TULSA, Okla. and HOUSTON
and THE WOODLANDS, Texas,
June 23, 2015 /PRNewswire/ --
Saddlehorn Pipeline Company, LLC ("Saddlehorn") announced today
that the Saddlehorn Pipeline system will extend to Carr, CO. The 50-mile pipeline extension from
Platteville to Carr, which is anticipated to be constructed
with 16-inch diameter pipe, will provide a connection to existing
crude oil assets in that region. This extension has been designed
to provide shippers with flexible options and streamlined access
into the Saddlehorn Pipeline system.
Saddlehorn is a limited liability company owned by Magellan
Midstream Partners, L.P. (NYSE: MMP) ("Magellan"), Plains All
American Pipeline, L.P. (NYSE: PAA) ("Plains") and Anadarko
Petroleum Corporation (NYSE:APC). Saddlehorn will construct, own
and operate the approximately 600-mile pipeline (including the
Carr extension) that will
transport various grades of crude oil from the DJ Basin, and
potentially the broader Rocky Mountain and Bakken area resource
plays, to storage facilities in Cushing,
OK owned by Magellan and Plains. The 20-inch pipeline from
Platteville to Cushing ultimately has the capacity to
transport up to 400,000 barrels per day (bpd), with the initial
capacity expected to be closer to 200,000 bpd.
The Carr extension project is
currently estimated to cost between $80
million and $100 million. Magellan will serve as
construction manager and operator of the Saddlehorn Pipeline
system. Subject to receipt of necessary permits and regulatory
approvals, the Platteville to
Cushing pipeline is expected to be
operational during mid-2016 and the extension to Carr is anticipated to be in service by the
end of 2016.
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 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 4.2 million barrels per day of crude oil and NGL on its
pipelines. More information is available at
www.plainsallamerican.com.
About Anadarko Petroleum Corporation
Anadarko Petroleum Corporation's mission is to deliver a
competitive and sustainable rate of return to shareholders by
exploring for, acquiring and developing oil and natural gas
resources vital to the world's health and welfare. As of year-end
2014, the company had approximately 2.86 billion barrels-equivalent
of proved reserves, making it one of the world's largest
independent exploration and production companies. For more
information about Anadarko and APC
Flash Feed updates, please visit www.anadarko.com.
Portions of this document constitute forward-looking
statements as defined by federal law. Although management of
Anadarko Petroleum Corporation, 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 Saddlehorn's and 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
Saddlehorn'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 Saddlehorn's or 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 project. Additional
information about issues that could lead to material changes in
performance is contained in filings with the Securities and
Exchange Commission for all companies. The companies undertake no
obligation to revise these forward-looking statements to reflect
events or circumstances occurring after today's date.
Contact
Information:
|
|
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
|
|
|
|
|
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Anadarko:
|
John Colglazier,
Investor Relations
|
(832)
636-2306
|
john.colglazier@anadarko.com
|
|
John Christiansen,
Media Relations
|
(832)
636-8736
|
john.christiansen@anadarko.com
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/saddlehorn-pipeline-to-add-new-origin-at-carr-co-300103270.html
SOURCE Magellan Midstream Partners, L.P.