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IMO vs PAA

Imperial Oil Limited and Plains All American Pipeline, L.P. Common Units representing Limited Partner Interests

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Imperial Oil Limited

Imperial Oil Limited engages in exploration, production, and sale of crude oil and natural gas in Canada. It operates in three segments: Upstream, Downstream and Chemical segments. The Upstream segment explores and produces crude oil, natural gas, synthetic crude oil, and bitumen. Its Downstream segment transports and refines crude oil; blends refined products; and distributes and markets refined products. This segment also transports crude oil production and third-party crude oil to refineries by contracted and common carrier pipelines; owns and operates refineries; maintains a distribution system to move petroleum products to market by pipeline, tanker, rail, and road transport; owns and operates fuel terminals, natural gas liquids, and products pipelines in Alberta, Manitoba, and Ontario; markets petroleum products under the Esso and Mobil brands; and sells petroleum products, including fuel, asphalt, and lubricants to industrial and transportation customers, independent marketers, resellers, and other refiners, as well as the agriculture, residential heating, and commercial markets through branded fuel and lubricant resellers. The Chemical segment manufactures and markets aliphatic solvents, plasticizer intermediates, and polyethylene resins; and markets refinery grade propylene. It also provides petrochemicals. The company was incorporated in 1880 and is headquartered in Calgary, Canada. Imperial Oil Limited operates as a subsidiary of Exxon Mobil Corporation.

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Plains All American Pipeline, L.P. Common Units representing Limited Partner Interests

Plains All American Pipeline, L.P., through its subsidiaries, engages in the pipeline transportation, terminaling, storage, and gathering of crude oil and natural gas liquids (NGL) in the United States and Canada. The company operates through two segments, Crude Oil and NGL. The Crude Oil segment offers gathering and transporting crude oil through pipelines, trucks, and on barges or railcars. This segment provides terminaling, storage, and other related services, as well as merchant activities. The NGL segment is involved in natural gas processing and NGL fractionation, storage, transportation, and terminaling. This segment also includes ethane, propane, normal butane, iso-butane, and natural gasoline derived from natural gas production and processing activities, as well as crude oil refining processes. Its NGL components are used for various applications, such as heating, engine, and industrial fuels. The company was founded in 1981 and is headquartered in Houston, Texas. Plains All American Pipeline, L.P. operates as a subsidiary of Plains GP Holdings, L.P.

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