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Slide #49. Plains All American Pipeline — Publicly-Held Units of PAA Natural Gas Storage
Plains All American Pipeline (NYSE:PAA)
Publicly-Held Units of PAA Natural Gas Storage
Plains All American Pipeline, L.P. (NYSE:PAA) today announced that it has entered into a definitive agreement and plan of merger (the "Merger Agreement") with PAA Natural Gas Storage, L.P. ("PNG") that provides for a merger whereby PNG will become a wholly-owned subsidiary of PAA, through a unit-for-unit exchange (the "Merger"). Under the terms of the Merger Agreement, PNG's public unitholders will receive 0.445 common units of PAA per PNG common unit surrendered pursuant to the Merger Agreement, plus cash in lieu of any fractional common units of PAA otherwise issuable in the Merger.
Plains All American Pipeline is a holding company. Through its subsidiaries, Co. owns and operates midstream energy infrastructure and provides logistics services for crude oil, natural gas liquids (NGL) and natural gas. Co. has three operating segments: Transportation, which provides activities associated with transporting crude oil and NGL on pipelines, gathering systems, trucks and barges; Facilities, which provides storage, terminalling and throughput services for crude oil, NGL and natural gas, as well as NGL fractionation and isomerization services and natural gas and condensate processing services; and Supply and Logistics, which provides merchant-related activities.
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