BridgeTex Pipeline to begin Initial Commissioning Process Ready to Accept Applications from Spot Shippers
TULSA, Okla. and HOUSTON, June 6, 2014 /PRNewswire/ -- BridgeTex Pipeline Company, LLC, a company owned by Magellan Midstream Partners, L.P. (NYSE: MMP) and Occidental Petroleum Corporation (NYSE: OXY), plans to begin the commissioning of the BridgeTex Pipeline in the third quarter of 2014. Given the significant need for crude oil transportation service from the Permian Basin to the Houston Gulf Coast area and in order to accommodate requests of committed and prospective spot shippers to provide access to available transportation infrastructure as soon as it becomes available, BridgeTex intends to begin limited commercial operations on the pipeline as part of the initial commissioning process. The company has begun to fill storage tankage at the origin of the system in Colorado City, Texas, and operations to fill the pipeline will begin in the near future.
Spot shippers interested in transporting crude oil on the BridgeTex Pipeline should contact Jon Lawrence of Magellan at (918) 574-7709 or firstname.lastname@example.org to obtain information about the preliminary connectivity of the pipeline as well as new shipper setup requirements, which include the establishment of any necessary credit support.
Once fully operational, the BridgeTex Pipeline system will have the capacity to transport up to 300,000 barrels per day of crude oil from Colorado City to the Houston Gulf Coast area. The project includes approximately 450 miles of newly-constructed pipeline from Colorado City to Houston and Texas City.
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. The partnership 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 90 million barrels of petroleum products such as gasoline, diesel fuel and crude oil. More information is available at www.magellanlp.com.
About Occidental Petroleum Corporation
Occidental Petroleum Corporation (NYSE: OXY) is an international oil and gas exploration and production company with operations in the United States, Middle East/North Africa and Latin America regions. Oxy is one of the largest U.S. oil and gas companies, based on equity market capitalization. Oxy's wholly owned subsidiary, OxyChem, manufactures and markets chlor-alkali products and vinyls. Oxy is committed to safeguarding the environment, protecting the safety and health of employees and neighboring communities and upholding high standards of social responsibility in all of the company's worldwide operations. More information is available at www.oxy.com.
Forward-Looking Statement Disclaimer
Portions of this document constitute forward-looking statements as defined by federal law. Although management of Magellan Midstream Partners, L.P. and Occidental Petroleum Corporation 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) their ability to obtain all required permits and regulatory approvals on time; (2) their 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 for which the companies or BridgeTex Pipeline are not adequately insured; (6) disruption in the debt and equity markets that negatively impacts the companies' abilities to finance capital spending and (7) failure of customers to meet or continue contractual obligations to the companies or to the BridgeTex Pipeline company. Additional information about issues that could lead to material changes in performance is contained in the Securities and Exchange Commission filings 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.