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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.