Pacific Energy Partners, L'P'

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Pacific Energy Partners, L.P.
MLP Conference
March 4, 2003
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Participants
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Overview
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Forward Looking Statement

• This presentation will contain
  "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. These
  statements, which include any statement that does
  not relate strictly to historical facts, use
  terms such as anticipate, assume, believe,
  estimate, expect, forecast, intend,
  plan, position, predict, project, or
  strategy or the negative connotation or other
  variations of such terms or other similar
  terminology. In particular, statements, express
  or implied, regarding future results of
  operations or ability to generate sales, income
  or cash flow, to make acquisitions, or to make
  distributions to unitholders are forward-looking
  statements. These forward-looking statements are
  based on managements current plans,
  expectations, estimates, assumptions and beliefs
  concerning future events impacting Pacific Energy
  Partners, L.P. (PPX) and therefore involve a
  number of risks and uncertainties, many of which
  are beyond managements control.
• When considering forward-looking
  statements, you should keep in mind the risk
  factors and other cautionary statements included
  in PPXs S-1 and its subsequent SEC filings.
  Should one or more of these risks or
  uncertainties occur, or should underlying
  assumptions prove incorrect, PPXs actual results
  and plans could differ materially from those
  expressed in any forward-looking statements.
• All forward-looking statements attributable
  to PPXs representatives are expressly qualified
  in their entirety by this cautionary statement.

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PPX Overview

• IPO July 2002
• Transports, stores and distributes crude oil
• Assets in California and the Rocky Mountains
• Objective generate stable and increasing cash
  flows
• Principal strategies
• Maximize utilization of existing assets
• Control operating and capital costs
• Pursue strategic and accretive acquisitions/projec
  ts
• Minimize commodity price exposure

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Investment Highlights

• Strategically located assets
• Stable, fee-based revenues providing strong
  distribution coverage on common units
• Attractive yield and tax benefits
• Established track record demonstrating focused
  growth strategy
• Experienced management team

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Assets
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Strategically Located Assets
West Coast Operations

• Connected to major production areas in San
  Joaquin Valley and offshore
• Only common carrier pipelines from SJV to LA
• LA Basin refinery capacity of 1.1 million
  bbls/day
• Largest gasoline market in US
• Pending EPTC acquisition provides link to crude
  imports

Bakersfield
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PMT
California
Line 2000
Line 63
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Pending EPTCAcquisition
Los Angeles
669 miles of pipeline10.9 million barrels of
storage (with EPTC acquisition)
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Strategically Located Assets
EPTC Acquisition (Pending)

• Major crude oil storage and distribution facility
  in LA
• 6.7 Million bbls of active storage and 119 miles
  of pipelines
• 2.4 Million bbls of idle storage available as
  demand increases
• Direct connections to Line 2000 and key
  refineries
• Positioned to capitalize on growth of marine
  crude imports
• 158 million acquisition plus working capital
  adjustments
• Expected to close in Q2, 2003
• Initially funded with existing 200 million
  revolving credit facility
• Immediately accretive to income and distributable
  cash flow

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Strategically Located Assets
Rocky Mountain Operations

• Pipeline system from Canadian border to SLC
• Serves all major Rocky Mountain refineries
• Growing product demand in the region
• Canadian imports driven by increasing syncrude
  production

Western Corridor
Cutbank
Montana
Billings
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Idaho
Wyoming
Wyoming
Frontier
Casper
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AREPI
5
Salt Lake CityCore
Salt Lake City
Colorado
Utah
2,465 miles of pipeline3.1 million barrels
of storage
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Financial
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IPO (NYSEPPX) July 26, 2002
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Capitalization

• As of Dec. 31, 2002
• 51 Debt (225.0 million due July 2009)
• 49 Book equity
• Credit ratings
• SP BBB-
• Moodys Ba2
• Interest cost on outstanding debt
• 75 hedged at 7.0
• 25 _at_ Libor 2.75
• 200 million revolving credit facility, largely
  undrawn

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Stable, Fee-based Revenue
Revenues (Twelve months proforma, including
EPTC)

• Predominantly fee-based revenue
• Minimal commodity price exposure
• Low maintenance capex requirements

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Marketing Blending
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Storage andTerminalling
69
PipelineTransportation
Fee-Based 89 Non Fee-Based 11
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Pipeline Volumes
(Barrels per day)
(1) Purchased March 1, 2002
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Financial Results
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Strong Distribution Coverage
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Growth
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Investment Criteria

• Develop strategic asset groups
• Complement and enhance existing asset groups
• Acquire or develop strategic core assets to
  create new asset groups
• Consider crude oil, refined products, natural gas
  or other midstream transportation or terminalling
• Must be accretive to cash distributions

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Established Track Record of Growth
2003 Pending EPTC acquisition
2001 Purchased EOTTs West Coast crude assets
1999 ConstructedLine 2000
1983 FrontierPipeline Investment
2002 Acquired BPs Rocky Mountain crude
pipelines
2001 Purchased ARCOs Line 63 JV interest
1999 Line 63 JV w/ARCO
1987 ConstructedAREPI
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Results of Growth Initiatives
Rocky Mtn. Acquisition (2)
EBITDA (1) (Dollars in Millions)


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PMTAcquisition
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39
Line 2000 and Line 63
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(1) EBITDA Operating income depreciation
other income (2) BP Rocky Mtn asset acquisition
closed on March 1, 2002.
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Experienced Management
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Summary

• Quality strategic assets
• Stable fee based revenue
• Highest yield in peer group
• Future growth in distributions
• Track record of significant growth
• EPTC acquisition will be immediately accretive
• Targeting additional acquisitions/projects that
  are accretive

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NYSE PPX