Plains All American Pipeline Acquires Crude Oil Pipelines, Manifold and Tankage from Holly Corporation

Plains All American Pipeline, L.P. (NYSE: PAA) today announced that it has acquired certain pipelines, a manifold system and approximately 400,000 barrels of crude oil storage capacity from Holly Corporation ("Holly”) for $40 million.

The assets purchased include 6 tanks, three receiving pipelines and related assets and contract rights located at or associated with Holly’s Tulsa, Oklahoma refinery. In conjunction with the sale, Holly entered a 15-year tank lease and minimum throughput agreement (with options to extend). Plains and Holly have also agreed to work together to identify and capture contango storage opportunities. Including only the cash flow generated by the lease and throughput agreement, the transaction is expected to be immediately accretive.

Plains All American Pipeline, L.P. is a publicly traded master limited partnership engaged in the transportation, storage, terminalling and marketing of crude oil, refined products and liquefied petroleum gas and other natural gas related petroleum products. The Partnership is also engaged in the development and operation of natural gas storage facilities. The Partnership is headquartered in Houston, Texas.

Forward-Looking Statements

Certain statements made herein are forward-looking statements, including statements regarding the expected benefits of the Holly acquisition. These statements are based on management's current expectations and estimates; actual results may differ materially due to certain risks and uncertainties. These risks and uncertainties include, among other things, risks associated with the crude oil markets, the success of our risk management activities and other factors and uncertainties inherent in the transportation, storage and terminalling of crude oil.