Jan 20, 2005 |
PAA Announces Unitholder Approvals |
Contacts:
Phillip D. Kramer
Executive Vice President and CFO
713/646-4560 – 800/564-3036
A. Patrick Diamond
Manager, Special Projects
713/646-4487 – 800/564-3036
FOR IMMEDIATE RELEASE
Plains All American Pipeline Announces Unitholder Approvals
(Houston – January 20, 2005) Plains All American Pipeline, L.P. (NYSE: PAA) announced today that its Common Unitholders, at a Special Meeting held today, approved modifications to the partnership agreement that provides the holders of approximately 1.3 million Class B Common Units and approximately 3.2 million Class C Common Units the ability to convert their respective units into an aggregate of approximately 4.5 million Common Units.
A. Patrick Diamond, Manager of Special Projects for the Partnership, stated that neither the results of these affirmative votes today, nor any subsequent conversion of Class B Common Units or Class C Common Units into Common Units, will result in any dilution or increase the total number of units outstanding or affect the cash available to be distributed to the Common Units.
In addition, at the Special Meeting the Common Unitholders, together with the Class B Common Unitholders and Class C Common Unitholders, approved the Partnership’s 2005 Long-Term Incentive Plan, which provides for up to 3.0 million Common Units to be issued in future equity-based incentive awards.
Plains All American Pipeline, L.P. is engaged in interstate and intrastate crude oil transportation, terminalling and storage, as well as crude oil and LPG gathering and marketing activities, in the United States and Canada. The Partnership’s common units are traded on the New York Stock Exchange under the symbol “PAA.” The Partnership is headquartered in Houston, Texas.
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