Plains All American Pipeline, L.P.

 

Portfolio

Investment: 
2009

Plains All American is a publicly traded master limited partnership (NYSE: PAA) engaged in crude oil gathering, transportation, marketing and storage in the U.S. and Canada.  EnCap’s storied investment in PAA stems from its extremely strong relationship with the senior PAA management team. Dating back to EnCap’s investment in Plains Resources in June 2001 (“PLX”, formerly the sole GP owner of PAA), EnCap developed an understanding of the exceptional, value-driven PAA management team. 

Over the following eight and a half years, PAA pursued an aggressive development strategy growing from a $75 million equity valuation in 2001 to a $2.8 billion equity valuation in 2009. 

In December 2009, Occidental Petroleum Corporation (NYSE: OXY) purchased EnCap’s general-partner interest in PAA.