Weekly profile.

WEEKLY PROFILE

PACIFIC ENERGY PARTNERSHIPS LP

Symbol: PPX  Exchange: NYSE  Close: $29.66 1-WK % Chg: -1.1%

Business Overview

Pacific Energy Partners L.P. is engaged in the business of gathering, transporting, storing and distributing crude oil and other dark products in California and the Rocky Mountain region. The company also buys, blends and sells crude oil, which are activities complementary to its pipeline transportation business. Pacific Energy holds 100% ownership interest in Pacific Energy Group LLC, whose subsidiaries include Pacific Pipeline System LLC, which owns Line, 2000 and the Line 63 system; Pacific Terminals LLC that owns the Pacific Terminals storage and distribution system; Pacific Marketing and Transportation LLC, owner of the PMT gathering and blending system; Rocky Mountain Pipeline System LLC, which owns the Western Corridor system, the Salt Lake City Core system and Anschutz ranch east pipeline, and Ranch Pipeline LLC that owns a partnership interest in Frontier Pipeline Co.

Income Statement

                                LTM *      2003

Revenue (millions)             $171.8    $135.8
Operating Income (millions)       0.0      42.6
Net Income (millions)            33.5      25.0
EPS                             $1.19     $1.09

Summary

Headquarters: Long Beach

Market Cap: $878.6 million

Dividend Yield: 6.7%

P/E Ratio: 22

* Latest 12 months ended September 2004.

[ILLUSTRATION OMITTED]