Plains All American Pipeline, L.P. Completes Acquisition of Canadian NGL Business from Spectra Energy Corp

Plains All American Pipeline, L.P. (NYSE: PAA)
announced today that its wholly owned subsidiary, Plains Midstream
Canada ULC (“PMC”), has completed the previously announced acquisition
of the Canadian natural gas liquids (“NGL”) business from Westcoast
Energy Inc., a wholly owned subsidiary of Spectra Energy Corp, for a
cash purchase price of approximately C$267 million (USD $204 million),
including approximately C$67 million (USD $51 million) for inventory and
working capital.

“PMC has been looking for the right opportunity to strengthen our
strategic position and further optimize one of our core business areas,”
said Dave Duckett, Chief Executive Officer of PMC. "Integrated with our
current infrastructure, these assets create flexibility and optionality
in our NGL business platform supporting continued long-term
profitability and growth for PMC.”

Transaction Highlights:

The acquisition includes an integrated system of assets, consisting of
the Empress NGL extraction and fractionation facility, the Petroleum
Transmission Company (“PTC”) pipeline, seven NGL terminals and two NGL
storage facilities in Western Canada.

Additionally, this acquisition provides for the following benefits:

• Enhances Strategic NGL Asset Base: The acquired assets
  are a strategic complement to PMC’s existing core Canadian NGL
  midstream operations adding 580 miles of pipeline from Empress, AB, to
  the Fort Whyte Terminal in Winnipeg, MB, to our existing 1,600 miles
  of NGL pipeline and increases our current pipeline capacity by an
  additional 15,500 barrels per day. The assets also include an
  additional 2.4 billion cubic feet per day of NGL extraction capacity
  and 63,000 barrels per day of fractionation capacity at Empress as
  well as 4.7 million barrels of NGL storage.
• Improves Overall Efficiencies: The acquired assets allow
  PMC to utilize excess fractionation capacity as well as optimize NGL
  storage facilities that tie into PMC’s existing systems.
• Creates Flexibility and Opportunity: The assets create
  synergies with our current Empress, AB operations. The Empress NGL
  extraction and fractionation facility and the PTC pipeline system
  gives PMC access to seven truck terminals and three rail loading
  facilities across the system, which allows for increased flexibility
  in rail operations and the ability to ship Canadian production to five
  different railroads.

Duckett added, “This transaction also builds on a long-term track record
of driving significant value through acquisitions, and we look forward
to working with our stakeholders to continue to operate safely and in an
environmentally and socially responsible manner."

Plains All American Pipeline, L.P. is a publicly traded master limited
partnership that owns and operates midstream energy infrastructure and
provides logistics services for crude oil, NGLs, natural gas and refined
products. PAA owns an extensive network of pipeline transportation,
terminalling, storage and gathering assets in key crude oil and NGL
producing basins and transportation corridors and at major market hubs
in the United States and Canada. On average, PAA handles over 4.6
million barrels per day of crude oil and NGL in its Transportation
segment. PAA is headquartered in Houston, Texas.

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