By News Provider
TULSA, Okla. and HOUSTON, Nov. 30, 2017 — Magellan Midstream Partners, L.P. (NYSE: MMP) (“Magellan”) and Plains All American Pipeline, L.P. (NYSE: PAA) (“Plains”) announced today that BridgeTex Pipeline Company, LLC (“BridgeTex”), owned 50/50 by Magellan and Plains, plans to further expand the capacity of the BridgeTex pipeline and has launched a supplemental open season to assess customer interest for the expanded capacity. All potential customers must submit binding commitments by 5:00 p.m. Central Time on Dec. 30, 2017.
The BridgeTex pipeline was recently expanded from 300,000 barrels per day (“bpd”) to a capacity of 400,000 bpd to deliver Permian Basin crude oil from Midland and Colorado City, Texas to the Houston Gulf Coast area. BridgeTex is expanding the pipeline system again, for a new capacity of approximately 440,000 bpd. The additional 40,000 bpd of capacity is expected to be operational in early 2019.
For customer inquiries about the open season, please contact Brett Hunter of Magellan at (918) 574-7477 or firstname.lastname@example.org.
About Magellan Midstream Partners, L.P.
Magellan Midstream Partners, L.P. (NYSE: MMP) is a publicly traded partnership that primarily transports, stores and distributes refined petroleum products and crude oil. Magellan owns the longest refined petroleum products pipeline system in the country, with access to nearly 50% of the nation’s refining capacity, and can store approximately 100 million barrels of petroleum products such as gasoline, diesel fuel and crude oil. More information is available at www.magellanlp.com.
About Plains All American Pipeline, L.P.
Plains All American Pipeline, L.P. (NYSE: PAA) is a publicly traded master limited partnership that owns and operates midstream energy infrastructure and provides logistics services for crude oil, natural gas liquids (“NGL”), natural gas and refined products. Plains owns an extensive network of pipeline transportation, terminalling, storage and gathering assets in key crude oil and NGL producing basins and transportation corridors and at major market hubs in the United States and Canada. On average, Plains handles over 5 million barrels per day of crude oil and NGL in its Transportation segment. More information is available at www.plainsallamerican.com.
Portions of this document constitute forward-looking statements as defined by federal law. Although management of Magellan Midstream Partners, L.P. and Plains All American Pipeline, L.P. (the “companies”) believe any such statements are based on reasonable assumptions, there is no assurance that actual outcomes will not be materially different. Among the key risk factors associated with the project that may have a direct impact on the companies’ results of operations and financial condition are: (1) the ability to obtain all required rights-of-way, permits and other governmental approvals on a timely basis; (2) the ability to complete construction of the project on time and at expected costs; (3) price fluctuations and overall demand for crude oil; (4) changes in the BridgeTex pipeline’s tariff rates or other terms imposed by state or federal regulatory agencies; (5) the occurrence of an operational hazard or unforeseen interruption; (6) disruption in the debt and equity markets that negatively impacts the companies’ abilities to finance capital spending and (7) willingness to incur or failure of customers or vendors to meet or continue contractual obligations related to the BridgeTex pipeline. Additional information about issues that could lead to material changes in performance is contained in filings with the Securities and Exchange Commission for both companies. The companies undertake no obligation to revise these forward-looking statements to reflect events or circumstances occurring after today’s date.
|Magellan:||Paula Farrell, Investor Relations (918) 574-7650, email@example.com|
|Bruce Heine, Media Relations (918) 574-7010, firstname.lastname@example.org|
|Plains:||Brett Magill, Investor Relations (866) 809-1291|
|Brad Leone, Media Relations (866) 809-1290|