Magellan Midstream and Occidental Petroleum Extend Open Season for Proposed BridgeTex Pipeline to July 18

TULSA, Okla. and HOUSTON, July 11, 2012 /PRNewswire/ -- Magellan Midstream Partners, L.P. (NYSE: MMP) and Occidental Petroleum Corporation (NYSE: OXY) announced today a one-week extension of their binding open season initiated on June 11, 2012 to solicit capacity commitments from shippers to transport crude oil from Colorado City, Texas to the Houston Gulf Coast area on the proposed BridgeTex Pipeline. Binding commitments are now due on July 18, 2012.

As previously announced, Magellan and Occidental are jointly assessing customer interest to transport up to 278,000 barrels per day of crude oil from Colorado City to Texas City. The project includes approximately 400 miles of newly-constructed pipeline from Colorado City to Houston and an expansion by Magellan of its distribution system between East Houston and Texas City. Subject to sufficient commitments from shippers and necessary permits and regulatory approvals, the proposed BridgeTex Pipeline is expected to begin service by mid-2014.

For customer inquiries about the open season, please contact Mark Daggett of Magellan at (918) 574-7022 or mark.daggett@magellanlp.com. More information about the project and the open season is available at www.magellanlp.com/uploadedfiles/BridgeTex Open Season.pdf

About Magellan Midstream Partners, L.P.
Magellan Midstream Partners, L.P. (NYSE: MMP) is a publicly traded partnership that primarily transports, stores and distributes petroleum products. The partnership owns the longest refined petroleum products pipeline system in the country, with access to more than 40% of the nation's refining capacity, and can store 80 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, primarily in the Permian Basin, California and Midcontinent areas, the Middle East/North Africa and Latin America regions. Oxy is the fourth-largest U.S. oil and gas company, 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.

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 customer commitments, 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 project company'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 project company 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 the project 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.

Contacts:





Magellan:

Paula Farrell, Investor Relations (918) 574-7650, paula.farrell@magellanlp.com


Bruce Heine, Media Relations (918) 574-7010, bruce.heine@magellanlp.com




Occidental:

Chris Stavros, Investor Relations (212) 603-8184, chris_stavros@oxy.com


Melissa Schoeb, Media Relations (310) 443-6504, melissa_schoeb@oxy.com

SOURCE Magellan Midstream Partners, L.P.; Occidental Petroleum Corporation



RELATED LINKS
http://www.magellanlp.com
http://www.oxy.com

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