Citing deteriorating market conditions, Plains All American Pipeline LP has withdrawn its initial public offering (IPO).
Market turbulence also was cited by OGE Energy Corp., which delayed its IPO by its OGE Enogex Partners LP, late last month (see Daily GPI, Jan. 25). Also falling victim last month was a master limited partnership (MLP) planned by EXCO Resources Inc. (see Daily GPI, Jan. 11).
The withdrawal of the registration statement for an IPO of master limited partnership units filed by Plains GP Holdings LP was filed with the Securities and Exchange Commission. The partnership stated that “market conditions have substantially deteriorated since the IPO process began in August 2007.” Plains noted that the offering’s intent was to sell a “relatively small minority interest to the public.”
Plains All American engages in the transportation, storage, terminaling and marketing of crude oil, refined products and liquefied petroleum gas and other natural gas-related petroleum products. Through its 50% ownership in PAA/Vulcan Gas Storage LLC, the partnership also develops and operates natural gas storage facilities in Michigan and Louisiana. Bluewater Gas Storage in St. Clair County, MI, includes a pipeline header system of more than 35 miles and six interconnects. Total combined working capacity is 29 Bcf. Pine Prairie Energy Center is a greenfield salt cavern gas storage facility in Evangeline Parish, LA, that is expected to provide 24 Bcf of storage capacity in three 8 Bcf salt caverns. Pine Prairie is expected to go into service this year.
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