Pacific Energy Partners, L.P.

Pacific Energy Partners, L.P.

September 22, 2005 16:22 ET

Pacific Energy Partners, L.P. Announces Regulatory Approval for Acquisition of Certain Valero L.P. Assets

LONG BEACH, Calif.--(CCNMatthews - Sep 22, 2005) -

Pacific Energy Partners, L.P. (NYSE:PPX) ("Pacific Energy") announced today that the regulatory approvals needed to complete the acquisition of certain Valero L.P. assets have been received from the Federal Trade Commission, the California Attorney General, the Colorado Public Utilities Commission and the Wyoming Public Service Commission.

On July 5, 2005, Pacific Energy announced that it had entered into a definitive agreement to acquire certain assets from Valero L.P. that Valero L.P. was required to divest in connection with its July 1, 2005 acquisition of the Kaneb group of companies. The assets being acquired by Pacific Energy include two San Francisco Bay Area terminals handling refined products, blend stocks, and crude oil, three East Coast refined products terminals, and a 550-mile refined products pipeline with four truck terminals in the U.S. Rocky Mountain region. The total purchase price of the assets is $455 million. This acquisition is scheduled to close on September 30, 2005.

About Pacific Energy:

Pacific Energy Partners, L.P. is a master limited partnership headquartered in Long Beach, California. 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 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.

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