Looks like Enbridge has jumped into the mix. Enbridge announced they are purchasing alot of Shell's midcontinent assets. Lots of Cushing connected pipelines and terminals, gotta admit, they would have fit real well with PAA, but perhaps there would have been anti-trust issues if PAA controlled such a large amount of the lines in and out of Cushing and the storage in Cushing.
One thing that sticks out in my memory is on one of the PAA presentations where they made reference to the fact that much of the storage assets in Cushing are very old and in need of replacement and/or major capex. Most of PAA's storage assets are relatively new. Not sure if that is relevant or not but something to think about. Meanwhile, PAA has been climbing nicely the past few days. I wonder if we'll join some of the other MLP's that are trading near to the low 6% yield. I suspect that we are in for a nice increase in the distribution over the next 6 months...looks good to me.
I too would like to hear these "other reasons". BP and Shell own and'or operate most of the pipeline infastructure in the GOM and midcontinent. Although PAA and others have market share, sometimes these bigboys need to have 3rd party sales to minimize federal royalty interest. Comments are welcome.