Plains All American Pipeline Comments on Second-Quarter Results

  Plains All American Pipeline Comments on Second-Quarter Results

Business Wire

HOUSTON -- May 29, 2013

Plains All American Pipeline, L.P. (NYSE: PAA) today announced that it expects
adjusted earnings before interest, taxes, depreciation and amortization
("EBITDA") for the second quarter of 2013 to exceed the mid-point of its
quarterly guidance by approximately 10%. This expected level of performance is
driven by continued strong fundamentals and favorable market conditions,
albeit less favorable than experienced during the first quarter of 2013.

On May 6, 2013, PAA furnished a Form 8-K providing midpoint adjusted EBITDA
guidance of $435 million for the second quarter of 2013 based on a guidance
range of $415 million to $455 million. The Partnership's updated outlook does
not incorporate potential adjustments associated with equity compensation
expense due to variations in PAA's unit price or the Partnership’s outlook for
future distribution levels.

Plains All American Pipeline, L.P. is a publicly traded master limited
partnership engaged in the transportation, storage, terminalling and marketing
of crude oil and refined products, as well as in the processing,
transportation, fractionation, storage and marketing of natural gas liquids.
Through its general partner interest and majority equity ownership position in
PAA Natural Gas Storage, L.P. (NYSE: PNG), PAA owns and operates natural gas
storage facilities. PAA is headquartered in Houston, Texas.

Non-GAAP Financial Measures and Selected Items Impacting Comparability

EBITDA and adjusted EBITDA are non-GAAP financial measures that are most
directly comparable to GAAP measures of net income and cash flow from
operating activities. We do not, however, reconcile cash flows from operating
activities to EBITDA or adjusted EBITDA because such reconciliations are
impractical for a forecasted period. Adjusted EBITDA excludes selected items
impacting comparability, which are items that management believes should be
excluded in understanding the partnership’s core operating performance. The
Partnership's Form 8-K furnished on May 6, 2013 presents a calculation of
EBITDA and adjusted EBITDA, a reconciliation of these non-GAAP measures to the
most directly comparable GAAP measures and further discussion regarding why
management believes that the presentation of such financial measures provides
useful information to investors regarding performance. A copy of the May 6th
Form 8-K is available on the Partnership's website ( under
"Investor Relations – Operating and Financial Guidance," or "Investor
Relations – SEC Filings." In addition, the Partnership maintains a
reconciliation of all non-GAAP financial information, such as EBITDA and
adjusted EBITDA, to the most comparable GAAP measures under "Investor
Relations – Non-GAAP Reconciliations" section of its website.

Forward Looking Statements

Except for the historical information contained herein, the matters discussed
in this release are forward-looking statements that involve certain risks and
uncertainties that could cause actual results to differ materially from
results anticipated in the forward-looking statements. These risks and
uncertainties include, among other things, failure to implement or capitalize,
or delays in implementing or capitalizing, on planned internal growth
projects; unanticipated changes in crude oil market structure, grade
differentials and volatility (or lack thereof); the availability of, and our
ability to consummate, acquisition or combination opportunities; the
successful integration and future performance of acquired assets or businesses
and the risks associated with operating in lines of business that are distinct
and separate from our historical operations; the occurrence of a natural
disaster, catastrophe, terrorist attack or other event, including attacks on
our electronic and computer systems; tightened capital markets or other
factors that increase our cost of capital or limit our access to capital;
maintenance of our credit rating and ability to receive open credit from our
suppliers and trade counterparties; continued creditworthiness of, and
performance by, our counterparties, including financial institutions and
trading companies with which we do business; the effectiveness of our risk
management activities; environmental liabilities or events that are not
covered by an indemnity, insurance or existing reserves; declines in the
volumes of crude oil, refined product and NGL shipped, processed, purchased,
stored, fractionated and/or gathered at or through the use of our facilities,
whether due to declines in production from existing oil and gas reserves,
failure to develop, or slowdown in the development of, additional oil and gas
reserves or other factors; shortages or cost increases of supplies, materials
or labor; fluctuations in refinery capacity in areas supplied by our mainlines
and other factors affecting demand for various grades of crude oil, refined
products and natural gas and resulting changes in pricing conditions or
transportation throughput requirements; our ability to obtain debt or equity
financing on satisfactory terms to fund additional acquisitions, expansion
projects, working capital requirements and the repayment or refinancing of
indebtedness; the impact of current and future laws, rulings, governmental
regulations, accounting standards and statements and related interpretations;
non-utilization of our assets and facilities; the effects of competition;
interruptions in service on third-party pipelines; increased costs or lack of
availability of insurance; fluctuations in the debt and equity markets,
including the price of our units at the time of vesting under our long-term
incentive plans; the currency exchange rate of the Canadian dollar; weather
interference with business operations or project construction; risks related
to the development and operation of natural gas storage facilities; factors
affecting demand for natural gas and natural gas storage services and rates;
general economic, market or business conditions and the amplification of other
risks caused by volatile financial markets, capital constraints and pervasive
liquidity concerns; and other factors and uncertainties inherent in the
transportation, storage, terminalling and marketing of crude oil and refined
products, as well as in the storage of natural gas and the processing,
transportation, fractionation, storage and marketing of natural gas liquids
discussed in the Partnership's filings with the Securities and Exchange


Plains All American Pipeline, L.P.
Roy I. Lamoreaux, 713-646-4222 – 800-564-3036
Director, Investor Relations
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