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Organization and Basis of Consolidation and Presentation | 9 Months Ended
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Sep. 30, 2014
Organization and Basis of Consolidation and Presentation |
Organization and Basis of Consolidation and Presentation | Note 1—Organization and Basis of Consolidation and Presentation Organization Plains All American Pipeline, L.P. is a Delaware limited partnership formed in 1998. Our operations are conducted directly and indirectly through our primary operating subsidiaries. As used in this Form 10-Q and unless the context indicates otherwise, the terms “Partnership,” “Plains,” “PAA,” “we,” “us,” “our,” “ours” and similar terms refer to Plains All American Pipeline, L.P. and its subsidiaries. We own and operate midstream energy infrastructure and provide logistics services for crude oil, natural gas liquids (“NGL”), natural gas and refined products. The term NGL includes ethane and natural gasoline products as well as products commonly referred to as liquefied petroleum gas (“LPG”), such as propane and butane. When used in this Form 10-Q, NGL refers to all NGL products including LPG. We own an extensive network of pipeline transportation, terminalling, storage and gathering assets in key crude oil and NGL producing basins and transportation corridors and at major market hubs in the United States and Canada. Our business activities are conducted through three operating segments: (i) Transportation, (ii) Facilities and (iii) Supply and Logistics. See Note 12 for further discussion of our operating segments. Our 2% general partner interest is held by PAA GP LLC, a Delaware limited liability company, whose sole member is Plains AAP, L.P. (“AAP”), a Delaware limited partnership. In addition to its ownership of PAA GP LLC, AAP also owns all of our incentive distribution rights (“IDRs”). Plains All American GP LLC (“GP LLC”), a Delaware limited liability company, is AAP’s general partner. Plains GP Holdings, L.P. (NYSE: PAGP) is the sole member of GP LLC, and at September 30, 2014, owned a 22.4% limited partner interest in AAP. GP LLC manages our operations and activities and employs our domestic officers and personnel. Our Canadian officers and personnel are employed by our subsidiary, Plains Midstream Canada ULC (“PMC”). References to our “general partner,” as the context requires, include any or all of PAA GP LLC, AAP and GP LLC. Definitions Additional defined terms are used in this Form 10-Q and shall have the meanings indicated below:
AOCI | = |  | Accumulated other comprehensive income
Bcf | = |  | Billion cubic feet
Btu | = |  | British thermal unit
CAD | = |  | Canadian dollar
DERs | = |  | Distribution equivalent rights
EBITDA | = |  | Earnings before interest, taxes, depreciation and amortization
FASB | = |  | Financial Accounting Standards Board
GAAP | = |  | Generally accepted accounting principles in the United States
ICE | = |  | IntercontinentalExchange
LIBOR | = |  | London Interbank Offered Rate
LTIP | = |  | Long-term incentive plan
Mcf | = |  | Thousand cubic feet
MLP | = |  | Master limited partnership
NYMEX | = |  | New York Mercantile Exchange
PLA | = |  | Pipeline loss allowance
PNG | = |  | PAA Natural Gas Storage, L.P.
SEC | = |  | Securities and Exchange Commission
USD | = |  | United States dollar
White Cliffs | = |  | White Cliffs Pipeline, LLC
WTI | = |  | West Texas Intermediate
Basis of Consolidation and Presentation The accompanying unaudited condensed consolidated interim financial statements and notes thereto should be read in conjunction with our 2013 Annual Report on Form 10-K. The financial statements have been prepared in accordance with the instructions for interim reporting as set forth by the SEC. All adjustments (consisting only of normal recurring adjustments) that in the opinion of management were necessary for a fair statement of the results for the interim periods have been reflected. All significant intercompany transactions have been eliminated in consolidation. Certain reclassifications have been made to information from previous years to conform to the current presentation. The condensed consolidated balance sheet data as of December 31, 2013 was derived from audited financial statements, but does not include all disclosures required by GAAP. The results of operations for the three and nine months ended September 30, 2014 should not be taken as indicative of results to be expected for the entire year. Subsequent events have been evaluated through the financial statements issuance date and have been included in the following footnotes where applicable.

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