Plains GP Holdings Sucks Customer Reviews and Feedback

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Plains GP Holdings LP owns and operates midstream energy infrastructure and provides logistics services primarily for crude oil, natural gas liquids and natural gas through its indirect investment in Plains All American Pipeline, L.P.The firm operates through the following segments: Transportation, Facilities and Supply and Logistics. The Transportation segment consists of fee-based activities associated with transporting crude oil and NGL on pipelines, gathering systems, trucks and barges. The Facilities segment consists of fee-based activities associated with providing storage, terminalling and throughput services primarily for crude oil, NGL and natural gas, as well as NGL fractionation and isomerization services and natural gas and condensate processing services. The Supply and Logistics segment consists of the storage of inventory during contango market conditions and the seasonal storage of NGL, purchase of NGL from producers, refiners, processors and other marketers, extraction of NGL from gas processed at the facilities. Plains GP Holdings LP was founded in July 2013 and is headquartered in Houston, TX.

According to PR Newswire in 2015, Ryan & Maniskas, LLP, announced a class action lawsuit against Plains GP Holdings LP, the complaint alleged that defendants failed to disclose the lack of integrity concerning the Company's pipeline operations as well as their lack of compliance with federal regulations. During the Class Period, Plains executives characterized its Line 901 pipeline off the coast of Santa Barbara, California as "state of the art," with an oil spill qualified as "extremely unlikely."

Yet on May 19, 2015, Line 901 ruptured, causing a spill that impacted several miles of some of the most environmentally sensitive and protected coastline in North America. The Company told investors this was a small spill and estimated that in the "worst-case" only 2,400 barrels were released into the Pacific coastline. However, the truth was revealed on August 5, 2015, when defendants announced that the spill was much greater than initially estimated and that the U.S. Department of Justice had initiated a criminal investigation. In response to disclosures concerning the spill and the truth about the Company's operations, the price of Plain's securities has declined by nearly 30%. Plains Holdings Class A Shares have similarly declined in value, falling $5.65 per share on August 5, 2015, or over 20%.

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