M&A Deal Summary

Plains All American Acquires Pacific Energy Partners

On November 15, 2009, Plains All American acquired energy services and equipment company Pacific Energy Partners from First Reserve for 2.4B USD

Acquisition Highlights
  • This is Plains All American’s 1st transaction in the Energy Services and Equipment sector.
  • This is Plains All American’s largest (disclosed) transaction.
  • This is Plains All American’s 1st transaction in the United States.
  • This is Plains All American’s 1st transaction in California.

M&A Deal Summary
Date 2009-11-15
Target Pacific Energy Partners
Sector Energy Services and Equipment
Buyer(s) Plains All American
Sellers(s) First Reserve
Deal Type Add-on Acquisition
Deal Value 2.4B USD

Target

Pacific Energy Partners

Long Beach, California, United States
Pacific Energy Partners (NYSE:PPX) (?Pacific Energy?) is engaged in the business of gathering, transporting, storing and distributing crude oil and other related products. Pacific Energy is a master limited partnership headquartered in Long Beach, California. The Company operates its businesses through two regional operating units: West Coast operations and Rocky Mountain operations. The West Coast operations (66% of gross profit) transport crude oil produced from California?s San Joaquin Valley and Outer Continental Shelf via pipeline to refineries and terminal facilities in the Los Angeles Basin and Bakersfield

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Buyer(S) 1

Buyer

Plains All American

Houston, Texas, United States
Category Company
Founded 1998
Sector Energy Services and Equipment
Employees4,200
Revenue 48.7B USD (2023)
DESCRIPTION

Plains All American is a provider of oil pipeline transportation, marketing, and storage business. The company engages in the transportation, storage, terminalling and marketing of crude oil, refined products, and liquefied petroleum gas and other natural gas-related petroleum products. Plains All American was founded in 1998 and is based in Houston, Texas.

DEAL STATS #
Overall 1 of 7
Sector (Energy Services and Equipment) 1 of 3
Type (Add-on Acquisition) 1 of 6
State (California) 1 of 1
Country (United States) 1 of 7
Year (2009) 1 of 1
Size (of disclosed) 1 of 4
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2011-11-01 Velocity Midstream Partners

Tulsa, Oklahoma, United States

Velocity Midstream Partners, LLC is an experienced and well capitalized midstream company focused on engineering, acquiring, owning and operating efficient and cost effective gas gathering and transportation pipelines, compression, treating and processing assets in Texas, Louisiana, and Oklahoma.

Buy -

Seller(S) 1

SELLER

First Reserve

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1983
PE ASSETS 32.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

First Reserve is a specialist private equity firm focused on investments in energy companies. First Reserve targets equity investments of $50 to $500 million in companies valued from $100 million to $10 billion. Target areas of interest within the energy industry include energy manufacturing and services (drilling service providers and wellhead equipment manufacturers), energy infrastructure, energy reserves, renewable energy and alternative fuels, and energy related insurance and financial products. First Reserve was established in 1983 and is based in Stamford, Connecticut.

DEAL STATS #
Overall 25 of 58
Sector (Energy Services and Equipment) 11 of 19
Type (Add-on Acquisition) 9 of 20
State (California) 1 of 1
Country (United States) 21 of 38
Year (2009) 1 of 2
Size (of disclosed) 2 of 17
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2009-09-14 KrisEnergy

Singapore, Singapore

KrisEnergy Ltd. is an independent oil and gas exploration and production company operating in Southeast Asia. The company holds a portfolio of assets diversified throughout the exploration and development life cycle. KrisEnergy has operational offices throughout Southeast Asia, reflecting its broad regional footprint.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2009-12-16 Cobalt International Energy

Houston, Texas, United States

Cobalt International Energy, Inc. is an oil and gas exploration and development company focused on pursuing niche opportunities in the Deepwater Gulf of Mexico and offshore international areas. Cobalt's strategy is to utilize its regional expertise along with advanced technology to identify and develop meaningful reserve targets in select offshore ventures. Cobalt International Energy is based in Houston, Texas.

Sell -
Mergr

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