option may be exercised if the underwriters sell more than 4,550,000 common units. Pacific Energy intends to use the net proceeds from this offering to fund a portion of the aggregate purchase price of certain pipeline and terminal assets and related liabilities to be acquired from Valero L.P.

Lehman Brothers Inc. and Citigroup Global Markets Inc. will act as joint book-running managers of the offering. In addition, UBS Securities LLC, Wachovia Capital Markets, LLC, A.G. Edwards & Sons, Inc., RBC Capital Markets Corporation, Raymond James, and KeyBanc Capital Markets have been named as co-managers.

This news release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. The offering may be made only by means of a prospectus and related prospectus supplement.

The preliminary prospectus and the final prospectus, when available, related to this offering may be obtained from Lehman Brothers Inc. c/o ADP Financial Services, Integrated Distribution Services, 1155 Long Island Avenue, Edgewood, NY 11714, (631) 254-7106, e-mail: monica_castillo@adp.com, or send a fax to (631) 254-7268 and from Citigroup Prospectus Department, 140 58th Street, Brooklyn, NY 11220, e-mail: norma.i.mendez@citigroup.com, or send a fax to (718) 765-6734.

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 and other related products in California and the Rocky Mountain region, including Alberta, Canada. Pacific Energy generates revenues primarily by charging tariff rates for transporting crude oil and related products on its pipelines and by leasing tank storage capacity. Pacific Energy also buys, blends and sells crude oil, activities that are generally 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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