Plains All American Pipeline "Dinner with Management - June 22 @ 6PM" (Buy)

Research evidence excerpt

Plains All American Pipeline "Dinner with Management - June 22 @ 6PM" (Buy)

Forecast returns

Forecast price appreciation 15.7%

Forecast dividend yield 8.6%

Forecast stock return 24.3%

Market return assumption 9.0%

Forecast excess return 15.3%

Company Description

Plains All American Pipeline, L.P. is engaged in the transportation, storage, terminaling and

marketing of crude oil and refined products, as well as in the processing, transportation,

fractionation, storage and marketing of natural gas liquids. Its operations are conducted

directly and indirectly through its primary operating subsidiaries. It operates in three

segments: Transportation, Facilities, and Supply and Logistics. It has network of

transportation, terminaling and storage facilities at various markets and in oil producing

basins.

Valuation Method and Risk Statement

Risks include, but are not limited to: abrupt or severe production declines or production

interruptions in outer continental shelf production located offshore California and

transported on the All American Pipeline; declines in volumes shipped on the Basin Pipeline

and PAA's other pipelines by third party shippers; the availability of adequate supplies of and

demand for crude oil in the areas in which PAA operates; the effects of competition; the

impact of crude oil price fluctuations; continued credit worthiness of, and performance by,

PAA's counterparties; successful third party drilling efforts in areas in which PAA operates

pipelines or gathers crude oil; regulatory changes; unanticipated shortages or cost increases

in power supplies, materials and skilled labor; and other factors and uncertainties inherent in

the marketing, transportation, terminalling, gathering and storage of crude oil and liquefied

petroleum gas ("LPG").