Plains All American Pipeline
| Public | |
| Traded as | : PAA |
| Industry | Oil and gas industry |
| Founded | 1998 |
| Headquarters | Houston, Texas, United States |
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Key people
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Greg L. Armstrong (Chairman and CEO) |
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| Parent | Plains GP Holdings |
| Website | paalp |
US$ 43.464 Plains All American Pipeline (: 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.
Its parent company, Plains GP Holdings, L.P. : PAGP was formed as a holding company in 2013 to own and manage Plains American Pipeline. In 2014, Plains GP ranked 70 on the Fortune 500.
The company itself is headquartered in Three Allen Center in Downtown Houston, Texas, 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. 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.
Major acquisitions include:
According to the EPA and U.S. Justice Department, Plains All-American Pipeline has had 11 serious crude oil spills in five states that included: Texas, Louisiana, Oklahoma, Kansas and California. Between June 2004 and September 2007, more than 273,000 gallons of crude oil were discharged from various pipelines owned by Plains All-American Pipeline. According to the EPA, some of that oil ended up in rivers, lakes, and oceans. In 2010, the company reached a settlement with the EPA for a $3.25 million civil penalty for violating the Clean Water Act. The company also agreed to spend $41 million to upgrade more than 10,000 miles of crude oil pipelines.
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. The local school was closed following the oil spill due to concerns about the effects of fumes.
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Wikipedia