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Related Party Transactions
 9 Months Ended
Sep. 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 September 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. In October 2013, in conjunction with the PAGP initial public offering, Oxy sold a portion of its interest in our general partner, decreasing its ownership to approximately 25%. During the three and nine months ended September 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

 

Nine Months Ended

 

 

 

September 30,

 

September 30,

 

 

 

2013

 

2012

 

2013

 

2012

 

Revenues

 

$

441

 

$

383

 

$

1,135

 

$

1,435

 

 

 

 

 

 

 

 

 

 

 

Purchases and related costs

 

$

229

 

$

138

 

$

604

 

$

416

 

 

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,

 

 

 

2013

 

2012

 

Trade accounts receivable and other receivables

 

$

307

 

$

231

 

 

 

 

 

 

 

Accounts payable

 

$

238

 

$

129