Plains All American Pipeline, L. P.

Stock Symbol: PLX

Plains All American Pipeline, L. P. Description:
In the early 1990s, we recognized that fundamentals in the crude oil industry were foreshadowing the need for increased movements of crude oil into the Midwestern region of the United States (also known as PADD II). In 1993, in response to that need, we built the Cushing Terminal, our first major asset, which was strategically located in Cushing, Oklahoma ? the Southern gateway for incremental pipeline movements to refining centers in the Midwest. Our Cushing Terminal, which has since been expanded to over two & one-half times its original size, serves as the cornerstone of our business strategy that is designed to capitalize on logistical inefficiencies inherent in the North American crude oil distribution system. Throughout the 1990s, we achieved growth through a combination of internal projects & accretive acquisitions. In 1998, following our acquisition of the All American Pipeline System, we achieved the critical mass necessary to access the public equity markets. On November 17, 1998, Plains All American Pipeline, L.P. completed its initial public offering as a master limited partnership & began trading on the New York Stock Exchange under the ticker symbol ?PAA.?

Plains All American Pipeline, L. P. Financial Summary:
Plains Resources acquires, exploits, develops, explores and produces oil and natural gas and markets, transports, terminals and stores crude oil. For the 3 months ended 3/31/04, revenues fell 53% to $3.3M. Net income before acct. change and applic. to Common totaled $13.3M, up from $6M. Revenues reflect the timing of deliveries for sales. Earnings reflect an increase in gain on Plains All American Pipeline unit transactions.

Plains All American Pipeline, L. P. Business Summary:
Plains Resources Inc., an independent energy company, is engaged in marketing, gathering, transporting, terminaling and storage of oil through its equity ownership in Plains All American Pipeline, L.P. (PAA). PAA is engaged in the midstream energy markets. As of February 29, 2004, the Company owned 44% and 21% of the general and limited partnership units of PAA. Plain Resources also participates in acquiring, exploiting, developing, exploring for and producing oil through its wholly owned subsidiary, Calumet Florida LLC, which has producing properties in the Sunniland Trend in South Florida. On December 18, 2002, it spun-off Plains Exploration & Production Company (PXP), which, until that date, was its wholly owned subsidiary.

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