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8-K - FORM 8-K - PLAINS ALL AMERICAN PIPELINE LP | h78608e8vk.htm |
EX-3.2 - EX-3.2 - PLAINS ALL AMERICAN PIPELINE LP | h78608exv3w2.htm |
EX-3.1 - EX-3.1 - PLAINS ALL AMERICAN PIPELINE LP | h78608exv3w1.htm |
Exhibit 99.1
Contact:
|
Roy I. Lamoreaux | |
Director, Investor Relations | ||
713/646-4222 800/564-3036 |
FOR IMMEDIATE RELEASE
Plains All American Pipeline Announces Changes to Board of Directors In Connection with Ownership Changes in General Partner
(Houston December 23, 2010) Plains All American Pipeline, L.P. (NYSE: PAA) today
announced changes to the board of directors of its general partner. Such changes are related to
the previously announced agreement to transfer 50.1% of its general partner interest that was
substantially consummated today. Two new directors were appointed to the board of PAAs general
partner and two existing directors stepped down from the board.
Joining the board are Vicky Sutil and John Raymond. Ms. Sutil was appointed as the board
representative for Occidental Petroleum Corporation (NYSE:OXY) and Mr. Raymond was appointed as the
board representative for EMG Investment, LLC. Stepping down from the board are Geoff McKay, the
designated director for Vulcan Energy Corporation, an affiliate of Vulcan Capital (Vulcan), and
Arthur L. Smith, an at large director. The size of the board remains unchanged at eight directors.
Vulcan remains PAAs largest common unit holder and Mr. McKay will act as a board observer for
Vulcan. Separately, PAA Natural Gas Storage, L.P. (NYSE:PNG) announced that Mr. Smith has joined
the board of PNGs general partner.
Ms. Sutil is Senior Manager, Corporate Development, for Occidental Petroleum Corporation
(Oxy), where she has led and worked on a variety of international and domestic oil and gas
acquisitions. Her prior positions at Oxy have included Manager, Financial Planning and Analysis,
and Senior Business Analyst. Before joining Oxy in 2000, Ms. Sutil worked for ARCO Products Company
as a Business Analyst for the Refining and Retail Marketing divisions, and Senior Project Manager
for the Refining Division. Earlier, she held a variety of engineering positions at Mobil Oil
Corporation. Ms. Sutil has been Oxys designated board observer since acquiring its initial
interest in PAAs general partner in 2008.
Mr. Raymond is an owner and founder of The Energy and Minerals Group (EMG), a diversified
natural resource private equity fund manager with over $2.5 billion under management, and has been
Managing Partner and CEO since EMGs inception in 2006. Previous to that time, Mr. Raymond held
leadership positions with various energy companies, including President and CEO of Plains Resources
Inc., the predecessor entity for Vulcan Energy Corporation, President and Chief Operating officer
of Plains Exploration and Production Company and Director of Development for Kinder Morgan, Inc.
Mr. Raymond has been a direct or indirect owner of PAAs general partner since 2001 and served on
the board of PAAs general partner from 2001 to 2005.
We welcome John Raymond back to the board and Ms. Sutil as a full participating member of the
board, said Greg L. Armstrong, PAAs Chairman and CEO. We want to thank Geoff McKay for his
diligent service on PAAs board and look forward to our continued association in his board observer
role. We also express our appreciation to Art Smith for his valuable contributions since joining
PAAs board in 1999 and we are pleased that we will have the continued benefit of Arts guidance
and counsel through his new role as a member of the board of PNGs general partner.
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, L.P. (NYSE:
PNG), PAA is also engaged in the development and operation of natural gas storage facilities. PAA
is headquartered in Houston, Texas.
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