Increased dividend to $0.92 from $0.905 for shareholders of record on 11/3.

Outperform - Price 47.42 on Aug. 11
by Raymond James

Plains reported adjusted 2Q09 EPU [earnings per unit] of 74 cents, surpassing our estimate of 63 cents and consensus of 66 cents. Of note, adjusted EPU excluded about $6 million (4 cents/unit) of one-time items. Adjusted Ebitda [earnings before interest, taxes, depreciation and amortization] of $240 million arrived above our estimate of $226.7 million and consensus $234 million, as higher-than-expected volumes drove 8% better-than-expected profits from [the transportation group], while [the facilities group] benefited from higher fees per barrel -- with segment profit coming in 18% better than forecast. Results from core fee-based operations were enough to offset slightly lower marketing results, which were 11% below expectations, as lower margins offset higher volumes. Plains increased '09 adjusted Ebitda guidance from [a range of] $952 million to $1.002 billion to [a range of] $962 million to $1.012 billion, representing 11% y/o/y growth. Market cap: $5.9 billion.

continuing gains and dividend

MLP w/solid earnings and div

quarterly payout is $0.905 a share, 5% above the previous quarter's payout.

Outperform - Price 39.31 on Nov. 11
by Raymond James

Adjusted 3Q08 [earnings per unit] of 70 cents, beat our E 56 cents and consensus 64 cents. Plains' visible stream of growing, fee-based cash flows, expansive footprint, strategic/synergistic business model, and focus on liquidity preservation underscore our belief that Plains is a core holding. Moreover, at a current yield of about 9%, the units offer a compelling long-term valuation...We [see] a three-year...[compound annual growth rate] of about 5%...we're lowering target from 60 to 50, on changes to our dividend discount/yield model. Market cap: $4.8 billion.

Low risk business with large (6-7%) steady dividends and growth. Strong tax advantages and low correlation with other investments (i.e. stock market) Plains All American Pipeline, L.P., through its subsidiaries, engages in the transportation, storage, terminalling, and marketing of crude oil, refined products, and liquefied petroleum gas and other natural gas-related petroleum products (LPG) in the United States and Canada. The company operates in three segments: Transportation, Facilities, and Marketing. The Transportation segment transports crude oil and refined products on pipelines and gathering systems.

Plains All American Pipeline LP (PAA)

CALL OPTIONS Expire at close Fri, Dec 21, 2007 (34
days)

$55 strike____ 40,120 volume____open was 25,409
Last price was 0.20

They're waiting on closing of a joint venture pipeline
deal with Holly Energy

Solid slate of projects will fuel organic growth.

growth