Pacific Energy Partners, L.P. Announces Planned Retirement of Chief Executive Officer
April 13 2006 - 8:45PM
Business Wire
Pacific Energy Partners, L.P. (NYSE:PPX) ("Pacific Energy")
announced that Irvin Toole, Jr., President and Chief Executive
Officer of its general partner, has decided to retire after almost
40 years of service in the oil pipeline industry. His retirement
will occur later this year following the naming of his successor
and an appropriate transition period. Russell Reynolds Associates,
Inc. has been retained to conduct a search for Mr. Toole's
successor, and they are currently interviewing both external and
internal candidates. Mr. Toole has served as President and Chief
Executive Officer of Pacific Energy and its predecessor companies
since formation of the initial predecessor company in 1998. Under
his leadership, Pacific Energy has grown from a 130-mile pipeline
operation in Southern California to a publicly-traded entity with
over 5,000 miles of pipeline and 20 million barrels of storage
capacity in California, the Rocky Mountain region, including
Alberta, Canada, and the East Coast. The enterprise value of
Pacific Energy is now approximately $1.8 billion. Prior to joining
the Pacific Energy organization, Mr. Toole served as Chairman,
President and CEO of Santa Fe Pacific Pipeline Partners, L.P. from
1991 to 1998. He began his career in 1965 with Conoco Pipeline
Company. About Pacific Energy: Pacific Energy Partners, L.P. is a
master limited partnership headquartered in Long Beach, California.
Pacific Energy is engaged principally in the business of gathering,
transporting, storing and distributing crude oil, refined products
and other related products. Pacific Energy generates revenues by
transporting such commodities on its pipelines, by leasing capacity
in its storage facilities and by providing other terminaling
services. Pacific Energy also buys and sells crude oil, activities
that are generally complementary to its crude oil operations.
Pacific Energy conducts its business through two business units,
the West Coast Business Unit, which includes activities in
California and the Philadelphia, PA area, and the Rocky Mountain
Business Unit, which includes activities in five Rocky Mountain
states and Alberta, Canada. This news release may include
"forward-looking" statements within the meaning of Section 27A of
the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. All statements other
than statements of historical fact included or incorporated herein
may constitute forward-looking statements. Although Pacific Energy
believes that the forward-looking statements are reasonable, it can
give no assurance that such expectations will prove to be correct.
The forward-looking statements involve risks and uncertainties that
may affect Pacific Energy's operations and financial performance.
Among the factors that could cause results to differ materially are
those risks discussed in Pacific Energy's filings with the
Securities and Exchange Commission, including our Annual Report on
Form 10-K for the year ended December 31, 2005. For additional
information about the partnership, please visit
www.PacificEnergy.com.
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