TULSA, Okla. and HOUSTON, Jan. 24,
2017 /PRNewswire/ -- BridgeTex Pipeline Company, LLC
("BridgeTex"), owned 50/50 by Magellan Midstream Partners, L.P.
(NYSE: MMP) and Plains All American Pipeline, L.P. (NYSE: PAA),
announced today that it is expanding the BridgeTex pipeline's
current capacity from the Permian Basin of 300,000 barrels per day
("bpd") to a new capacity of approximately 400,000 bpd. The
expanded capacity is expected to be available in the second quarter
of 2017 following enhancements to existing pumps and related
equipment.
The 20-inch BridgeTex pipeline system currently transports
Permian Basin crude oil from Colorado
City, Texas to the Houston Gulf Coast area. Beginning early
in the second quarter of this year, a newly-constructed origin
point at Bryan, Texas, which is
located 100 miles northwest of Houston, also will begin operations to accept
shipments from the Eaglebine region for delivery to Houston.
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 4.6 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:
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Magellan:
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Paula Farrell,
Investor Relations (918) 574-7650,
paula.farrell@magellanlp.com
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Bruce Heine, Media
Relations (918) 574-7010,
bruce.heine@magellanlp.com
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Plains:
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Ryan Smith, Investor
Relations (866) 809-1291
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Brad Leone, Media
Relations (866) 809-1290
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To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/bridgetex-pipeline-to-expand-capacity-to-deliver-crude-oil-from-the-permian-basin-to-the-houston-gulf-coast-area-300395303.html
SOURCE Magellan Midstream Partners, L.P.