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Acquisitions (Tables)

9 Months Ended

Sep. 30, 2012

Acquisitions

Business acquisition preliminary fair value determination - BP Acquisition

The preliminary determination of the fair value of the assets and liabilities acquired is as follows (in millions):

					Average
					Depreciable
Description		Amount			Life (in years)
Working capital		$	253		N/A
Property and equipment		1,067			5 - 70
Linefill		84			N/A
Long-term inventory		166			N/A
Intangible assets (contract)		132			13
Goodwill		233			N/A
Deferred tax liability		(233		)	N/A
Environmental liability		(14		)	N/A
Other long-term liabilities		(5		)	N/A
Total		$	1,683

Schedule of amortization of the contract under the declining balance method for the five full or partial calendar years

2012 (1)		$	39
2013		$	30
2014		$	10
2015		$	8
2016		$	7
2017		$	6

(1) Estimated amortization is for the period from April 1, 2012 through December 31, 2012.

Schedule of preliminary allocation of total assets acquired by reportable segment - BP Acquisition

The following table reflects the preliminary determination of total assets and total net assets by segment as a result of the BP NGL Acquisition (in millions):

		Total Assets			Total Net Assets
Transportation		$	555		$	398
Facilities		1,061			787
Supply and Logistics		845			498
Total		$	2,461		$	1,683

Summary of unaudited pro forma results of operations

Selected unaudited pro forma results of operations for the three and nine months ended September 30, 2012 and 2011, assuming the BP NGL Acquisition had occurred on January 1, 2011, are presented below (in millions, except per unit amounts):

		Three Months Ended						Nine Months Ended
		September 30,						September 30,
		2012			2011			2012			2011
Total revenues		$	9,354		$	9,185		$	29,182		$	27,726
Net income attributable to Plains		$	165		$	333		$	772		$	836
Limited partner interest in net income attributable to Plains		$	89		$	276		$	556		$	675
Net income per limited partner unit:
Basic		$	0.27		$	0.89		$	1.70		$	2.21
Diluted		$	0.27		$	0.88		$	1.69		$	2.20

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