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Plains All American Pipeline

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Plains All American Pipeline

Plains All American Pipeline (NYSE: PAA) is a publicly traded Master limited partnership in the oil pipeline transportation, marketing, and storage business in the United States, liquefied petroleum gas business in Canada, and natural gas storage business in Michigan and Louisiana. It owns about 37 million barrels (5,900,000 m³) of terminal and storage capacity and 15,000 miles (25,000 km) of crude oil pipelines.

The Fortune 500 company, headquartered in Three Allen Center in Downtown Houston, Texas,[1] was traded in 1993 and grew through investment, originally in the Cushing Terminal in Cushing, Oklahoma and mostly acquisition, aimed at improving the transmission of oil to the Midwest.[2]

Acquisitions

Major acquisitions include:

  • 1998 – All American Pipeline System
  • 1999 – Scurlock Permian
  • 2001 – assets of Murphy Oil Company Ltd.
  • 2001 – assets of CANPET Energy Group
  • 2002 – pipeline assets from Shell Pipeline Company
  • 2004 – Capline Pipeline System
  • 2004 – Link Energy pipeline system
  • 2006 – Pacific Energy Partners
  • 2009 – PAA/Vulcan Natural Gas Storage and subsequent IPO in April 2010

Plains Midstream Canada

Plains Midstream Canada, an indirect subsidiary of Plains All American Pipeline, does business in 5 provinces in Canada and more than 40 U.S. states.[3]

Rangeland Pipeline Incident

Heavy rains in early June 2012 caused a leak on a Plains Midstream Canada 46-year-old pipeline at Jackson Creek, a tributary of the Red Deer River (Alberta) which spilled approximately 1,000-3,000 barrels (160,000-475,000 litres) of light sour crude into the Red Deer River.[4][5][6]

Little Buffalo oil spill

One of the largest land-based oil spills in North America, the Little Buffalo oil spill occurred on April 29, 2011. The Rainbow Pipeline system, owned by Plains Midstream Canada, ruptured, spilling 28,000 barrels of oil in a fairly isolated stretch of boreal forest in northern Alberta, about four miles from the nearest homes in Little Buffalo, Alberta. It was reported to be the largest oil spill in Alberta in 36 years. It was also the second spill in Alberta within a two-week period that year.[7][8] The local school was closed following the oil spill due to concerns about the effects of fumes.[9]

In 2013, Alberta's Energy Resource Conservation Board (ERCB) issued a reprimand to Plains Mainstream for operational failures in connection with the oil spill. [10]Plains Midstream Canada ULC was charged with three counts of violating environmental protection laws with possible fines of $1.5M if found guilty.[11]

Controversy

On March 29, 2000, Plains All American Pipeline restated operating and financial results for 1998 to reflect $7.1 million of unrealized losses which had recently been discovered.

References

  1. ^ "Welcome to Plains All American Pipeline!" Plains All American Pipeline. Retrieved on December 8, 2009.
  2. ^ "[1]" Company History Retrieved on June 26, 2013
  3. ^ Plains Midstream Canada
  4. ^ Plains Midstream Responds: Rangeland Pipeline Response
  5. ^ Bob Weber (June 14, 2012). "Alberta pressured to include leaks in environmental monitoring plan". Financial Post. Retrieved 2012-06-16. 
  6. ^ Stephen Ewart (June 16, 2012). "Ewart: Calls growing for probe of aging pipeline system: Recent spills highlight ongoing risk". Calgary Herald. Retrieved 2012-06-16. 
  7. ^ Welsch, E. (May 5, 2011). "Size of Oil Spill in Canada Grows." Wall Street Journal.
  8. ^ Vanderklippe, N. (May 4, 2011). "Costs for oil companies pile up after spill." The Globe and Mail.
  9. ^ The Globe and Mail (May 04, 2011). Location of oil spill near Little Buffalo, Alta.
  10. ^ CBC News (February 26, 2013). Plains Midstream reprimanded for 2011 Alberta oil spill. Retrieved on: 2013-02-27.
  11. ^ "Plains Midstream charged for largest Alberta oil spill in decades: Fines could be as high as $1.5M if found guilty". Calgary Herald. 26 April 2013. 

External links

  • Plains All American Pipeline Website
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