Pacific Energy Partners, L.P. Declares Increased Cash Distribution for First Quarter 2006
April 21 2006 - 9:03PM
Business Wire
Pacific Energy Partners, L.P. (NYSE:PPX) ("Pacific Energy")
declared a cash distribution of $0.5675 per unit for the quarter
ended March 31, 2006. The distribution is 2.3% greater than the
distribution for the quarter ended December 31, 2005 and is 10.7%
greater than the distribution for the quarter ended March 31, 2005.
The distribution is payable May 12, 2006 to unitholders of record
as of May 1, 2006. On an annualized basis, the new distribution
rate is $2.27 per unit. About Pacific Energy: Pacific Energy
Partners, L.P. is a master limited partnership headquartered in
Long Beach, California. Pacific Energy is engaged principally in
the business of gathering, transporting, storing and distributing
crude oil, refined products and other related products. Pacific
Energy generates revenues by transporting such commodities on its
pipelines, by leasing capacity in its storage facilities and by
providing other terminaling services. Pacific Energy also buys and
sells crude oil, activities that are generally complementary to its
crude oil operations. Pacific Energy conducts its business through
two business units, the West Coast Business Unit, which includes
activities in California and the Philadelphia, PA area, and the
Rocky Mountain Business Unit, which includes activities in five
Rocky Mountain states and Alberta, Canada. This news release may
include "forward-looking" statements within the meaning of Section
27A of the Securities Act of 1933, as amended, and Section 21E of
the Securities Exchange Act of 1934, as amended. All statements
other than statements of historical fact included or incorporated
herein may constitute forward-looking statements. Although Pacific
Energy believes that the forward-looking statements are reasonable,
it can give no assurance that such expectations will prove to be
correct. The forward-looking statements involve risks and
uncertainties that may affect Pacific Energy's operations and
financial performance. Among the factors that could cause results
to differ materially are those risks discussed in Pacific Energy's
filings with the Securities and Exchange Commission, including our
Annual Report on Form 10-K for the year ended December 31, 2005.
For additional information about the partnership, please visit
www.PacificEnergy.com.
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