Exhibit 99.1

FOR IMMEDIATE RELEASE

Plains All American Pipeline, L.P. Reports

 Solid First-Quarter 2010 Results

(Houston — May 5, 2010) Plains All American Pipeline, L.P. (NYSE: PAA) today reported net income of $151 million, or $0.80 per diluted limited partner unit, for the first quarter of 2010 as compared to net income for the first quarter 2009 of $211 million, or $1.41 per diluted limited partner unit. The Partnership reported earnings before interest, taxes, depreciation and amortization (“EBITDA”) of $276 million for the first quarter 2010, compared with reported EBITDA of $321 million for the first quarter 2009.

The Partnership’s reported results include the impact of items that affect comparability between reporting periods. These items are excluded from adjusted results, as further described in the table below.  Accordingly, the Partnership’s first-quarter 2010 adjusted net income, adjusted net income per diluted limited partner unit and adjusted EBITDA were $147 million, $0.77 and $272 million, respectively, as compared to first-quarter 2009 adjusted net income, adjusted net income per diluted limited partner unit and adjusted EBITDA of $162 million, $1.02 and $272 million, respectively. (See the section of this release entitled “Non-GAAP Financial Measures” and the attached tables for discussion of EBITDA and other non-GAAP financial measures, and reconciliations of such measures to the comparable GAAP measures.)

“Plains All American delivered solid financial results that were favorable to our first quarter guidance range, marking the thirty-third consecutive quarter of delivering performance in line with our quarterly guidance,” said Greg L. Armstrong, Chairman and CEO of Plains All American.  “We also successfully executed the initial public offering of PAA Natural Gas Storage and advanced several projects included in our 2010 capital program, including completion of the Phase VII storage expansion at Cushing, Oklahoma and dock construction at our St. James, Louisiana terminal facility.”

Armstrong continued, “We also ended the quarter with a strong balance sheet and approximately $1.1 billion of committed liquidity.  This solid financial position was further enhanced by the completion of the PNG IPO transaction.  Pro forma for the IPO, Plains All American’s consolidated liquidity at March 31, 2010 increased to approximately $1.7 billion.”

The following table summarizes selected items that the Partnership believes impact comparability of financial results between reporting periods (amounts in millions, except per unit amounts):

-more-

Page 2

(1)                           The equity compensation charges for the three months ended March 31, 2010 and 2009 exclude the portion of the equity compensation expense represented by grants under the LTIP Plans that, pursuant to the terms of the grant, will be settled in cash only and have no impact on diluted units.  The portion of the equity compensation expense attributable to the cash portion of the LTIP Plans is approximately $5 million and $2 million for the three months ended March 31, 2010 and 2009, respectively.

(2)                           Gains and losses from derivative activities related to revalued inventory are included in the line item “Inventory valuation adjustments net of (gains)/losses from related derivative activities;” gains and losses from derivative activities not related to revalued inventory are included in the line item “Gains/(losses) from other derivative activities.”

(3)              Gains and losses from other derivative activities for the three months ended March 31, 2010 and 2009 include gains of less than $1 million and approximately $3 million, respectively, related to interest rate derivatives, which are included in other income/(expense), net and interest expense, but do not impact segment profit.

-more-

Page 3

The following tables present certain selected financial information by segment for the first-quarter (amounts in millions):

(1)                           Includes intersegment amounts.

(2)                           Segment general and administrative expenses (G&A) reflect direct costs attributable to each segment and an allocation of other expenses to the segments based on the business activities that existed at that time.  The proportional allocations by segment require judgment by management and will continue to be based on the business activities that exist during each period.

(3)                           The equity compensation charges for the three months ended March 31, 2010 and 2009 exclude the portion of the equity compensation expense represented by grants under the LTIP Plans that, pursuant to the terms of the grant, will be settled in cash only and have no impact on diluted units.  The portion of the equity compensation expense attributable to the cash portion of the LTIP Plans is approximately $5 million and less than $2 million for the three months ended March 31, 2010 and 2009, respectively.

(4)                           Gains and losses from derivative activities related to revalued inventory are included in the line item “Inventory valuation adjustments net of (gains)/losses from related derivative activities;” gains and losses from derivative activities not related to revalued inventory are included in the line item “Gains/(losses) from other derivative activities.”

(5)                           Gains and losses from other derivative activities for the three months ended March 31, 2010 and 2009 include gains of less than $1 million and approximately $3 million, respectively, related to interest rate derivatives, which are included in other income/(expense), net and interest expense, but do not impact segment profit.

Adjusted segment profit for the Transportation segment for the first quarter of 2010 increased 15% over comparable 2009 results primarily due to increased revenue from higher average tariff activities and pipeline loss allowance revenue, partially offset by a 4% decline in volumes.

Adjusted segment profit for the Facilities segment for the first quarter of 2010 increased 30% over comparable 2009 results, primarily due to recent acquisitions and expansion projects.

Adjusted segment profit for the Supply & Logistics segment for the first quarter of 2010 decreased 26% when compared to first quarter 2009 results.  This decrease reflects contango-market-related overperformance in the first quarter 2009 combined with less favorable crude oil differentials and lower LPG margins in the first quarter of 2010.

-more-

Page 4

The Partnership’s basic weighted average units outstanding for the first quarter of 2010 totaled 136 million (137 million diluted) as compared to 124 million (125 million diluted) in last year’s first quarter. At March 31, 2010, the Partnership had approximately 136.1 million units outstanding, long-term debt of approximately $4.1 billion ($209 million of which supports hedged inventory) and an adjusted long-term debt-to-total capitalization ratio of 48%.

The Partnership has declared a quarterly distribution of $0.935 per unit ($3.74 per unit on an annualized basis) payable May 14, 2010 on its outstanding limited partner units.  This distribution represents an increase of approximately 3.3% over the quarterly distribution paid in May 2009 and an increase of approximately 0.8% from the February 2010 distribution level.

Prior to its May 6th conference call, the Partnership will furnish a current report on Form 8-K, which will include material in this press release and financial and operational guidance for the first quarter and full year 2010. A copy of the Form 8-K will be available on the Partnership’s website at www.paalp.com.

Non-GAAP Financial Measures

In this release, the Partnership’s EBITDA disclosure is not presented in accordance with generally accepted accounting principles and is not intended to be used in lieu of GAAP presentations of net income or cash flows from operating activities. EBITDA is presented because we believe it provides additional information with respect to both the performance of our fundamental business activities as well as our ability to meet our future debt service, capital expenditures and working capital requirements. We also believe that debt holders commonly use EBITDA to analyze Partnership performance. In addition, we present selected items that impact the comparability of our operating results as additional information that may be helpful to your understanding of our financial results. We consider an understanding of these selected items impacting comparability to be material to our evaluation of our operating results and prospects. Although we present selected items that we consider in evaluating our performance, you should also be aware that the items presented do not represent all items that affect comparability between the periods presented. Variations in our operating results are also caused by changes in volumes, prices, exchange rates, mechanical interruptions, acquisitions and numerous other factors. These types of variations are not separately identified in this release, but will be discussed, as applicable, in management’s discussion and analysis of operating results in our Quarterly Report on Form 10-Q.

A reconciliation of net income to EBITDA and EBITDA to cash flows from operating activities for the periods presented is included in the tables attached to this release. In addition, the Partnership maintains on its website (www.paalp.com) a reconciliation of all non-GAAP financial information, such as EBITDA, to the most comparable GAAP measures. To access the information, investors should click on the “Investor Relations” link on the Partnership’s home page and then the “Non-GAAP Reconciliation” link on the Investor Relations page.

-more-

Page 5

Conference Call

The Partnership will host a conference call at 11:00 AM (Eastern) on Thursday, May 6, 2010 to discuss the following items:

1.               The Partnership’s first-quarter 2010 performance;

2.               The status of major expansion projects;

3.               Capitalization and liquidity;

4.               Financial and operating guidance for the second quarter and full year 2010; and

5.               The Partnership’s outlook for the future.

Webcast Instructions

To access the Internet webcast, please go to the Partnership’s website at www.paalp.com, choose “Investor Relations,” and then choose “Conference Calls.”  Following the live webcast, the call will be archived for a period of sixty (60) days on the Partnership’s website.

If you are unable to participate in the webcast, you may access the live conference call by dialing toll free 800-230-1096. International callers should dial 612-332-0107. No password is required. You may access the slide presentation accompanying the conference call a few minutes prior to the call under the Conference Call Summaries portion of the Conference Calls tab of the Investor Relations section of PAA’s website at www.paalp.com.

Telephonic Replay Instructions

To listen to a telephonic replay of the conference call, please dial 800-475-6701, or, for international callers, 320-365-3844, and replay access code 151734.  The replay will be available beginning Thursday, May 6, 2010, at approximately 12:00 PM (Central) and continue until 11:59 PM (Central) Sunday, June 6, 2010.

Plains All American Pipeline, L.P. is a publicly-traded master limited partnership engaged in the transportation, storage, terminalling and marketing of crude oil, refined products and liquefied petroleum gas and other natural gas related petroleum products.  Through its general partner interest and majority equity ownership position in PAA Natural Gas Storage (NYSE:PNG), PAA is also engaged in the development and operation of natural gas storage facilities. PAA is headquartered in Houston, Texas.

-more-

Page 6

Forward Looking Statements

Except for the historical information contained herein, the matters discussed in this release are forward-looking statements that involve certain risks and uncertainties that could cause actual results to differ materially from results anticipated in the forward-looking statements. These risks and uncertainties include, among other things, failure to implement or capitalize on planned internal growth projects; maintenance of our credit rating and ability to receive open credit from our suppliers and trade counterparties; continued creditworthiness of, and performance by, our counterparties, including financial institutions and trading companies with which we do business; the effectiveness of our risk management activities; environmental liabilities or events that are not covered by an indemnity, insurance or existing reserves; abrupt or severe declines or interruptions in outer continental shelf production located offshore California and transported on our pipeline systems; shortages or cost increases of power supplies, materials or labor; the availability of adequate third-party production volumes for transportation and marketing in the areas in which we operate and other factors that could cause declines in volumes shipped on our pipelines by us and third-party shippers, such as declines in production from existing oil and gas reserves or failure to develop additional oil and gas reserves; fluctuations in refinery capacity in areas supplied by our mainlines and other factors affecting demand for various grades of crude oil, refined products and natural gas and resulting changes in pricing conditions or transportation throughput requirements; the availability of, and our ability to consummate, acquisition or combination opportunities; our ability to obtain debt or equity financing on satisfactory terms to fund additional acquisitions, expansion projects, working capital requirements and the repayment or refinancing of indebtedness; the successful integration and future performance of acquired assets or businesses and the risks associated with operating in lines of business that are distinct and separate from our historical operations; unanticipated changes in crude oil market structure and volatility (or lack thereof); the impact of current and future laws, rulings, governmental regulations, accounting standards and statements and related interpretations; the effects of competition; interruptions in service and fluctuations in tariffs or volumes on third-party pipelines; increased costs or lack of availability of insurance; fluctuations in the debt and equity markets, including the price of our units at the time of vesting under our long-term incentive plans; the currency exchange rate of the Canadian dollar; weather interference with business operations or project construction; risks related to the development and operation of natural gas storage facilities; future developments and circumstances at the time distributions are declared; general economic, market or business conditions and the amplification of other risks caused by deteriorated financial markets, capital constraints and pervasive liquidity concerns; and other factors and uncertainties inherent in the transportation, storage, terminalling and marketing of crude oil, refined products and liquefied petroleum gas and other natural gas related petroleum products discussed in the Partnership’s filings with the Securities and Exchange Commission.

-more-

Page 7

PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(In millions, except per unit data)

-more-

333 Clay Street, Suite 1600          Houston, Texas 77002          713-646-4100 / 800-564-3036

Page 8

PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES

OPERATING DATA (1)

-more-

333 Clay Street, Suite 1600          Houston, Texas 77002          713-646-4100 / 800-564-3036

Page 9

PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEET DATA

(In millions)

-more-

333 Clay Street, Suite 1600          Houston, Texas 77002          713-646-4100 / 800-564-3036

Page 10

PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES

CREDIT RATIOS

(In millions)

(1)                                     The adjustment represents the portion of the 4.25% senior notes due September 2012 that has been used to fund hedged inventory and would be classified as short-term debt if funded on our credit facilities.  These notes were issued in July 2009 and the proceeds are being used to supplement capital available from our hedged inventory facility.

-more-

Page 11

PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES

COMPUTATION OF BASIC AND DILUTED EARNINGS PER LIMITED PARTNER UNIT

(In millions, except per unit data)

(1)                                     We calculate net income available to limited partners based on the distribution paid during the current quarter (including the incentive distribution interest in excess of the 2% general partner interest).  However, FASB guidance requires that the distribution pertaining to the current period’s net income, which is to be paid in the subsequent quarter, be utilized in the earnings per unit calculation.  After adjusting for this distribution, the remaining undistributed earnings or excess distributions over earnings, if any, are allocated to the general partner and limited partners in accordance with the contractual terms of the partnership agreement for earnings per unit calculation purposes.  We reflect the impact of the difference in (i) the distribution utilized and (ii) the calculation of the excess 2% general partner interest as the “Adjustment in accordance with application of the two-class method for MLPs.”

-more-

Page 12

PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES

FINANCIAL DATA RECONCILIATIONS

(In millions)

-more-

333 Clay Street, Suite 1600     Houston, Texas 77002      713-646-4100 / 800-564-3036

Page 13

PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES

FINANCIAL DATA RECONCILIATIONS

(In millions, except per unit data) (continued)

###

333 Clay Street, Suite 1600     Houston, Texas 77002      713-646-4100 / 800-564-3036