Pacific Energy Partners, L.P.
NYSE : PPX

Pacific Energy Partners, L.P.

October 21, 2005 13:13 ET

Pacific Energy Partners, L.P. Declares Cash Distribution for Third Quarter 2005

LONG BEACH, Calif.--(CCNMatthews - Oct 21, 2005) -

Pacific Energy Partners, L.P. (NYSE:PPX) ("Pacific Energy") declared a cash distribution of $0.5125 per unit for the quarter ended September 30, 2005, which represents $2.05 per unit annualized. This distribution is unchanged from the quarter ended June 30, 2005, and is 5.1% greater than the distribution for the quarter ended September 30, 2004. The distribution is payable November 14, 2005 to unitholders of record as of October 31, 2005.

On September 30, 2005, Pacific Energy completed the acquisition of certain terminal and pipeline assets from Valero L.P. The contract price for the acquisition was $455 million, plus closing costs and the assumption of certain operating and environmental liabilities. These assets primarily store and transport refined products. As previously announced, management of the general partner of Pacific Energy intends to recommend to its Board of Directors that the quarterly cash distribution be increased by $0.03 per unit for the fourth quarter. Pacific Energy has also previously announced that it expects to increase its distribution by an additional $0.0125 per unit per quarter following completion of its Edmonton, Alberta initiating station, which is currently expected to be completed in the fourth quarter of 2005. Combined, these increases total $0.0425 per unit per quarter beginning for the fourth quarter of 2005, payable in February 2006. These increases equate to $0.17 per unit annually, which would bring the annual distribution rate to $2.22 per unit per year, an 8.3% increase from current levels.

About Pacific Energy:

Pacific Energy Partners, L.P. is a master limited partnership headquartered in Long Beach, California. Pacific is engaged in the business of gathering, transporting, storing and distributing crude oil, refined products and other related products through its two business units: West Coast and Rocky Mountains. Together, these business units cover California, the Rocky Mountain region, including Alberta, Canada, and the Philadelphia, PA, area. Pacific generates revenues by transporting such commodities on its pipelines and by leasing capacity in its storage facilities. Pacific also buys, blends and sells crude oil, activities that are complementary to its crude pipeline operations. For additional information about Pacific, please visit our website at www.PacificEnergy.com.

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.

Contact Information

  • Pacific Energy Partners, L.P., Long Beach
    Aubrye Harris, 562-728-2871
    Manager, Investor Relations
    562-728-2881 (FAX)
    email: aharris@PacificEnergy.com