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April Summary: The Pipeline MLP sector is up 4.67% year-to-date [vs being up 2.21% at March's end] with a total return of 6.30% [vs 3.76% in March] and a distribution yield of 6.15% vs 6.07% in March - an increase of 8 basis points. But there were distribution increases during the month by CPNO, EPP, KMP, PAA, and PPX. Before those distribution increases, average yield had fallen to 5.98% and thus decreases 9 basis points. The ten year treasury ended the month at 4.20% [vs 4.50% on 3-31 - a fall of 30 basis points] after reaching a low of 4.17%. APL Buys Pipeline PRNewswire 4-14 Atlas Pipeline Partners announces the acquisition of ETC Oklahoma Pipeline, Ltd., for $192 million plus related transaction costs. ETC Oklahoma Pipeline's principal assets include approximately 318 miles of natural gas pipelines located in the Anadarko Basin in western Oklahoma, a natural gas processing facility in Elk City, Oklahoma with total capacity of 130 million cubic feet of gas per day ("mmcf/d") and a gas treatment facility in Prentiss, Oklahoma, with a total capacity of 100 mmcf/d. Total gas throughput is currently approximately 262 mmcf/d. Total compression horsepower consists of 21,000 hp at six field stations and 12,000 horsepower within the Elk City and Prentiss facilities. The system gathers and processes gas from more than 300 receipt points representing more than fifty producers and delivers that gas into multiple interstate pipeline systems. Copano Increases Cash Distribution PRNewswire 4-18 Copano Energy today announced a cash distribution for the first quarter of 2005 of $0.42 per unit or $1.68 per unit on an annual basis for all of its outstanding common and subordinated units. This distribution is $0.02 above Copano Energy's minimum quarterly distribution of $0.40 per unit, which was the basis for the distribution for the partial quarterly period from the closing of Copano Energy's initial public offering on November 15, 2004 through December 31, 2004. The distribution will be payable on May 13, 2005, to holders of record of such units at the close of business on May 2, 2005. "We are pleased to announce our first full quarterly distribution, which represents a five percent increase above our minimum quarterly distribution amount," said John Eckel, Chairman and Chief Executive Officer of Copano Energy. Enbridge Q1-05 Net Income .37/Unit vs. .50/Unit in Q1-04 Primezone 4-26 Enbridge Energy Partners today reported net income for the three months ended March 31, 2005 of $28.2 million, or $0.37 per unit, compared with $33.1 million, or $0.50 per unit, for the first quarter of the prior year. EBITDA (earnings before interest, taxes, depreciation and amortization) improved by 5 percent, from $83.3 million in the first quarter of 2004 to $87.1 million in the first quarter of 2005. The Partnership's first quarter 2005 results were particularly affected by lower volumes on its Lakehead crude oil system. Crude oil supply from western Canada has been reduced approximately 110,000 barrels per day (bpd) by a partial outage at a major oil sands plant. The plant owner indicates that facilities damaged by a fire in early January are expected to be restored in the third quarter this year. Lakehead deliveries were 70,000 bpd lower in the first quarter this year than in the first quarter of 2004, with a corresponding earnings impact of approximately $3 million. Included in first quarter 2005 EBITDA and earnings, are noncash charges of $7.0 million, or approximately $0.11 per unit, related to mark-to-market adjustments for certain hedging transactions. Enterprise Increases Cash Distribution Business Wire 4-15 Enterprise Products Partners today announced an increased its quarterly cash distribution rate to partners to $0.41 per common unit, or $1.64 per unit on an annual basis. The current distribution is a 10.1 percent increase from the annual distribution of $1.49 per common unit that was paid to partners in the second quarter of 2004. KMP Increases Distribution; Has Record Quarterly Earnings PRNewswire 4-20 Kinder Morgan Energy Partners today announced an increase in its quarterly cash distribution per common unit to $0.76 ($3.04 annualized). Payable on May 13, 2005, to unitholders of record as of 4-29, the distribution represents a 10% increase over the Q1-04 cash distribution per unit of $0.69 ($2.76 annualized). This is the 10th consecutive quarter in which KMP has increased the distribution and the 23rd increase out of 33 quarters since current management took over in February of 1997. KMP reported record quarterly earnings with a 19% increase in Q1 net income to $228.9 million, or $0.56 per limited partner unit, compared to $191.8 million, or $0.52 per unit in Q1-04. Excluding a $25 million settlement of a lawsuit, earnings per unit would have been $0.68. CEO Richard D. Kinder said, "KMP had a strong first quarter, with all four of our business segments reporting increased earnings before DD&A, in aggregate up 25% compared to Q1-04. Our success was attributable to both strong internal growth and contributions from acquisitions." The Products Pipelines segment delivered a 10% increase in Q1 earnings before DD&A to $125.6 million, up from $114.3 million in Q1-04. Growth in the segment was driven by contributions from the acquired Southeast terminals and strong earnings from Pacific and Plantation, offset somewhat by a weak quarter for our natural gas liquids (NGL) pipelines. Overall segment revenues increased by 11% compared to Q1-04, primarily attributable to higher intrastate tariffs that were implemented following completion of the expanded North Line between Concord and Sacramento, Calif., in December 2004, fees from ethanol blending at the West Coast terminals and volume growth on Central Florida. Total refined products volumes were up 1% compared to the same period a year ago. Highlights included strong diesel volumes across the entire products pipelines system, up almost 5%, a 9% increase in jet fuel volumes on Plantation, and an 11% increase in products volumes on Central Florida. In total, commercial jet fuel volumes were up almost 4% across the system. Gasoline volumes were down slightly for the quarter, particularly on Pacific, as poor weather conditions in Jan and Feb negatively impacted product movement. After completion of a number of refinery turnarounds and a seasonal change in product specifications, gasoline volumes improved on Pacific and CALNEV in March. NGLs, which comprise a small percentage of our overall volumes compared to refined petroleum products, were down over 16% due to warm weather and low demand for propane on the North and Cochin pipeline systems. The Natural Gas Pipelines segment produced Q1 earnings before DD&A of $123.7 million, up 20% compared to $103.1 million in Q1-04. Growth in this segment was driven by strong earnings from the Texas Intrastate Pipeline Group and Red Cedar, along with contributions from the acquired TransColorado pipeline. The Texas intrastate pipelines overall margins in the sales business were higher year-over-year even though sales volumes declined due to lower daily spot sales. The intrastate group also benefited from contributions from a 135-mile pipeline that commenced operations in July 2004 (serving the Austin market) after being acquired and converted from crude oil to natural gas service. TransColorado, an interstate pipeline in Colorado and New Mexico that KMP acquired in Q4-04, contributed $8.5 million in distributable cash flow in Q1. Red Cedar's earnings were up because of system improvements and sales of excess system gas into a favorable market. Overall segment transport volumes were up almost 3% compared to Q1-04. The CO2 segment delivered Q1 earnings before DD&A of $122.9 million, up 58% from $77.7 million in Q1-04. "The outstanding growth in this segment was led by increased oil production at both the SACROC and Yates fields and contributions from the Wink Pipeline, which was acquired in the third quarter of 2004," Kinder said. KMP continues to execute CO2 floods in the Permian Basin in West Texas and plans to invest approximately $240 million this year to further ramp up oil production at the SACROC Unit and to expand CO2 operations at the Yates Field. Average oil production for the first quarter at SACROC was 33.8 thousand barrels per day (MBbl/d), almost a 30 percent increase over the same period last year. Average oil production for the first quarter at Yates increased about 35 percent to 24.1 MBbl/d, driven by CO2 injection and new horizontal wells. CO2 pipeline delivery volumes declined about 7% compared to a very strong first quarter in 2004, but were high compared to most historic levels. NGL sales volumes increased significantly over the comparable quarter last year due to plant expansions. The CO2 segment is one of the only areas where KMP is exposed to commodity price risk, but that risk is mitigated by a long- term hedging strategy intended to generate more stable realized prices. The realized weighted average oil price per barrel, with all hedges allocated to oil, was $28.81 for the quarter. The realized weighted average NGL price per barrel, allocating none of the hedges to NGLs, was $33.97 for the quarter. The Terminals segment reported a 17% increase in Q1 earnings before DD&A to $74.2 million, compared to $63.2 million in Q1-04. Growth was driven by contributions from two acquisitions in Q4-04 (more than 20 facilities along the Mississippi River system and the Fairless Hills Terminal on the Delaware River in Bucks County, Pa.), along with strong throughput at both our liquids and bulk terminals. Led by first quarter record volumes at the Houston Ship Channel, KMP's liquids terminals recorded a 5 percent increase in throughput compared to Q1-04, while the bulk terminals reported a 17% increase in throughput on strong coal, petroleum coke and cement volumes. Outlook: In January, KMP published its budget showing that it expects to declare cash distributions of $3.13 per limited partner unit for 2005, and management remains comfortable the company will meet or exceed that amount. MMP Q1 Net Income 0.54/Unit vs. 0.44/Unit in Q1-04 PRNewswire 4-27 Magellan Midstream Partners today reported record quarterly operating profit, net income and earnings per limited partner unit for Q1-05. First-quarter 2005 operating profit was $54.0 million compared to $34.6 million for Q1-04, representing a 56% increase. Net income increased to $42.1 million during Q1-05 from $25.8 million in the corresponding 2004 period, a 63% increase. Earnings per limited partner unit were 54 cents during Q1-05 compared to 44 cents during 2004, for a 23% increase. "Magellan's base refined products businesses continued to produce strong results. In addition, the pipeline systems we acquired late last year from Shell also performed very well, enabling us to set several all-time financial records," said Don Wellendorf, chief executive officer. "We were also pleased to be able to increase the cash distribution for the quarter by 5% over last quarter's distribution amount due to our strong cash generation." Petroleum products pipeline system's operating margin was $62.7 million, an increase of $22.4 million. Operating results from the pipeline system acquired during Oct. 2004 and higher product margins were the primary contributors to the increase. Although the partnership generally does not own the product it transports, its petroleum products management business and third-party supply agreement benefited from the sale of product during the current high price environment. Operating margin also increased due to additional management fee revenue associated with operating third-party pipelines and higher ancillary revenues, partially offset by higher system integrity and power costs. Petroleum products terminals' operating margin was $17.6 million, an increase of $4.2 million. The 2005 period benefited from higher utilization and rates at the partnership's marine terminals and increased throughput at its inland terminals. First-quarter 2005 also benefited from additional earnings resulting from 2004 acquisitions and higher ancillary revenues. Ammonia pipeline system's operating margin was $1.0 million, a decrease of $1.6 million. Revenues declined as a result of lower shipments due in part to planned maintenance work at a customer's ammonia production facility during the current quarter. Higher system integrity costs and additional environmental accruals related to a fourth-quarter 2004 pipeline release also contributed to the unfavorable variance. Depreciation, amortization, G&A and interest expenses increased between the first quarter of 2005 and 2004, all principally due to acquisitions completed during 2004. Based on first-quarter results and expectations for the remainder of 2005, management is raising its annual earnings guidance from $1.90 to $2.05 per limited partner unit, while remaining committed to its goal of raising distributions by at least 10 percent annually. Earnings for second-quarter 2005 are currently expected to be approximately 51 cents per unit. MarkWest Energy Partners Receives Notice From AMEX PRNewswire 4-07 MarkWest Energy today announced that on April 5, 2005, it received a warning letter from the American Stock Exchange ("AMEX") advising that the Partnership is not in compliance with the AMEX requirements as set forth in Section 1101 of the AMEX Company Guide for failure to file with the Securities and Exchange Commission (the "SEC") its Annual Report on Form 10-K for year ended December 31, 2004 by the prescribed filing deadline. The warning letter gives the Partnership until May 2, 2005 to regain compliance with the AMEX requirements. Northern Border Updates Pipeline Recontracting Status Businesswire 4-25 Northern Border Partners today announced that approximately 600 million cubic feet per day (mmcfd) of Northern Border Pipeline firm transportation capacity was unsold for the month of April. Most of this capacity was on the Port of Morgan, Montana to Ventura, Iowa segment of the pipeline. We had indicated previously that this might occur at certain times during 2005," said Bill Cordes, chief executive officer of Northern Border Partners. "We believe a primary factor in the unsold capacity was greater than average natural gas storage injections during April from western Canadian supply sources, triggered by unusually high summer to winter price differentials. As these storage areas continue to fill, the opportunity for contracting for Northern Border Pipeline's capacity should improve. Consequently, we believe the greatest potential for continued revenue shortfall at Northern Border Pipeline exists in Q2-05." NBP had approximately 800 mmcfd or 28% of summer design capacity under contracts that expired or are due to expire by May 31, 2005. NBPs previously disclosed that a possible reduction of $7 million to $14 million ($5 million to $10 million, net to the Partnership) in 2005 net income and cash flows could result on Northern Border Pipeline if sufficient demand did not exist for the capacity. Although the Partnership is currently reevaluating this estimate, it believes a greater reduction is now likely. For the month of April approximately 600 mmcfd was available for contracting and went unsold. The resulting impact to revenues for Northern Border Pipeline for the month of April is estimated to be a reduction of approximately $6 million ($4.2 million, net to the Partnership). As a result of recent contracting activity, a total of approximately 650 mmcfd of capacity remains available for contracting beginning in May. While transportation values fluctuate daily, the future value to potential shippers of Northern Border Pipeline's transportation between Port of Morgan and Ventura is currently less than the pipeline's maximum rate. PAA Net Income Up 18%; EBITDA Up 32% PRNewswire 4-28 Plains All American Pipeline today reported net income of $32.8 million, or $0.43 per basic and diluted limited partner unit, for Q1-05, as compared to net income of $27.9 million, or $0.44 per basic and diluted limited partner unit, for the first quarter of 2004. As reported, earnings before interest, taxes, depreciation and amortization for Q1-05 were $66.5 million, an increase of 32% as compared with EBITDA of $50.5 million for Q1-04. Adjusting for selected items impacting comparability, the Partnership's Q1-05 adjusted net income, adjusted net income per limited partner unit and adjusted EBITDA were $49.3 million, $0.67 per basic and diluted unit, and $82.9 million, respectively. Similarly, the Partnership's first quarter 2004 adjusted net income, adjusted net income per limited partner unit and adjusted EBITDA were $28.1 million, $0.44 per basic and diluted unit, and $50.8 million, respectively. On a comparable basis, first quarter 2005 adjusted net income, adjusted net income per diluted limited partner unit and adjusted EBITDA increased 75%, 51% and 63%, respectively, over first quarter 2004. "Plains All American delivered record financial and operating performance for the first quarter as both of our business segments experienced solid baseline growth," said Greg L. Armstrong, Chairman and CEO of the Partnership. "These strong results were driven by a combination of factors, including the contribution of acquisitions completed since March 1, 2004, increased transportation volumes in our pipeline segment and increased receipts of foreign crude oil at our Gulf Coast facilities. In addition, as a result of our extensive asset base and business model, we were able to capture increased margins and incremental profit opportunities in our gathering, marketing, terminalling and storage segment from contango market opportunities and continued crude oil market volatility. Given our strong first quarter results and our outlook for the second quarter that we furnished this morning via Form 8-K, the Partnership is well on its way to achieving the goals that we have set for 2005." Armstrong noted that the results exceeded both the Partnership's original and upwardly revised quarterly guidance ranges for EBITDA that had been previously provided to the investment community. PAA Declares Increased Distribution PRNewswire 4-22 Plains All American Pipeline today announced a cash distribution of $0.6375 per unit ($2.55 per unit on an annualized basis) on all of its outstanding limited partner units. The distribution will be payable on May 13, 2005, to holders of record of such units at the close of business on May 3, 2005. The distribution represents an increase of approximately 13.3% over the May 2004 distribution and approximately 4.1% over the February 2005 distribution. This represents the 11th distribution increase for the Partnership in the last 18 quarters. PPX Declares Increased Distribution PRNewswire 4-27 Pacific Energy Partners announced an increase in its cash distribution to $0.5125 per unit for the quarter ended March 31, 2005, which represents $2.05 per unit annualized. This distribution, which is payable May 13, 2005, to unitholders of record as of May 2, 2005, represents a 2.5 percent increase over the distribution for the quarter ended December 31, 2004, of $0.50 per unit ($2.00 per unit annualized) and a 5.1 percent increase over the quarter ended March 31, 2004, of $0.4875 per unit ($1.95 per unit annualized). SXL Q1 Net Income 0.59/Unit vs. 0.54/Unit in Q1-04 PRNewswire 4-25 Sunoco Logistics Partners today announced net income forQ1-05 of $15.3 million, or $0.59 per limited partner unit on a diluted basis, compared with $13.0 million for Q1-04, or $0.54 per limited partner unit on a diluted basis. The $2.3 million quarter over quarter increase was due mainly to the operating results of recent acquisitions and higher Terminal Facilities and Western crude oil pipeline system revenues, partially offset by lower Western Pipeline System lease acquisition margins. Eastern Pipeline System Operating income for the Eastern Pipeline System increased $0.7 million to $8.7 million for Q1-05 from $8.0 million for Q1-04. This increase was primarily the result of a $0.8 million increase in sales and other operating revenue and a $0.6 million increase in other income, partially offset by a $0.7 million increase in operating expenses. Sales and other operating revenue increased from $22.7 million for the prior year's quarter to $23.5 million for the first quarter 2005 mainly due to an increase in total shipments and higher revenue per barrel mile. The increase in shipments was principally due to higher volumes on the Harbor pipeline, resulting from the acquisition of an additional one-third interest in June 2004, and higher comparative volumes in the first quarter of 2005 on other product pipelines as a result of a turnaround at Sunoco, Inc.'s Toledo, Ohio refinery in March 2004. These items were partially offset by lower throughput on the Marysville to Toledo crude oil pipeline due mainly to production issues at two third-party Canadian synthetic crude oil plants as a result of fire damage. Management expects crude oil throughput on this pipeline to be reduced through the third quarter of 2005 due to the reduced production at one of these facilities. Other income increased $0.6 million to $3.1 million for the first quarter 2005, which includes an increase in joint venture equity income. Operating expenses increased to $10.6 million for Q1-05 from $9.9 million for the prior year's quarter due mainly to the timing of scheduled maintenance activity. Terminal Facilities The Terminal Facilities business segment had operating income of $9.5 million for Q1-05, an increase of $2.3 million from $7.2 million for the prior year's first quarter. Sales and other operating revenue increased $4.6 million from the prior year's first quarter to $27.9 million for the first quarter 2005 due primarily to the acquisition of the Eagle Point logistics assets in March 2004, the purchase of two refined product terminals located in Baltimore, Maryland and Manassas, Virginia in April 2004, and the acquisition of a refined product terminal located in Columbus, Ohio in November 2004. In addition, the Nederland Terminal and the Partnership's other refined product terminals experienced increases in both volumes and revenues from the prior year's quarter. Operating expenses increased $1.4 million from the prior year's first quarter to $11.0 million for the first quarter 2005 due principally to the expenses associated with the acquired assets, partially offset by a decline in maintenance expenses for the Fort Mifflin Terminal due to non-routine dredging activity on the Delaware River in the prior year. Depreciation and amortization increased $0.6 million to $4.1 million for the first quarter 2005 due mainly to depreciation on the assets acquired. Western Pipeline System Operating income for the Western Pipeline System decreased $0.3 million to $2.3 million for Q1-05 from $2.6 million for Q1-04. The decrease was primarily the result of lower lease acquisition margins, partially offset by higher crude oil pipeline volumes and lower pipeline operating expenses. The increase in pipeline volumes was due mainly to higher throughput on the Nederland to Longview, Texas pipeline and the absence in the current quarter of a turnaround at Sunoco, Inc.'s Tulsa refinery, which occurred in March 2004. Total revenues and cost of products sold and operating expenses increased in the first quarter 2005 compared with the prior year's quarter due principally to an increase in the price of crude oil, partially offset by a decrease in lease acquisition bulk volumes. The average price of West Texas Intermediate crude oil at Cushing, Oklahoma, increased to an average price of $49.90 per barrel for the first quarter 2005 from $35.16 per barrel for the first quarter 2004. TPP Q1 Net Income 0.55/Unit vs. 0.46/Unit in Q1-04 PRNewswire 4-25 TEPPCO Partners today reported net income for first quarter 2005 of $48.6 million, or $0.55 per unit, compared with net income of $40.4 million, or $0.46 per unit for first quarter 2004. EBITDA was $99.4 million for Q1-05, compared with $92.8 million Q1-04. The upstream segment includes crude oil transportation, storage, gathering and marketing activities; and distribution of lubrication oils and specialty chemicals. Operating income for the upstream segment was $5.5 million for Q1-05, compared with $10 million for Q1-04. The decrease resulted primarily from a $2.2 million decrease in marketing margins, a $1.4 million decrease related to favorable settlements of inventory imbalances in first quarter 2004 and a $1.1 million increase in operating expenses due to higher labor, benefits and supplies expenses, partially offset by lower environmental remediation expense. Equity earnings from the investment in Seaway Crude Pipeline were $6.1 million for Q1-05, compared with $6.9 million for Q1-04. The decrease in equity earnings was primarily due to $1.1 million received in first quarter 2004 related to favorable crude oil inventory settlements, partially offset by increased long-haul volumes. Long-haul volumes on Seaway averaged 248,000 barrels per day in the 2005 quarter, compared with 232,000 barrels per day in the 2004 quarter. The midstream segment includes natural gas gathering services, and storage, transportation and fractionation of natural gas liquids. Operating income for the midstream segment was $25.4 million for Q1-05, compared with $18.2 million for Q1-04. The increase was primarily due to increased gathering volumes on the Jonah system attributable to increased system capacity and production, higher margins on condensate sales from Jonah's Pioneer Plant, lower amortization expense as a result of increased production estimates on Jonah, which extended the useful lives of the intangible assets, and lower gas settlement expenses on Val Verde. The downstream segment includes the transportation and storage of refined products, liquefied petroleum gases and petrochemicals. Downstream operating income was $31.5 million for first quarter 2005, compared with $25.7 million for first quarter 2004. The increase was primarily due to increased refined products demand, increased propane deliveries and lower pipeline integrity management expense. These increases to operating income were partially offset by decreased propane inventory fees, increased environmental expense, increased lease expense on Centennial Pipeline and increased labor and benefits expenses. Equity earnings from Mont Belvieu Storage Partners, L.P. totaled $2.6 million for both first quarter 2005 and 2004. Increased storage revenues were offset by increased depreciation and amortization expense during first quarter 2005, due to the acquisition of storage assets in April 2004. Equity loss from Centennial Pipeline totaled $3.5 million for first quarter 2005, compared to a loss of $3.9 million in the prior year quarter. The decreased equity loss was primarily due to higher transportation revenues and volumes, partially offset by higher transmix differentials during first quarter 2005. First quarter 2005 interest expense - net was $19.3 million, including capitalized interest of $1.1 million. Interest expense - net was $19.6 million for first quarter 2004, including capitalized interest of $0.9 million. The decrease in interest expense resulted from a lower percentage of fixed rate debt, which carried a higher rate of interest than current floating interest rates, partially offset by higher outstanding balances on our revolving credit facility. VLI Q1 Net Income 0.77/Unit vs. 0.80/Unit in Q1-04 PRNewswire 4-26 Valero today announced net income applicable to limited partners of $17.8 million, or $0.77 per unit, for Q1-05, compared to $18.5 million, or $0.80 per unit, for theQ1-04. Distributable cash flow available to limited partners for Q1 was $23.1 million, compared to $23.2 million for Q1-04. For Q1-05, revenues were higher than in Q1-04 primarily due to the acquisition of two asphalt terminals from Royal Trading in February of last year, higher throughputs in the crude oil storage tank business segment and the completion of the new propane storage and distribution terminal in Nuevo Laredo, Mexico in June of last year. Despite higher revenues, net income applicable to limited partners in the first quarter of 2005 was lower than in the first quarter of 2004, primarily due to higher operating and administrative expenses. Higher administrative costs in the first quarter were primarily due to the April 2004 amendment of the service agreement with Valero Energy and costs associated with the pending merger with Kaneb Pipe Line Partners, L.P. and Kaneb Services LLC. In addition, an outage in late March on the partnership's Corpus Christi to Houston pipeline also impacted its results. "We continue to benefit from our strategic growth investments," said Curt Anastasio, Valero L.P.'s Chief Executive Officer. "In particular, we benefited from the new Royal Trading asphalt terminals located near Tulsa, Oklahoma and Santa Fe, New Mexico we acquired in February 2004 and our propane storage and distribution terminal in Nuevo Laredo, Mexico, which we refer to as the Dos Laredos system. Starting in the second quarter, we expect to see higher propane throughput volumes on our Dos Laredos system, reflecting the strong demand in the rapidly growing northern Mexico region. In fact, thus far in April we are averaging around 8,500 barrels per day compared to 6,000 barrels per day in Q1. "With regard to the Kaneb acquisition, the companies continue to work diligently to complete the transaction during the second quarter. The proposed acquisitions by Valero L.P. of Kaneb Partners and Kaneb Services were approved by the unitholders of Valero L.P. and Kaneb Partners and the shareholders of Kaneb Services in special meetings held on March 11, 2005. We look forward to the growth opportunities that the larger, more diversified entity will possess. "Looking at the second quarter, Valero Energy's Ardmore and Three Rivers refineries are currently down for scheduled plant-wide turnarounds. Since we own crude and refined product pipelines and terminals that serve each of these plants, we expect this to have an effect on our second quarter earnings. Taking the turnarounds into account and excluding any potential contribution from our acquisition of Kaneb, we currently expect second quarter earnings to be slightly lower than first quarter earnings," said Anastasio. Rating Changes various press releases On 4-14 Oppenheimer Initiated EEP at Neutral. On 4-14 Oppenheimer Initiated EPD at Buy. On 4-19 Merrill Lynch Upgraded ETP from Neutral to Buy. On 4-14 Oppenheimer Initiated MMP at Buy. On 4-28 Smith Barney raised its investment rating on MMP to "buy" from "hold," citing expectations for the company to grow its distribution beyond previous expectations. On 4-27 Merrill Lynch Upgraded TPP from Neutral to Buy. On 4-14 Oppenheimer Initiated VLI at Buy. |