Plains All American Pipeline LP is a Delaware limited partnership formed in 1998 and completed its initial public offering in 1998. The Company is engaged in the transportation, storage, terminalling and marketing of crude oil and refined products, as well as in the processing, transportation, fractionation, storage and marketing of natural gas liquids. The Company also owns and operates natural gas storage facilities. The Company's activities are conducted through three segments: Transportation, Facilities and Supply and Logistics. The Company's Transportation segment consist of fee-based activities associated with transporting crude oil, NGL on pipelines, gathering systems, trucks and barges. The Transportation segment generates revenue through a combination of tariffs, third-party leases of pipeline capacity and transportation fees. The Company's Facilities segment consist of fee-based activities associated with providing storage, terminalling and throughput services for crude oil, refined products and LPG, as well as LPG fractionation and isomerization services. The Company's Supply and Logistics segment consist of merchant activities such as the purchase of U.S. and Canadian crude oil at the wellhead and the bulk purchase of crude oil at pipeline and terminal facilities, as well as the purchase of foreign cargoes at their load port and other locations in transit; the storage of inventory during contango market conditions and the seasonal storage of LPG; the purchase of NGL from producers, refiners, processors and other marketers; the resale or exchange of crude oil and NGL at various points along the distribution chain to refiners or other resellers to maximize profits; the transportation of crude oil and NGL on trucks, barges, railcars, pipelines and ocean-going vessels from various delivery points, market hub locations or directly to end users. The Company owns and operates the Co-Ed NGL Pipeline System. The Company's competitors include crude oil and NGL pipeline companies, NGL processing and fractionation companies, the integrated oil companies, their marketing affiliates and independent gatherers, banks that have established a trading platform and brokers. The Company's assets, operations and business activities are subject to extensive legal requirements and regulations under the jurisdiction of numerous federal, state, provincial and local agencies.