SUGAR LAND, Texas and
HOUSTON, Nov. 1, 2017 /PRNewswire/ -- CVR Refining, LP
(NYSE: CVRR) and Plains All American Pipeline, L.P. (NYSE: PAA)
today announced the formation of a 50/50 joint venture, Midway
Pipeline, LLC, which has acquired the approximately 100-mile,
16-inch Cushing to Broome pipeline
system from Plains. The Cushing to
Broome pipeline system connects CVR Refining's Coffeyville, Kansas, refinery, which has a
rated capacity of 115,000 barrels per calendar day, to the
Cushing, Oklahoma, oil hub. Midway
will contract with Plains to continue its role as operator of the
pipeline.
In a separate transaction, CVR Refining and Plains announced
that CVR Refining has agreed to acquire the Cushing to Ellis crude oil pipeline system from Plains.
The approximately 100-mile, 8- and 10-inch pipeline system helps
link CVR Refining's 70,000-barrel-per-calendar-day Wynnewood, Oklahoma, refinery to Cushing. The acquisition is expected to close
in the 2017 fourth quarter.
"We are excited to expand CVR Refining's logistics operations
through our acquisition of the Cushing to Ellis pipeline and the Midway joint venture,
which provides CVR Refining 50 percent ownership of the
Cushing to Broome pipeline," said
Jack Lipinski, chief executive
officer of CVR Refining. "These acquisitions ensure long-term
access to Cushing-based crude oil
for our Coffeyville and
Wynnewood refineries, securing our
mid-continent edge of sourcing price-advantaged crudes."
"We are pleased to announce the planned asset sale with CVR and
to work as partners in the strategic joint venture," stated
Willie Chiang, chief operating
officer – U.S. of Plains All American Pipeline. "These transactions
are part of our previously announced asset divestiture
program."
About CVR Refining, LP
Headquartered in Sugar Land,
Texas, CVR Refining, LP is an independent downstream energy
limited partnership that owns refining and related logistics assets
in the Midcontinent United States. CVR Refining's subsidiaries
operate a complex full coking medium-sour crude oil refinery with a
rated capacity of 115,000 barrels per calendar day (bpcd) in
Coffeyville, Kansas, and a complex
crude oil refinery with a rated capacity of 70,000 bpcd in
Wynnewood, Oklahoma. CVR
Refining's subsidiaries also operate and invest in supporting
logistics assets, including approximately 340 miles of active owned
and leased pipelines, a 65,000 bpcd pipeline owned and operated by
a joint venture, approximately 150 crude oil transports, a network
of strategically located crude oil gathering tank farms, and
approximately 6.4 million barrels of owned and leased crude oil
storage capacity.
About Plains All American Pipeline, L.P.
Plains All American Pipeline, L.P. 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. PAA
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, PAA handles over 5 million
barrels per day of crude oil and NGL in its Transportation segment.
PAA is headquartered in Houston,
Texas. More information is available at
www.plainsallamerican.com.
For further information, please contact:
CVR Refining, LP
Investor Contact:
Jay Finks
CVR Refining, LP
(281) 207-3588
IR@CVRRefining.com
Media Relations:
Brandee Stephens
CVR Refining, LP
(281) 207-3516
MediaRelations@CVRRefining.com
Plains All American Pipeline, L.P.
Investor Contact:
Brett
Magill
Manager, Investor Relations
(866) 809-1291
Media Contact:
Brad
Leone
Director, Communications
(866) 809-1290
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SOURCE CVR Refining, LP