Pacific Energy Partners, L.P.

Pacific Energy Partners, L.P.

January 20, 2006 21:26 ET

Pacific Energy Partners, L.P. Declares Increase in Cash Distribution for Fourth Quarter 2005

LONG BEACH, Calif.--(CCNMatthews - Jan 20, 2006) -

Pacific Energy Partners, L.P. (NYSE:PPX) ("Pacific Energy") declared a cash distribution of $0.555 per unit for the quarter ended December 31 2005, an increase of $0.0425 per unit for the quarter or $0.17 per unit on an annualized basis. The resulting distribution is 8.3% greater than in the quarter ended September 30, 2005, and 11.0% greater than in the quarter ended December 31, 2004. The distribution is payable February 14, 2006 to unitholders of record as of January 31, 2006. The annual distribution rate is now $2.22 per unit.

"We are very pleased with the continued growth of our business which has made it possible for us to increase our distribution this quarter," said Irv Toole, President and CEO. "As indicated in previous news releases, we are increasing our distribution for the quarter by $0.03 per unit to reflect increased cash flows associated with the Valero asset acquisition which we completed on September 30, 2005 and by $0.0125 per unit for the quarter to reflect the completion of our Edmonton, Alberta initiating station for synthetic crude oil, which is expected to be on line this month."

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, refined products and other related products. Pacific Energy generates revenues by transporting such commodities on its pipelines, by leasing capacity in its storage facilities and by providing other terminaling services. Pacific Energy also buys and sells crude oil, activities that are generally complementary to its crude oil operations. Pacific Energy conducts its business through two business units, the West Coast Business Unit, which includes activities in California, and the Philadelphia, PA area, and the Rocky Mountain Business Unit, which includes Alberta, Canada.

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.
    Aubrye Harris, 562-728-2871
    Investor Relations
    562-728-2881 (FAX)