Ownership Submission
FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
LEHMAN BROTHERS HOLDINGS INC
   2. Issuer Name and Ticker or Trading Symbol
PACIFIC ENERGY PARTNERS LP [PPX] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director _____ 10% Owner
_____ Officer (give title below) __X__ Other (specify below)
See remark below
(Last)
(First)
(Middle)
745 SEVENTH AVENUE		 3. Date of Earliest Transaction (Month/Day/Year)
03/21/2005
(Street)

NEW YORK, NY 10019		 4. If Amendment, Date Original Filed(Month/Day/Year)
 6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)		 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code
(Instr. 8)		 4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)		 5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)		 6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)		 7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price

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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)		 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code
(Instr. 8)		 5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)		 6. Date Exercisable and Expiration Date
(Month/Day/Year)		 7. Title and Amount of Underlying Securities
(Instr. 3 and 4)		 8. Price of Derivative Security
(Instr. 5)		 9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)		 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)		 11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Subordinated Units Representing Limited Partner Interests (1) 03/21/2005   S     1,013,501   (2)   (3) Common Units Representing Limited Partner Interests 1,013,501 $ 31.92 (4) 1,602,749 I LB Pacific, LP (5)
Subordinated Units Representing Limited Partner Interests (1) 03/21/2005   S     1,013,501   (6)   (3) Common Units Representing Limited Partner Interests 1,013,501 $ 30.27 (4) 1,602,749 I LB Pacific, LP (5)
Subordinated Units Representing Limited Partner Interests (1) 03/21/2005   S     2,027,002   (7)   (3) Common Units Representing Limited Partner Interests 2,027,002 $ 29.28 (4) 3,205,498 I LB Pacific, LP (5)

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
LEHMAN BROTHERS HOLDINGS INC
745 SEVENTH AVENUE
NEW YORK, NY 10019		       See remark below

Signatures

 /s/ Barrett S. DiPaolo, Vice President and Authorized Signatory   03/23/2005
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) 1-for-1
(2) The Subordinated Units are convertible into Common Units of the Issuer immediately after the distribution of available cash to partners in respect of any quarter ending on or after June 30, 2005, assuming certain financial tests in the Issuer's partnership agreement have been satisfied
(3) None.
(4) On March 21, 2005, LB I Group Inc., a subsidiary of the Reporting Person, sold 38.7% of the limited partner interests in LB Pacific, LP which directly owns the Subordinated Units. LB I Group Inc. also sold 38.7% of the membership interests in LB Pacific GP, LLC, which owns the .1% general partner interest in LB Pacific, LP. The allocation of a portion of the aggregate purchase price to the Subordinated Units was determined by agreement of the parties based on relative fair market values.
(5) The Subordinated Units are held by LB Pacific, LP. See Remark (1).
(6) The Subordinated Units are convertible into Common Units of the Issuer immediately after the distribution of available cash to partners in respect of any quarter ending on or after June 30, 2006, assuming certain financial tests in the Issuer's partnership agreement have been satisfied.
(7) The Subordinated Units are convertible into Common Units of the Issuer immediately after the distribution of available cash to partners in respect of any quarter ending on or after June 30, 2007, assuming certain financial tests in the Issuer's partnership agreement have been satisfied.
 
Remarks:
Remark (1) - This form is a joint filing with the following affiliates of the Reporting Person: Lehman Brothers Inc., a Delaware corporation, LB I Group Inc., a Delaware corporation, LB Pacific GP, LLC, a Delaware limited liability company and LB Pacific, LP, a Delaware limited partnership. Lehman Brothers Holdings Inc. owns 100% of Lehman Brothers Inc. which owns 100% of LB I Group Inc., which owns 61.26% of LB Pacific GP, LLC and 61.2% of LB Pacific, LP.   LB Pacific, LP owns 100% of the subordinated units representing limited partner interests in the Issuer that are being reported hereon.  Lehman Brothers Holdings Inc., Lehman Brothers Inc., LB I Group Inc., LB Pacific GP, LLC and LB Pacific, LP may be deemed to be directors or officers of the Issuer by virtue of LB Pacific, LP's ownership of 100% of the the equity interests in the general partner of the Issuer acquired on March 3, 2005.  However, such status is not acknowledged.  This report is being filed by Lehman Brothers Holdings Inc.  Other Joint Filer(s):  Lehman Brothers Inc., 745 Seventh Avenue, New York, New York  10019; LB I Group Inc., 745 Seventh Avenue, New York, New York 10019; LB Pacific GP, LLC, 399 Park Avenue, Ninth Floor, New York, New York 10022; and LB Pacific, LP, 399 Park Avenue, Ninth Floor, New York, New York 10022.  Barrett S. DiPaolo is signing on behalf of all Joint Filers.

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