PLAINS RESOURCES INC

PLAINS RESOURCES INC

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Company Overview
Plains Resources Inc. is an independent energy company based in the United States that is engaged in the extraction and wholesale distribution of crude petroleum and natural gas. The company started its operations in 1976, and has its registered business office strategically located in Houston, Texas.
Plains Resources Inc. is principally involved in extracting and dealing crude petroleum oils, natural gas and bituminous minerals. The company has its active operations in the United States of America. It operates as a wholly owned subsidiary of Vulcan Group.
Plains Resources Inc. operates Calumet Florida Inc. and Plains Holdings Inc., as its majority owned subsidiaries.
Business Summary
Plains Resources Inc., an independent energy company, is engaged in marketing, gathering, transporting, terminaling and storage of oil through its equity ownership in Plains All American Pipeline, L.P. (PAA). PAA is engaged in the midstream energy markets. As of February 29, 2004, the Company owned 44% and 21% of the general and limited partnership units of PAA. Plain Resources also participates in acquiring, exploiting, developing, exploring for and producing oil through its wholly owned subsidiary, Calumet Florida LLC, which has producing properties in the Sunniland Trend in South Florida. On December 18, 2002, it spun-off Plains Exploration & Production Company (PXP), which, until that date, was its wholly owned subsidiary. In July 2004, the Company was acquired by an affiliate of Vulcan Energy Corporation.
Description and history
Plains Resources Inc., incorporated in 1976, is an independent energy company engaged in marketing, gathering, transporting, terminaling and storage of oil through its equity ownership in Plains All American Pipeline, L.P. (PAA). PAA is engaged in the midstream energy markets. As of February 29, 2004, the Company owned 44% and 21% of the general and limited partnership units of PAA. The Company also participates in acquiring, exploiting, developing, exploring for and producing oil through its wholly owned subsidiary, Calumet Florida LLC, which has producing properties in the Sunniland Trend in South Florida. In July 2004, the Company was acquired by an affiliate of Vulcan Energy Corporation.

PAA purchases and markets all of the Company’s equity oil production. PAA’s operations are concentrated in Texas, Oklahoma, California, Louisiana and the Canadian provinces of Alberta and Saskatchewan. Its two primary business activities include oil pipeline transportation operations and gathering, marketing, terminaling and storage operations. PAA owns and operates approximately 7,000 miles of gathering and mainline oil pipelines located in the United States and Canada. Its activities from pipeline operations consist of transporting oil for a fee, third-party leases of pipeline capacity, barrel exchanges and buy and sell arrangements. PAA owns and operates approximately 24 million barrels of above-ground oil terminaling and storage facilities, including tankage associated with its pipeline systems.

On December 18, 2002, the Company spun-off Plains Exploration & Production Company (PXP), which, until that date, was its wholly owned subsidiary. In a series of transactions in June 2001, the Company sold a portion of its interests in PAA to a group of investors and management of PAA. The assets sold in this restructuring included 52% of the subordinated units of PAA and an aggregate 54% ownership interest in the general partner of PAA.

Business Line
Engaged in the extraction and wholesale distribution of crude petroleum and natural gas
Subsidiary

Advisor
PRICEWATERHOUSECOOPERS LLP
IPO date
8/21/1991
US SIC Code
1311
Company Address
Suite 3100
700, Milam Street
City province or state postal code
77002, HOUSTON, TX
Phone: +1 832 239 6000
Fax: +1 832 239 6500
Country address: UNITED STATES OF AMERICA
Website url: