TULSA, Okla. and HOUSTON, Dec. 17,
2015 /PRNewswire/ -- 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, has
launched an open season to assess customer interest in a new origin
in Grimes County, Texas for the
BridgeTex pipeline to accept Eaglebine crude oil and condensate
shipments. The proposed new origin, to be located approximately 100
miles northwest of Houston, is
expected to be operational in mid-2017. All potential customers
must submit binding commitments by 5:00 p.m.
Central Time on Feb. 1,
2016.
The BridgeTex pipeline currently has a capacity of 300,000
barrels per day ("bpd") to deliver Permian Basin crude oil from
Colorado City, Texas to the
Houston Gulf Coast area. If warranted by customer demand, BridgeTex
will expand the capacity of the pipeline system by approximately
35,000 bpd to provide transportation services from the new
Grimes County origin to the
Houston Gulf Coast area.
For customer inquiries or additional information about the open
season, please contact Mark Daggett
of Magellan at (918) 574-7022 or mark.daggett@magellanlp.com.
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 more than 95 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 4.4 million barrels per day of crude oil and NGL in its
Transportation segment. Plains is headquartered in Houston, Texas. 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.
Contacts:
|
|
|
|
Magellan:
|
Paula Farrell,
Investor Relations (918) 574-7650,
paula.farrell@magellanlp.com
|
|
|
Bruce Heine, Media
Relations (918) 574-7010,
bruce.heine@magellanlp.com
|
|
|
|
|
Plains:
|
Ryan Smith, Investor
Relations (866) 809-1291
|
|
|
Brad Leone, Media
Relations (866) 809-1290
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/bridgetex-pipeline-launches-open-season-for-new-eaglebine-origin-300194302.html
SOURCE Magellan Midstream Partners, L.P.; Plains All American
Pipeline, L.P.