Plains All American Pipeline, L.P. Reports Strong Financial Results for Third Quarter 2005 - Net Income Up 65%; Net Income Per Unit Up 34%; EBITDA Up 47%

HOUSTON, Oct. 27 /PRNewswire-FirstCall/ -- Plains All American Pipeline, L.P. today reported net income of $69.0 million, or $0.79 per diluted limited partner unit, for the third quarter of 2005. These financial results represent an increase of 65% and 34%, respectively, over net income of $41.7 million, or $0.59 per diluted limited partner unit, for the third quarter of 2004. For the first nine months of 2005, the Partnership reported net income of $164.1 million, or $2.07 per diluted limited partner unit, an increase of 56% and 31%, respectively, over net income of $105.3 million, or $1.58 per diluted limited partner unit, for the first nine months of 2004.

As reported, earnings before interest, taxes, depreciation and amortization ("EBITDA") for the third quarter of 2005 were $104.6 million, an increase of 47% as compared with EBITDA of $71.2 million for the third quarter of 2004. EBITDA for the first nine months of 2005 was $267.0 million, an increase of 46% as compared with EBITDA of $183.4 million for the first nine months of 2004. (See the section of this release entitled "Non-GAAP Financial Measures" and the attached tables for discussion of EBITDA and other non-GAAP financial measures, and reconciliations of such measures to the comparable GAAP measures.)

"Plains All American reported strong operating and financial results for the third quarter of 2005 and continued the Partnership's year-to-date record financial performance," said Greg L. Armstrong, Chairman and CEO of the Partnership. "These results were driven by solid performance from both our pipeline and our gathering, marketing, terminalling and storage segments and were achieved despite the adverse impacts of Hurricanes Katrina and Rita. The Partnership's extensive asset base, proven business model and growing inventory of organic expansion projects continue to generate sustainable distributable cash flow growth." Armstrong also noted that the Partnership continued to follow a disciplined financial growth strategy, as recent capital markets activities further improved its liquidity and financial flexibility and strengthened its overall capital structure.

Reported results include the impact of various items that affect comparability between reporting periods. Adjusting for selected items impacting comparability, the Partnership's third quarter 2005 adjusted net income, adjusted net income per limited partner unit and adjusted EBITDA were $71.1 million, $0.95 per diluted unit, and $106.6 million, respectively. Similarly, the Partnership's third quarter 2004 adjusted net income, adjusted net income per limited partner unit and adjusted EBITDA were $38.1 million, $0.53 per diluted unit, and $67.6 million, respectively. On a comparable basis, third quarter 2005 adjusted net income, adjusted net income per diluted limited partner unit and adjusted EBITDA increased 86%, 78% and 58%, respectively, over third quarter 2004.

The following table summarizes selected items that the Partnership believes impact the comparability of financial results between reporting periods:

For the For the Three Months Nine Months Ended Ended September 30, September 30, 2005 2004 2005 2004 (Dollars in millions, except per unit data) Long-Term Incentive Plan ("LTIP") charge $(6.7) --- $(16.9) (4.2) Cumulative effect of change in accounting principle --- --- --- (3.1) Gain/(Loss) on foreign currency revaluation (1.6) 2.9 (1.4) 3.4 Pro forma additional GP distribution under EITF 03-06(A) --- --- --- --- SFAS 133 mark-to-market adjustment 6.3 0.9 (20.0) 1.4 Other --- (0.1) --- (0.1) Total $(2.1) $3.6 $(38.3) $(2.6) Per Basic Limited Partner Unit(A) $(0.16) $0.05 $(0.67) $(0.04) Per Diluted Limited Partner Unit(A) $(0.16) $0.05 $(0.66) $(0.04) Note: Figures may not sum due to rounding. (A) For the third quarter and nine month period ended September 30, 2005, the Partnership's net income exceeded the cash distribution paid during such periods, which required the application of Emerging Issues Task Force Issue No. 03-06: "Participating Securities and the Two-Class Method under FASB Statement No. 128" ("EITF 03-06"). This theoretical calculation does not impact the Partnership's aggregate net income or EBITDA, but does reduce the Partnership's net income per limited partner unit. The application of EITF 03-06 negatively impacted basic and diluted earnings per limited partner unit by $0.13 and $0.12 for the third quarter and first nine months of 2005, respectively.

The following table presents certain selected financial information by segment for the third quarter reporting periods:

Gathering, Marketing, Terminalling Pipeline & Storage Operations Operations(D) (in millions) Three Months Ended September 30, 2005 Revenues(A) $303.3 $8,395.8 Purchases and related costs(A) (206.7) (8,292.7) Field operating costs (excluding LTIP charge) (37.0) (30.4) LTIP charge-operations (0.3) (0.6) Segment G&A expenses (excluding LTIP charge)(B) (10.2) (10.5) LTIP charge-general and administrative (3.4) (2.4) Segment profit $45.7 $59.2 SFAS 133 mark-to-market impact (C) $--- $6.3 Maintenance capital $2.9 $1.3 Three Months Ended September 30, 2004 Revenues(A) $227.4 $5,675.0 Purchases and related costs (A) (138.8) (5,611.6) Field operating costs (33.6) (27.6) Segment G&A expenses (B) (11.0) (8.5) Segment profit $44.0 $27.3 SFAS 133 mark-to-market impact(C) $--- $0.9 Maintenance capital $2.0 $1.0 (A) Includes intersegment amounts. (B) Segment general and administrative expenses (G&A) reflect direct costs attributable to each segment and an allocation of other expenses to the segments based on the business activities that existed at that time. The proportional allocations by segment require judgment by management and will continue to be based on the business activities that exist during each period. (C) Amounts related to SFAS 133 are included in revenues and impact segment profit. The SFAS 133 mark-to-market adjustment is primarily based upon crude oil prices at the end of the period and is related to the non-effective portion of our cash flow hedges, as well as certain derivative contracts that do not qualify under SFAS 133 as cash flow hedges. The net gain or loss related to these derivative instruments is principally offset by physical positions in future periods. (D) Gains/losses on foreign currency revaluation are included in the Gathering, Marketing, Terminalling & Storage segment.

Excluding selected items impacting comparability in both periods, segment profit from pipeline operations in the third quarter of 2005 was $49.4 million versus $44.0 million for the third quarter of 2004 on average daily pipeline volumes of 1.8 million barrels per day versus 1.6 million barrels per day. Third quarter 2005 pipeline segment profit was reduced by approximately $3.0 million due to market rate adjustments made by the Partnership to tariffs on certain pipelines formerly owned by Link Energy. As a result of these lower tariffs on barrels shipped by PAA in connection with its gathering and marketing activities, segment profit from gathering, marketing, terminalling and storage was increased by a comparable amount. Excluding selected items impacting comparability in both periods, segment profit from gathering, marketing, terminalling and storage operations was up approximately 144% over the corresponding period in 2004 as a result of favorable market conditions, including the continuation of a prolonged contango price curve with volatility, as well as the tariff adjustments noted above.

For the first nine months of 2005, the Partnership's adjusted net income, adjusted net income per limited partner unit and adjusted EBITDA were $202.4 million, $2.73 per diluted unit, and $305.3 million, respectively. Similarly, the Partnership's adjusted net income, adjusted net income per limited partner unit and adjusted EBITDA for the first nine months of 2004 were $107.9 million, $1.62 per diluted unit, and $186.0 million, respectively. On a comparable basis, adjusted net income, adjusted net income per diluted limited partner unit and adjusted EBITDA for the first nine months of 2005 increased 88%, 69% and 64%, respectively, over the first nine months of 2004.

The following table presents certain selected financial information by segment for the first nine-month reporting periods:

Gathering, Marketing, Terminalling Pipeline & Storage Operations Operations(D) (in millions) Nine Months Ended September 30, 2005 Revenues(A) $811.1 $21,753.0 Purchases and related costs(A) (526.2) (21,496.8) Field operating costs (excluding LTIP charge) (108.8) (89.1) LTIP charge-operations (0.7) (1.4) Segment G&A expenses (excluding LTIP charge)(B) (29.6) (30.5) LTIP charge-general and administrative (8.7) (6.0) Segment profit $137.1 $129.2 SFAS 133 mark-to-market impact(C) $--- $(20.0) Maintenance capital $8.2 $4.0 Nine Months Ended September 30, 2004 Revenues(A) $639.5 $14,247.6 Purchases and related costs(A) (408.4) (14,075.8) Field operating costs (excluding LTIP charge) (84.8) (73.3) LTIP charge-operations (0.1) (0.4) Segment G&A expenses (excluding LTIP charge)(B) (27.3) (27.2) LTIP charge-general and administrative (1.7) (2.0) Segment profit $117.2 $68.9 SFAS 133 mark-to-market impact (C) $--- $1.4 Maintenance capital $4.1 $2.0 (A) Includes intersegment amounts. (B) Segment general and administrative expenses (G&A) reflect direct costs attributable to each segment and an allocation of other expenses to the segments based on the business activities that existed at that time. The proportional allocations by segment require judgment by management and will continue to be based on the business activities that exist during each period. (C) Amounts related to SFAS 133 are included in revenues and impact segment profit. The SFAS 133 mark-to-market adjustment is primarily based upon crude oil prices at the end of the period and is related to the non-effective portion of our cash flow hedges, as well as certain derivative contracts that do not qualify under SFAS 133 as cash flow hedges. The net gain or loss related to these derivative instruments is principally offset by physical positions in future periods. (D) Gains/losses on foreign currency revaluation are included in the Gathering, Marketing, Terminalling & Storage segment.

The Partnership's basic weighted average units outstanding for the third quarter of 2005 totaled 68.0 million (69.4 million diluted) as compared to 65.8 million (65.8 million diluted) in last year's third quarter. At October 24, 2005, the Partnership had approximately 73.8 million units outstanding. At September 30, 2005 the Partnership had long-term debt of $952.4 million and a long-term debt-to-total capitalization ratio of approximately 42%.

On October 25, 2005, the Partnership declared a cash distribution of $0.675 per unit ($2.70 per unit on an annualized basis) on its outstanding limited partner units. The distribution will be paid on November 14, 2005, to holders of record of such units at the close of business on November 4, 2005. The distribution represents an increase of 12.5% over the November 2004 distribution and approximately 3.85% over the August 2005 distribution. This represents the 13th distribution increase for the Partnership in the last 19 quarters.

The Partnership today furnished a current report on Form 8-K, which included material in this press release and financial and operational guidance for the fourth quarter and full year 2005 and preliminary guidance for 2006. A copy of the Form 8-K is available on the Partnership's website at http://www.paalp.com/ .

Non-GAAP Financial Measures

In this release, the Partnership's EBITDA disclosure is not presented in accordance with generally accepted accounting principles and is not intended to be used in lieu of GAAP presentations of results of operations or cash provided by operating activities. EBITDA is presented because we believe it provides additional information with respect to both the performance of our fundamental business activities as well as our ability to meet our future debt service, capital expenditures and working capital requirements. We also believe that debt holders commonly use EBITDA to analyze Partnership performance. In addition, we present selected items that impact the comparability of our operating results as additional information that may be helpful to your understanding of our financial results. We consider an understanding of these selected items impacting comparability to be material to our evaluation of our operating results and prospects. Although we present selected items that we consider in evaluating our performance, you should also be aware that the items presented do not represent all items that affect comparability between the periods presented. Variations in our operating results are also caused by changes in volumes, prices, exchange rates, mechanical interruptions, acquisitions and numerous other factors. These types of variations are not separately identified in this release, but will be discussed in management's discussion and analysis of operating results in our Quarterly Report on Form 10-Q.

A reconciliation of EBITDA to net income and cash flow from operating activities for the periods presented is included in the tables attached to this release. In addition, the Partnership maintains on its website (http://www.paalp.com/ ) a reconciliation of all non-GAAP financial information, such as EBITDA, that it reconciles to the most comparable GAAP measures. To access the information, investors should click on the "Investor Relations" link on the Partnership's home page and then the "Non-GAAP Reconciliation" link on the Investor Relations page.

Conference Call:

The Partnership will host a conference call to discuss the results and other forward-looking items on Thursday, October 27, 2005. Specific items to be addressed in this call include:

1. A brief review of the Partnership's third quarter performance; 2. A status report on expansion and organic growth projects and recent acquisition activity; 3. A discussion of capitalization and liquidity; 4. A review of financial and operating guidance for the fourth quarter of 2005 and preliminary guidance for the full year of 2006; and 5. Comments regarding the Partnership's positioning for the future.

The call will begin at 10:00 AM (Central). To participate in the call, please call 877-709-8150, or, for international callers, 201-689-8354 at approximately 9:55 AM (Central). No password or reservation number is required.

Webcast Instructions:

To access the Internet webcast, please go to the Partnership's website at http://www.paalp.com/ , choose "Investor Relations", and then choose "Conference Calls". Following the live webcast, the call will be archived for a period of sixty (60) days on the Partnership's website.

Telephonic Replay Instructions:

Call 877-660-6853 or international call 201-612-7415 and enter acct # 232 and replay # 173133

The replay will be available beginning Thursday, October 27, 2005, at approximately 1:00 PM (Central) and continue until 11:59pm (Central) Monday, October 31, 2005.

Except for the historical information contained herein, the matters discussed in this news release are forward-looking statements that involve certain risks and uncertainties that could cause actual results to differ materially from results anticipated in the forward-looking statements. These risks and uncertainties include, among other things: abrupt or severe production declines or production interruptions in outer continental shelf production located offshore California and transported on our pipeline systems; the success of our risk management activities; the availability of, and ability to consummate, acquisition or combination opportunities; our access to capital to fund additional acquisitions and our ability to obtain debt or equity financing on satisfactory terms; successful integration and future performance of acquired assets or businesses and the risks associated with operating in lines of business that are distinct and separate from historical operations; environmental liabilities or events that are not covered by an indemnity, insurance or existing reserves; maintenance of our credit rating and ability to receive open credit from our suppliers and trade counterparties; declines in volumes shipped on the Basin Pipeline, Capline Pipeline and our other pipelines by the Partnership or third party shippers; the availability of adequate third party production volumes for transportation and marketing in the areas in which we operate; successful third party drilling efforts in areas in which we operate pipelines or gather crude oil; demand for natural gas or various grades of crude oil and resulting changes in pricing conditions or transmission throughput requirements; fluctuations in refinery capacity in areas supplied by our transmission lines; interruptions in service and fluctuations in rates of third party pipelines; the effects of competition; continued credit worthiness of, and performance by, our counterparties; the impact of crude oil and natural gas price fluctuations; the impact of current and future laws, rulings and government regulations; shortages or cost increases in power supplies, materials and labor (including the direct and indirect effects of Hurricanes Katrina and Rita on the availability of materials, the cost of natural gas and the demand for oil- field services); weather interference with business operations or project construction, including the continued impact of Hurricanes Katrina and Rita; the currency exchange rate of the Canadian dollar; fluctuation in the debt and equity capital markets (including the price of our units at the time of vesting under our LTIP); general economic, market or business conditions; and other factors and uncertainties inherent in the marketing, transportation, terminalling, gathering and storage of crude oil and liquefied petroleum gas ("LPG") discussed in the Partnership's filings with the Securities and Exchange Commission.

Plains All American Pipeline, L.P. is engaged in interstate and intrastate crude oil transportation and crude oil gathering, marketing, terminalling and storage, as well as the marketing and storage of liquefied petroleum gas and other petroleum products, in the United States and Canada. Through its 50% ownership in PAA/Vulcan Gas Storage LLC, the Partnership is engaged in the development and operation of natural gas storage facilities. The Partnership's common units are traded on the New York Stock Exchange under the symbol "PAA". The Partnership is headquartered in Houston, Texas.

PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES FINANCIAL SUMMARY (unaudited) (in thousand, except per unit data) (continued)

CONSOLIDATED STATEMENTS OF OPERATIONS Three Months Ended Nine Months Ended September 30, September 30, 2005 2004 2005 2004 REVENUES $8,664,364 $5,867,005 $22,463,567 $14,803,384 COSTS AND EXPENSES Crude oil and LPG purchases and related costs 8,464,657 5,715,053 21,922,507 14,400,426 Field operating costs (excluding LTIP charge) 67,488 61,203 197,810 158,053 LTIP charge-operations 851 --- 2,170 567 General and administrative expenses (excluding LTIP charge) 20,645 19,484 60,059 54,565 LTIP charge-general & administrative 5,871 --- 14,717 3,661 Depreciation and amortization 19,946 16,768 58,512 45,887 Total costs and expenses 8,579,458 5,812,508 22,255,775 14,663,159 Gain/(loss) on sale of assets (21) 559 424 643 OPERATING INCOME 84,885 55,056 208,216 140,868 OTHER INCOME/(EXPENSE) Interest expense (15,618) (12,702) (44,429) (32,201) Interest and other income (expense), net (269) (620) 301 (250) Income before cumulative effect of change in accounting principle 68,998 41,734 164,088 108,417 Cumulative effect of change in accounting principle --- --- --- (3,130) NET INCOME $68,998 $41,734 $164,088 $105,287 NET INCOME-LIMITED PARTNERS $63,922 $38,738 $150,790 $97,692 NET INCOME-GENERAL PARTNER $5,076 $2,996 $13,298 $7,595 BASIC NET INCOME PER LIMITED PARTNER UNIT Income before cumulative effect of change in accounting principle $0.81 $0.59 $2.11 $1.63 Cumulative effect of change in accounting principle --- --- --- (0.05) Basic net income per limited partner unit $0.81 $0.59 $2.11 $1.58 DILUTED NET INCOME PER LIMITED PARTNER UNIT Income before cumulative effect of change in accounting principle $0.79 $0.59 $2.07 $1.63 Cumulative effect of change in accounting principle --- --- --- (0.05) Diluted net income per limited partner unit $0.79 $0.59 $2.07 $1.58 BASIC WEIGHTED AVERAGE UNITS OUTSTANDING 67,971 65,776 67,795 61,929 DILUTED WEIGHTED AVERAGE UNITS OUTSTANDING 69,373 65,776 68,939 61,929 OPERATING DATA (in thousands)(A) Average Daily Volumes (barrels) Pipeline activities: Tariff activities All American 51 52 51 55 Basin 290 279 283 275 Capline 129 122 144 115 West Texas/New Mexico Area Systems(B) 428 391 422 325 Canada 250 273 255 257 Other 601 418 559 343 Pipeline margin activities 65 72 69 72 Total 1,814 1,607 1,783 1,442 Crude oil lease gathering 598 625 616 576 LPG sales 41 38 50 39 (A) Volumes associated with acquisitions represent total volumes transported for the number of days we actually owned the assets divided by the number of days in the period. (B) The aggregate of eleven systems in the West Texas/New Mexico area.

PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES FINANCIAL SUMMARY (unaudited) (in thousand, except per unit data) (continued)

CONDENSED CONSOLIDATED BALANCE SHEET DATA September 30, December 31, 2005 2004 ASSETS Current assets $2,128,134 $1,101,202 Property and equipment, net 1,832,338 1,727,622 Pipeline linefill in owned assets 167,100 168,352 Inventory in third party assets 70,171 59,279 Other long-term assets, net 200,937 103,956 Total Assets $4,398,680 $3,160,411 LIABILITIES AND PARTNERS' CAPITAL Current liabilities $2,101,017 $1,113,717 Long-term debt under credit facilities and other 5,603 151,753 Senior notes, net of unamortized discount 946,841 797,271 Other long-term liabilities and deferred credits 36,153 27,466 Total Liabilities 3,089,614 2,090,207 Partners' capital 1,309,066 1,070,204 Total Liabilities and Partners' Capital $4,398,680 $3,160,411 COMPUTATION OF BASIC AND DILUTED EARNINGS PER LIMITED PARTNER UNIT Three months ended Nine months ended September 30, September 30, 2005 2004 2005 2004 Net income $68,998 $41,734 $164,088 $105,287 Less: General partner's incentive distribution paid (3,771) (2,205) (10,221) (5,601) Subtotal 65,227 39,529 153,867 99,686 General partner 2% ownership (1,305) (791) (3,077) (1,994) Net income available to limited partners 63,922 38,738 150,790 97,692 Pro forma additional general partner's incentive distribution(A) (9,118) --- (8,036) --- Numerator for basic and diluted earnings per limited partner unit Net Income available for limited partners under EITF 03-06 $54,804 $38,738 $142,754 $97,692 Denominator: Denominator for basic earnings per limited partner unit-weighted average number of limited partner units 67,971 65,776 67,795 61,929 Effect of dilutive securities: Weighted average 2005 LTIP units 1,402 --- 1,144 --- Denominator for diluted earnings per limited partner unit-weighted average number of limited partner units 69,373 65,776 68,939 61,929 Basic net income per limited partner unit(A) $0.81 $0.59 $2.11 $1.58 Diluted net income per limited partner unit(A) $0.79 $0.59 $2.07 $1.58 (A) Reflects pro forma full distribution of earnings under Emerging Issues Task Force Issue No. 03-06 ("EITF 03-06"). The application of EITF 03-06 negatively impacted basic and diluted earnings per limited partner unit by approximately $0.13 and $0.12 for the third quarter and first nine months of 2005, respectively.

PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES FINANCIAL SUMMARY (unaudited) (in thousand, except per unit data) (continued)

FINANCIAL DATA RECONCILIATIONS Three Months Ended Nine Months Ended September 30, September 30, 2005 2004 2005 2004 Earnings before interest, taxes, depreciation and amortization ("EBITDA") Net income reconciliation EBITDA $104,562 $71,204 $267,029 $183,375 Depreciation and amortization (19,946) (16,768) (58,512) (45,887) Earnings before interest and taxes ("EBIT") 84,616 54,436 208,517 137,488 Interest expense (15,618) (12,702) (44,429) (32,201) Net Income $68,998 $41,734 $164,088 $105,287 Cash flow from operating activities reconciliation EBITDA $104,562 $71,204 $267,029 $183,375 Interest expense (15,618) (12,702) (44,429) (32,201) Net change in assets and liabilities, net of acquisitions (87,238) (87,748) (709,785) (40,254) Other items to reconcile to cash flows from operating activities: Cumulative effect of change in accounting principle --- --- --- 3,130 Non-cash (gain)/loss on foreign currency revaluation 1,363 (2,850) 445 (3,423) Net cash paid for terminated interest rate swaps --- (1,465) (865) (1,465) SFAS 133 mark-to-market adjustment (6,285) (875) 20,042 (1,431) LTIP charge 6,722 --- 16,887 4,228 Non-cash amortization of terminated interest rate swaps 411 377 1,201 1,092 Net cash provided by (used in) operating activities $3,917 $(34,059) $(449,475) $113,051 Funds flow from operations (FFO) Net Income $68,998 $41,734 $164,088 $105,287 Depreciation and amortization 19,946 16,768 58,512 45,887 Non-cash amortization of terminated interest rate swaps 411 377 1,201 1,092 FFO 89,355 58,879 223,801 152,266 Maintenance capital expenditures (4,196) (3,057) (12,235) (6,121) FFO after maintenance capital expenditures $85,159 $55,822 $211,566 $146,145 FINANCIAL MEASURES EXCLUDING SELECTED ITEMS IMPACTING COMPARABILITY Three Months Ended Nine Months Ended September 30, September 30, 2005 2004 2005 2004 Selected items impacting comparability Long-Term Incentive Plan ("LTIP") charge $(6,722) $--- $(16,887) $(4,228) Cumulative effect of change in accounting principle --- --- --- (3,130) Gain/(Loss) on foreign currency revaluation (1,617) 2,850 (1,379) 3,423 SFAS 133 mark-to-market adjustment 6,285 875 (20,042) 1,431 Other --- (99) --- (99) Pro forma additional GP distribution under EITF 03-06(A) --- --- --- --- Selected items impacting comparability (2,054) 3,626 (38,308) (2,603) GP 2% portion of selected items impacting comparability 41 (73) 766 52 LP 98% portion of selected items impacting comparability $(2,013) $3,553 $(37,542) $(2,551) Impact to basic net income per limited partner unit(A) $(0.16) $0.05 $(0.67) $(0.04) Impact to diluted net income per limited partner unit(A) $(0.16) $0.05 $(0.66) $(0.04) (A) The application of EITF 03-06 negatively impacted basic and diluted earnings per limited partner unit by approximately $0.13 and $0.12 for the third quarter and first nine months of 2005, respectively.

PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES FINANCIAL SUMMARY (unaudited) (in thousand, except per unit data) (continued)

Three Months Ended Nine Months Ended September 30, September 30, 2005 2004 2005 2004 Net income and earnings per limited partner unit excluding selected items impacting comparability Net Income $68,998 $41,734 $164,088 $105,287 Selected items impacting comparability 2,054 (3,626) 38,308 2,603 Adjusted Net Income $71,052 $38,108 $202,396 $107,890 Net Income available for limited partners under EITF 03-06 $54,804 $38,738 $142,754 $97,692 Limited partners 98% of selected items impacting comparability 2,013 (3,553) 37,542 2,551 Pro forma additional general partner distribution under EITF 03-06 9,118 --- 8,036 --- Adjusted limited partners Net Income $65,935 $35,185 $188,332 $100,243 Adjusted Basic Net Income per limited partner unit $0.97 $0.53 $2.78 $1.62 Adjusted Diluted Net Income per limited partner unit $0.95 $0.53 $2.73 $1.62 Basic weighted average units outstanding 67,971 65,776 67,795 61,929 Diluted weighted average units outstanding 69,373 65,776 68,939 61,929 EBITDA excluding selected items impacting comparability EBITDA $104,562 $71,204 $267,029 $183,375 Selected items impacting comparability 2,054 (3,626) 38,308 2,603 Adjusted EBITDA $106,616 $67,578 $305,337 $185,978 Three Months Ended Nine Months Ended September 30, 2005 September 30, 2005 Pipeline GMT&S Pipeline GMT&S 2005 Segment profit excluding selected items impacting comparability Reported segment profit $45,660 $59,188 $137,095 $129,205 Selected items impacting comparability of segment profit: LTIP charge 3,711 3,011 9,412 7,475 (Gain)/Loss on foreign currency revaluation --- 1,617 --- 1,379 SFAS 133 mark-to-market adjustment --- (6,285) --- 20,042 Segment profit excluding selected items impacting comparability $49,371 $57,531 $146,507 $158,101 Three Months Ended Nine Months Ended September 30, 2004 September 30, 2004 Pipeline GMT&S Pipeline GMT&S 2004 Segment profit excluding selected items impacting comparability Reported segment profit $43,970 $27,295 $117,236 $68,879 Selected items impacting comparability of segment profit: LTIP charge --- --- 1,800 2,428 (Gain)/Loss on foreign currency revaluation --- (2,850) --- (3,423) SFAS 133 mark-to-market adjustment --- (875) --- (1,431) Segment profit excluding selected items impacting comparability $43,970 $23,570 $119,036 $66,453