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Ownership Overview
Bluewater Gas Storage, LLC (Bluewater) is owned by PAA Natural Gas Storage, LLC ("PNGS"), a wholly owned subsidiary of Plains All American Pipeline, L.P. (which we sometimes refer to by its New York Stock Exchange ticker symbol "PAA").
In September 2005, PAA and Vulcan Capital (in a 50/50 joint venture) acquired Bluewater along with Pine Prairie Energy Center, LLC (PPEC) (a storage facility in Louisiana) from Sempra Energy, providing PAA with high quality, strategically located assets and establishing a platform for future growth and expansion in the natural gas storage business. In September 2009, PAA purchased Vulcan’s 50% interest in the joint venture increasing its ownership in PAA Natural Gas Storage to 100%.
PAA is a Fortune 100 master limited partnership engaged in the transportation, storage, terminalling and marketing of crude oil, refined products and liquefied petroleum gas and other natural gas related petroleum products in the United States and Canada. PAA has an enterprise value, as of September 2009, of ~$11.0 billion and is headquartered in Houston, Texas. PAA’s senior unsecured ratings with Standard & Poors and Moody's Investment Services are BBB-, stable outlook and Baa3, stable outlook, respectively, both of which are considered "investment grade" credit ratings.
PNGS is committed to public safety, the protection of the environment and the operation of its facilities in a prudent and safe manner.
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