Exhibit 99.1

               Pacific Energy Partners, L.P. Announces
            $240 Million Offering of Senior Notes Due 2014

    LONG BEACH, Calif.--(BUSINESS WIRE)--June 1, 2004--Pacific Energy
Partners, L.P. (NYSE:PPX) and its newly formed subsidiary Pacific
Energy Finance Corporation announced today that they intend to offer,
subject to market conditions, $240 million senior unsecured notes due
2014 in a private placement.
    Pacific Energy Partners, L.P. intends to use the net proceeds from
the offering to repay its $225 million term loan and to repay a
portion of the indebtedness outstanding under its U.S. revolving
credit facility.
    This announcement is neither an offer to sell nor a solicitation
of an offer to buy any of these securities.
    The securities to be offered have not been registered under the
Securities Act of 1933, as amended, (the "Securities Act"), or any
state securities laws, and unless so registered, the securities may
not be offered or sold in the United States except pursuant to an
exemption from, or in a transaction not subject to, the registration
requirements of the Securities Act and applicable state securities
laws. The senior unsecured notes are expected to be eligible for
trading by qualified institutional buyers under Rule 144A and non-US
persons under Regulation S.
    Pacific Energy Partners, L.P. is a Delaware limited partnership
headquartered in Long Beach, Calif. 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, L.P. generates
revenue primarily by transporting crude oil on its pipelines and by
leasing storage capacity. Pacific Energy Partners, L.P. 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 Pacific Energy Partners, L.P. 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 Pacific Energy
Partners, L.P.'s operations and financial performance. Among the
factors that could cause results to differ materially are those risks
discussed in Pacific Energy Partners, L.P.'s filings with the
Securities and Exchange Commission, including our Annual Report on
Form 10-K for the year ended December 31, 2003.

    CONTACT: Pacific Energy Partners, L.P.
             Thomas L. Lambert, 562-728-2871
             Manager, Investor Relations
             Fax: 562-728-2881