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Related Party Transactions
 9 Months Ended
Sep. 30, 2012
Related Party Transactions  
Related Party Transactions

Note 14—Related Party Transactions

 

See Note 9 to our Consolidated Financial Statements included in Part IV of our 2011 Annual Report on Form 10-K for a complete discussion of our related party transactions.

 

Occidental Petroleum Corporation

 

As of September 30, 2012, a subsidiary of Occidental Petroleum Corporation (“Oxy”) owned approximately 35% of our general partner interest and had a representative on the board of directors of Plains All American GP LLC.  During the three and nine months ended September 30, 2012 and 2011, we recognized sales and transportation revenues and purchased petroleum products from companies affiliated with Oxy.  These transactions were conducted at posted tariff rates or prices that we believe approximate market.  See detail below (in millions):

 

 

 

Three Months Ended

 

Nine Months Ended

 

 

 

September 30,

 

September 30,

 

 

 

2012

 

2011

 

2012

 

2011

 

Revenues

 

$

383

 

$

530

 

$

1,435

 

$

2,311

 

 

 

 

 

 

 

 

 

 

 

Purchases and related costs

 

$

138

 

$

90

 

$

416

 

$

255

 

 

We currently have a netting arrangement with Oxy. Our gross receivable and payable amounts with affiliates of Oxy were as follows (in millions):

 

 

 

September 30,

 

December 31,

 

 

 

2012

 

2011

 

Trade accounts receivable and other receivables

 

$

227

 

$

132

 

 

 

 

 

 

 

Accounts payable

 

$

162

 

$

155