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Related Party Transactions
 6 Months Ended
Jun. 30, 2013
Related Party Transactions  
Related Party Transactions

Note 14—Related Party Transactions

 

See Note 14 to our Consolidated Financial Statements included in Part IV of our 2012 Annual Report on Form 10-K for a complete discussion of our related party transactions.

 

Occidental Petroleum Corporation

 

As of June 30, 2013, 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 six months ended June 30, 2013 and 2012, 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

 

Six Months Ended

 

 

 

June 30,

 

June 30,

 

 

 

2013

 

2012

 

2013

 

2012

 

Revenues

 

$

424

 

$

597

 

$

694

 

$

1,051

 

 

 

 

 

 

 

 

 

 

 

Purchases and related costs

 

$

214

 

$

130

 

$

375

 

$

278

 

 

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

 

 

 

June 30,

 

December 31,

 

 

 

2013

 

2012

 

Trade accounts receivable and other receivables

 

$

276

 

$

231

 

 

 

 

 

 

 

Accounts payable

 

$

192

 

$

129