In comparison to last year's first quarter, adjusted EBITDA, adjusted net income and adjusted net income per diluted unit for the first quarter of 2012 increased 36%, 58% and 53%, respectively. These results and additional information are summarized on Slide 3.

PAA's first quarter results were driven by solid performance in all 3 segments with Supply and Logistics segment being the largest contributor to the overperformance. As shown on Slide 4, our first quarter results marked the 41st consecutive quarter that PAA has delivered results in line with or above guidance. In April, PAA declared a 7.7% year-over-year increase in our annualized run rate distribution to $4.18 per common unit.

As shown on Slide 5, PAA has increased its distribution in each of the last 11 quarters and 30 out of the last 32 quarters. As reflected on Slide 6, during the remainder of today's call, we will discuss our segment performance relative to guidance, our expansion capital program, our acquisition and integration activities and our financial position. We will also address the drivers and major assumptions supporting our financial and operating guidance for the second quarter of 2012. We will address similar information for PNG.

At the end of the call, I will provide a recap, as well as some comments regarding our outlook for the future. And with that, I'll turn the call over to Harry.

Harry N. Pefanis

Thanks, Greg. During my section of the call, I'll review our first quarter operating results compared to the midpoint of our guidance issued on February 8, discuss the operational assumptions used to generate our second quarter guidance and discuss our 2012 capital program and acquisition activities.

As shown on Slide 7, adjusted segment profit for the Transportation segment was $173 million, which was $25 million above the midpoint of the guidance. Volumes for this segment of 3,170,000 barrels per day were above guidance by approximately 60,000 barrels per day, which combined with our higher pipeline loss allowance volumes accounted for approximately $18 million of the overperformance.

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