Plains All American Pipeline L.P. (PAA) filed Quarterly Report for the period ended 2011-09-30.

Plains All American Pipeline L.p. has a market cap of $9.66 billion; its shares were traded at around $64.65 with a P/E ratio of 16.8 and P/S ratio of 0.4. The dividend yield of Plains All American Pipeline L.p. stocks is 6.1%. Plains All American Pipeline L.p. had an annual average earning growth of 15.9% over the past 10 years.

Highlight of Business Operations:

· Foreign Exchange Impact — Revenues and expenses from our Canadian-based subsidiaries, which use the Canadian dollar as their functional currency, are translated at the prevailing average exchange rates for each month. The average Canadian dollar to U.S. dollar exchange rate for both the three-month and nine-month periods ended September 30, 2011 was $0.98 CAD: $1.00 USD compared to an average of $1.04 CAD: $1.00 USD for both the three-month and nine-month periods ended September 30, 2010. Therefore, revenues from our Canadian pipeline systems and trucking operations were favorably impacted due to the appreciation of the Canadian dollar relative to the U.S. dollar by an estimated $4 million and $12 million for the three and nine months ended September 30, 2011, respectively, compared to the same 2010 periods.

· Expansion Projects — Expansion projects that were completed in phases throughout 2010 and 2011 favorably impacted revenues and volumes during the comparative periods. These expansion projects were completed at some of our major storage and terminal locations, and we estimate that such projects increased our revenues by approximately $5 million to $10 million and $30 million to $35 million on a combined basis for the three and nine months ended September 30, 2011, respectively, compared to the same time periods of 2010. Such expansion projects at these facilities increased our total average monthly capacity by approximately 7 million barrels and 8 million barrels for both the three and nine months ended September 30, 2011, respectively, compared to the three and nine months ended September 30, 2010.

The NYMEX benchmark price of crude oil ranged from $76 to $101 per barrel and $71 to $83 per barrel during the three months ended September 30, 2011 and 2010, respectively, and from $76 to $115 per barrel and $64 to $87 per barrel during the nine months ended September 30, 2011 and 2010, respectively. Because the commodities that we buy and sell are generally indexed to the same pricing indices for both the purchase and sale, revenues and costs related to purchases will fluctuate with market prices. However, the margins related to those purchases and sales will not necessarily have a corresponding increase or decrease. The absolute amount of our revenues and purchases increased in the three and nine months ended September 30, 2011 as compared to the three and nine months ended September 30, 2010, resulting both from higher commodity prices and increases in volumes experienced in the 2011 period.

Operating Revenues and Volumes. Revenues, net of purchases and related costs, for the three and nine months ended September 30, 2011, increased by approximately $211 million or 281% and $405 million or 110%, respectively, compared to the three and nine months periods ended September 30, 2010. Two of the principal drivers for this increase are (i) higher volumes due to increased production related to the active development of crude oil and liquids-rich resource plays and (ii) higher marketing margins related to production volumes exceeding existing pipeline takeaway capacity in certain regions and associated logistics challenges. Our results were most meaningfully impacted by increased drilling activities in the Bakken, Eagle Ford Shale, West Texas, Western Oklahoma and Texas Panhandle producing regions. Volumes also increased as a result of our December 2010 Nexen acquisition, which is primarily associated with the Bakken resource play. Additionally, our third-quarter 2011 revenues and waterborne cargo volumes benefited from purchases we made from the Strategic Petroleum Reserve. However, waterborne cargo volumes decreased over the comparable 2011 periods, which is primarily reflective of increased domestic production, as discussed above.

Such results for both the three and nine months ended September 30, 2011 compared to the three and nine months ended September 30, 2010 were also favorably impacted by foreign currency adjustments. Revenues and expenses from our Canadian-based subsidiaries, which use the Canadian dollar as their functional currency, are translated at the prevailing average exchange rates for each month. During 2011, revenues were favorably impacted by the appreciation of the Canadian dollar relative to the U.S. dollar. The average Canadian dollar to U.S. dollar exchange rate for both the three-month and nine-month periods ended September 30, 2011 was $0.98 CAD: $1.00 USD compared to an average of $1.04 CAD: $1.00 USD for both the three-month and nine-month periods ended September 30, 2010.

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