Exhibit 99.1

Pacific Energy Partners, L.P. Announces Agreements to Purchase
Canadian Pipelines

    LONG BEACH, Calif.--(BUSINESS WIRE)--Feb. 24, 2004--Pacific Energy
Partners, L.P. (NYSE:PPX) announced today that indirect, wholly-owned
subsidiaries of the Partnership have entered into a definitive share
purchase and sale agreement to acquire the Rangeland Pipeline System
from BP Canada Energy Company. The Rangeland Pipeline System, which is
located in the province of Alberta, Canada, consists of Rangeland
Pipeline Company, Rangeland Marketing Company and Aurora Pipeline
Company Ltd.
    The acquisition price for the Rangeland Pipeline System is $130
million (Canadian) plus approximately $26 million (Canadian) for line
fill, working capital, transaction costs and transition capital
expenditures. Closing of the transaction is expected within 45 to 90
days, following receipt of regulatory approvals and fulfillment of
other standard closing conditions.
    Concurrently, the Partnership announced that a wholly-owned
subsidiary has entered into a letter of intent to purchase the Mid
Alberta Pipeline ("MAPL") assets, also in Alberta, from Imperial Oil
Resources. This transaction is subject to completion of a definitive
purchase and sale agreement, receipt of regulatory approvals and
fulfillment of other standard closing conditions.
    "These acquisitions are a continuation of our regional development
plans in the Rocky Mountains and provide a unique and strategic
opportunity for Pacific Energy Partners to participate in the expected
increase in production of synthetic crude from the Alberta oil sands
by providing to Canadian producers and U.S. Rocky Mountain refiners an
integrated pipeline delivery system from Edmonton, Alberta to U.S.
PADD IV markets," said Irv Toole, President and Chief Executive
Officer. "The acquisitions are expected to have significant synergies
with the Partnership's U.S. pipeline systems and will enable us to
provide expanded services to our Rocky Mountain customers."
    Mr. Toole commented, "The combined acquisitions are expected to be
slightly accretive in the initial year of operation, the period during
which additional pipeline facilities are to be constructed in
Edmonton. Once the integration of these facilities is complete we
expect the acquisitions to be approximately five percent accretive to
net income and cash distributions to unitholders."
    The 138-mile, 12-inch and 16-inch diameter MAPL pipeline is a
proprietary system, with an estimated capacity in light crude service
of approximately 50,000 barrels per day ("bpd"). The line originates
at the Edmonton, Alberta oil hub and extends south to a connection
with the Rangeland Pipeline System at Sundre Station.
    The Rangeland Pipeline System, located in southern Alberta, is a
proprietary system consisting of approximately 800 miles of gathering
and trunk pipelines. It is a bi-directional system capable of
gathering and moving crude oil, condensate and butane either north to
Edmonton, Alberta via third-party pipeline connections or south to
the U.S. border near Cutbank, Montana, where it connects to the
Western Corridor system, in which the Partnership owns an undivided
interest. The trunk system from Sundre Station to the U.S. border
consists of 12-inch and dual 12-inch and 8-inch pipelines, and has a
current capacity of approximately 85,000 bpd in light crude service.
    The Western Corridor system runs south to serve the Billings,
Montana and Casper, Wyoming refineries and terminates at Guernsey,
Wyoming. At Casper and Guernsey, the Western Corridor system connects
with other pipelines owned by the Partnership serving refineries in
Salt Lake City, Utah and to third-party pipelines that deliver to the
Cheyenne, Wyoming and Denver, Colorado markets.
    Following completion of pipeline connections that the Partnership
plans to make in Edmonton, the combined systems will provide a new
integrated pipeline outlet for movement of growing Alberta synthetic
oil production to the U.S. PADD IV Rocky Mountain refineries currently
served by the Partnership. Supplies of synthetic crude production,
blends derived from synthetic crude oil, and displaced conventional
Canadian crude oil are increasing as a result of the ongoing expansion
of oil sands processing in northern Alberta. It was reported by the
Oil & Gas Journal in 2003 that Alberta's oil sands have reserves of
approximately 175 billion barrels of synthetic crude oil. These
supplies are important to the Rocky Mountain refineries served by the
Partnership, as domestic U.S. production in the Rocky Mountain region
is declining and new supplies are needed to meet increasing demand for
refined products.
    RBC Capital Markets has acted as the exclusive financial advisor
to the Partnership for these transactions and Royal Bank of Canada, an
affiliate of RBC Capital Markets, has been engaged as the lead bank
for a new $100 million (Canadian) revolving credit facility. The
Partnership intends to finance the acquisitions through a combination
of borrowings under its new credit facility and the issuance of
additional common units, but the final structure of the acquisition
financing will depend on market conditions existing prior to the
completion of the acquisitions.
    Pacific Energy Partners will host a conference call to discuss
these acquisitions at 2:00 pm Eastern time on Wednesday, February 25,
2004. The call in number for the live call will be 800-299-9086. The
passcode is 18355418.
    The call will be replayed for one week by dialing 888-286-8010 and
using 19185283 as the passcode.
    The call will also be available both live and by replay on the
Pacific Energy Partners, L.P. website at
www.PacificEnergyPartners.com.

    Pacific Energy Partners, L.P. is a Delaware limited partnership
headquartered in Long Beach, California. Pacific Energy Partners is
engaged principally in the business of gathering, transporting,
storing, and distributing crude oil and other related products in
California and the Rocky Mountain region. Pacific Energy Partners
generates revenue primarily by charging tariff rates for transporting
crude oil on its pipelines and by leasing capacity in its storage
facilities. Pacific Energy Partners also buys, blends and sells crude
oil, activities that are complementary to its pipeline transportation
business.

    This news release may include "forward-looking" statements within
the meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended.
All statements other than statements of historical fact included or
incorporated herein may constitute forward-looking statements.
Although the Partnership believes that the forward-looking statements
are reasonable, it can give no assurance that such expectations will
prove to be correct. The forward-looking statements involve risks and
uncertainties that affect the Partnership's operations and financial
performance. Among the factors that could cause results to differ
materially are regulatory and other closing requirements (including
the execution of a definitive purchase and sale agreement for MAPL),
the successful integration and future performance of the assets
acquired, availability of third party production volumes for purchase,
transporting and sale by the Partnership, demand for various grades of
crude oil and the effects of competition. Also among the factors that
could cause results to differ materially are those risks discussed in
the Partnership's filings with the Securities and Exchange Commission,
including our Annual Report on Form 10-K for the year ended December
31, 2002 and the Registration Statement on Form S-3 filed August 1,
2003.

    CONTACT: Pacific Energy Partners, L.P.
             Thomas L. Lambert, 562/728-2871; fax: 562-728-2881