Plains All American Expects Q1 EBITDA to Exceed Mid-Point of Its Guidance by 15-20%

Plains All American Pipeline, L.P.

today announced that it expects adjusted earnings before interest, taxes, depreciation and amortization for the first quarter of 2012 to exceed the mid-point of its quarterly guidance by approximately 15% to 20%. This expected level of performance is driven by strong fundamentals, generally favorable market conditions and solid execution in all three business segments. On February 8, 2012, PAA furnished a Form 8-K providing midpoint adjusted EBITDA guidance of $400 million for the first quarter of 2012 based on a guidance range of $380 million to $420 million. The Partnership's first-quarter operating results will not be impacted by the acquisition of the Canadian natural gas liquids business from a subsidiary of BP Corporation North America, Inc., which closed effective April 1, 2012, but PAA's first-quarter results will reflect the impact of certain debt and equity financing activities completed in March 2012 in support of such closing. The Partnership's updated outlook does not incorporate potential adjustments for equity compensation expense due to variances in PAA's unit price or its probability assessment with respect to future distribution levels.