Plains All American Pipeline, L.P. http://www.alacrastore.com/company-snapshot/Plains_All_American_Pipeline_L_P-2102147 Friday, July 25, 2008 6:34:22 PM 2102147 Plains All American Pipeline, L.P. en AlacraStore RSS Builder 1.0 30 http://www.alacrastore.com/storecontent/newstex/BW-0001-26641993newstex/BW-0001-26641993xml Jul. ##, #### (Business Wire) -- Plains All American Pipeline, L.P. (NYSE:PAA) today announced a cash distribution of $#.#### per unit ($#.## per unit on an annualized basis) on all of its outstanding limited partner units. The distribution...0600000006001000060010020400000004005000040050110400501204016000040160137/14/2008 10:19:10 AM18000000180150001800300018022000Business WireBW-0001-26641993PLAINS ALL AMERICAN PIPELINE LPPAANewsNewstexhttp://www.alacrastore.com/storecontent/cs/71260cs/71260norm Plains: OXY Purchase of GP Stake Positive for Equity But Bondholders Still Face Trading Risks Plains announced that Occidental Petroleum will purchase a ##% stake in the MLP's general partnership for an undisclosed amount that we estimate...150We take a look at implications of the OXY GP deal for PAA LP unit holders and bondholders.7/2/2008 10:05:00 PM712601343YesD0Article2011113corp7349M&A Activity71260Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/newstex/PRN-0005-26255642newstex/PRN-0005-26255642xml HOUSTON, Jun. ##, #### (PRNewswire-FirstCall delivered by Newstex) -- Plains All American Pipeline, L.P. (NYSE: PAA) announced that it will release its second-quarter #### earnings after market close on Wednesday, August #, ####, and...040000000401600004016018040160480600000006001000060010026/26/2008 10:23:56 AM180000001800400018008000PR Newswire USPRN-0005-26255642PLAINS ALL AMERICAN PIPELINE LPPAANewsNewstexhttp://www.alacrastore.com/storecontent/cs/70958cs/70958norm Pipelines/MLPs: Summer Thesis Update & CDS Review We remain firmly overweight pipeline and pipeline MLP bonds despite already strong outperformance this year CDS has outperformed since the roll in late March with average traditional...14522046200919129432132205769219781527corphy7342High Yield6/25/2008 6:07:07 AM150We update our investing thesis for bondholders in the traditional and MLP pipeline sector.709582565YesD0Article1806202718895412011208549570958Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/cs/70101cs/70101norm Pipeline/MLPs: June Capital Structure Update Pipeline Master Limited Partnership (MLP) CDS protection is trading ## bps inside the CDX IG average (+## bps vs. +###, June #), outperforming the group since the late March roll to Series...70101366YesC0Article541180619781889201149521331452204620099432132205715271912corphy7342High Yield33Capital Structure34Companies with Convertibles6/2/2008 10:05:53 PM150We provide updated CDS and P/E levels for the capital structures of the MLPs and traditional pipeline companies and take a look at NGL processing spreads, GP cash flows, first call EPS estimate revisions and other sector trends.70101Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/cs/69555cs/69555norm MLP Cash Flows Part II: Publicly Traded GP Valuations Only eight of the thirty or so pipeline MLPs in our extended coverage have publicly traded general partners These GPs boast strong cash flows but they have virtually no hard assets...2386YesD0Article1806188919782133201120272132176419126921527corp7333Capital Structure695555/21/2008 6:08:35 AM150In part two of our MLP cash flow series we calculate the market implied valuations for the 2% general partner interest, and associated IDRs, of the few publicly traded pipeline MLP GPs.69555Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/cs/69516cs/69516norm Plains All American #Q## Tearsheet PAA is one of the more risky credits in the Pipeline MLP sector. The company's exposure to oil prices and the direction of the futures market is somewhat hedged by its storage and marketing operations...69516548YesC21Tearsheet2011tearsheets/premium735/20/2008 2:14:42 PM15069516Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/cs/69494cs/69494norm MLP Cash Flows Part I: #Q IDRs and Credit Metrics Pipeline MLPs continue to increase their distributions to equity holders at a rapid pace with the latest quarterly distribution declarations up an average #.#% from a year ago and up...694942725YesD0Article18061889197820272133495201169220572008191220091527corphy7342High Yield33Capital Structure5/20/2008 5:05:00 AM150We analyze the Incentive Distribution Rights (IDRs) of MLPs and the thresholds where they get triggered for nine large natural gas & oil transportation MLPs and take a look at LTM distributions to LP and GP owners as of 1Q.69494Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/newstex/MCOM-0004-25265633newstex/MCOM-0004-25265633xml May ##, #### (M# Communications Ltd. delivered by Newstex) -- Rocky Mountain Pipeline System LLC, an indirect subsidiary of Plains All American Pipeline LP (NYSE:PAA), which is engaged in the transportation, storage, terminalling...0400000004005000040050120600000006001000060010025/14/2008 11:16:31 AM1800000018003000190000001900100019001050M2 EquityBitesMCOM-0004-25265633PLAINS ALL AMERICAN PIPELINE LPPAANewsNewstexhttp://www.alacrastore.com/storecontent/moodys/COP_600044385moodys/COP_600044385htmlGlobal Credit Research Credit Opinion ## MAY #### Credit Opinion: Plains All American Pipeline L.P. Plains All American Pipeline L.P. Houston, Texas, United States Ratings Category Moody's Rating Outlook Stable Senior Unsecured Baa#...5/13/2008 12:31:00 AMhtmlPlains All American Pipeline L.P.Plains All American Pipeline L.P.600044385150.0000NewsCredit OpinionCOP_600044385Credit & Investment ResearchMoody's Global Credit Researchhttp://www.alacrastore.com/storecontent/newstex/BW-0001-25202842newstex/BW-0001-25202842xml HOUSTON, May ##, #### (Business Wire) -- Plains All American Pipeline, L.P. (NYSE:PAA) announced today that it has completed its previously announced public offering of common units. Including the over-allotment option which was exercised...0400000004016000040160135/12/2008 1:18:23 PM18000000180150001801300018022000190000001900100019001032Business WireBW-0001-25202842CITIGROUP INCPLAINS ALL AMERICAN PIPELINE LPUBS AGWACHOVIA CORP NEWCPAAUBSWBNewsNewstexhttp://www.alacrastore.com/storecontent/newstex/BW-0001-25057885newstex/BW-0001-25057885xml HOUSTON, May #, #### (Business Wire) -- Plains All American Pipeline, L.P. (NYSE:PAA) announced today that it has commenced, subject to market conditions, an underwritten public offering of approximately #.# million of its common units...0400000004016000040160135/6/2008 5:19:19 PM18000000180150001802200019000000190010001900103219001043Business WireBW-0001-25057885CITIGROUP INCPLAINS ALL AMERICAN PIPELINE LPUBS AGWACHOVIA CORP NEWCPAAUBSWBNewsNewstexhttp://www.alacrastore.com/storecontent/ccbn/T1821794ccbn/T1821794norm...Welcome to the Plains All American Pipeline's First Quarter #### Results Conference Call. During today's call the participants will provide forward-looking comments on the Partnership's outlook, as well as review the results of the prior period. Accordingly in doing so they will use words such as believe, estimate, expect, anticipate, etcetera. The Partnership intends to avail itself of Safe Harbor provisions that encourage companies to provide this information and directs you to the risks and warnings set forth in Plains All American Pipeline's most recently filed ##-K, ##-Q, #-K, and other current and future filings with the Securities & Exchange Commission. In addition, the Partnership encourages you to visit its website at www.paalp.com. In particular the section entitled Non-GAAP Reconciliation, which presents certain commonly used non-GAAP financial measures such as EBITDA and EBIT, which may be used here today in the prepared remarks or in the Q&A session. This section also presents... 5/1/2008 5:06:00 PMPlains All American Pipeline54.0000FinalQ1 2008 Plains All American Pipeline Earnings Conference Call TranscriptPAA10:00am ETTranscriptT1821794Credit & Investment ResearchThomson Street Eventshttp://www.alacrastore.com/storecontent/newstex/BW-0001-24921841newstex/BW-0001-24921841xml HOUSTON, Apr. ##, #### (Business Wire) -- Plains All American Pipeline, L.P. (NYSE:PAA) today reported net income of $## million, or $#.## per diluted limited partner unit, for the first quarter of ####. Net income for the first quarter...01000000010210000900000009015000090110000400000004016000040160480401601304016018040160010401600304016005040050000400501104005012040100000401000104009000040090020600000006001000060010024/30/2008 5:16:40 PM180000001800800018004000180150001802200018003000180160001900000019001000Business WireBW-0001-24921841PLAINS ALL AMERICAN PIPELINE LPGREG L ARMSTRONGPAANewsNewstexhttp://www.alacrastore.com/storecontent/newstex/PRN-0005-24883850newstex/PRN-0005-24883850xml HOUSTON, April ##, Apr. ##, #### (PR Newswire delivered by Newstex) -- HOUSTON, April ## /PRNewswire-FirstCall/ -- Plains All American Pipeline, L.P. (NYSE: PAA) announced that it will release its first-quarter #### earnings after...04000000040160000401604804016018040160130600000006001000060010024/29/2008 3:14:38 PM18000000180080001800400018015000PR Newswire USPRN-0005-24883850PLAINS ALL AMERICAN PIPELINE LPPAANewsNewstexhttp://www.alacrastore.com/storecontent/newstex/MCOM-0004-24749453newstex/MCOM-0004-24749453xml Apr. ##, #### (M# Communications Ltd. delivered by Newstex) -- Plains All American Pipeline LP (NYSE:PAA), which is engaged in the transportation, storage, terminalling and marketing of crude oil, refined products and liquefied petroleum...0400000004016000040160194/24/2008 8:15:13 AM1800000018013000M2 EquityBitesMCOM-0004-24749453PLAINS ALL AMERICAN PIPELINE LPPAANewsNewstexhttp://www.alacrastore.com/storecontent/newstex/BW-0001-24723936newstex/BW-0001-24723936xml HOUSTON, Apr. ##, #### (Business Wire) -- Plains All American Pipeline, L.P. (NYSE:PAA) announced today that it has completed its previously announced private placement of senior notes. The Partnership issued $### million of ##-year,...06000000060010000600100204000000040050000400501104016000040160134/23/2008 12:15:54 PM18000000180150001800300018022000190000001900100019001043Business WireBW-0001-24723936PLAINS ALL AMERICAN PIPELINE LPAl NULL SwansonPAANewsNewstexhttp://www.alacrastore.com/storecontent/newstex/MCOM-0004-24653676newstex/MCOM-0004-24653676xml Apr. ##, #### (M# Communications Ltd. delivered by Newstex) -- Plains All American Pipeline L.P. (NYSE:PAA), which is engaged in the transportation, storage, terminalling and marketing of crude oil, refined products and liquefied...0400000004016000040160194/21/2008 12:17:09 PM1800000018013000M2 EquityBitesMCOM-0004-24653676PLAINS ALL AMERICAN PIPELINE LPPAANewsNewstexhttp://www.alacrastore.com/storecontent/newstex/BW-0001-24655350newstex/BW-0001-24655350xml HOUSTON, Apr. ##, #### (Business Wire) -- Plains All American Pipeline, L.P. (NYSE:PAA) announced today that due to scheduling conflicts with other publicly traded partnerships, it has changed the timing of its first-quarter earnings...04000000040160000401604804016018040160010600000006001000060010024/21/2008 12:17:08 PM180000001800800018004000Business WireBW-0001-24655350PLAINS ALL AMERICAN PIPELINE LPPAANewsNewstexhttp://www.alacrastore.com/storecontent/spcred/643631spcred/643631normThe latest Research Update from S&Pglobal4/18/2008 3:32:42 PM175Research Update643631United StatesOil & Gas Storage & TransportationUnited StatesGlobal IssuersCorporationsUtilitiesGasResearch UpdateOn April 18, 2008, Standard&Poor's Ratings Services assigned its 'BBB-' rating to Plains All American Pipeline L.P.'s $350 million of senior unsecured notes due 2018. Proceeds from the note offering will be used to fund a portion of the C$660 million acquisition of the Rainbow Pipe Line Co., announced earlier this month, and for general corporate purposes. The ratings on Houston, Texas-based Plains reflect a satisfactory business risk profile, with stable cash flow provided by the company's network of pipelines and terminals, and a moderately leveraged financial risk profile. Partially offsetting these factors are the risks presented by Plains' volatile marketing segment, the company's acquisitive growth strategy, and the potential strain that volatile crude oil prices could placeUSA72650372650R10102040 101020 1010 10Plains All American Pipeline L.P.338452USAPAARESUPDGLOBISSCORPUTILGasCredit & Investment ResearchS&P Credit Research