TULSA, Okla. and HOUSTON, Feb. 1, 2016 /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 extended its open season to assess additional customer interest in a new origin in Grimes County, Texas for the BridgeTex pipeline to accept Eaglebine crude oil and condensate shipments. While sufficient commitments have been received to proceed with the project, the extension provides other potential shippers additional time to make commitments. Binding commitments are now due by 5:00 p.m. Central Time on Feb. 15, 2016.
The new origin, to be located approximately 100 miles northwest of Houston, is expected to be operational in mid-2017.
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 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 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.
SOURCE Magellan Midstream Partners, L.P.; Plains All American Pipeline, L.P.