Magellan Midstream Extends Open Season for Potential Little Rock Pipeline to Nov. 20
TULSA, Okla., Oct. 30, 2013 /PRNewswire/ -- Magellan Midstream Partners, L.P. (NYSE: MMP) announced today an extension of the open season to solicit capacity commitments from shippers to transport refined petroleum products to Little Rock, Arkansas. Industry feedback continues to be positive, and Magellan management remains optimistic about the prospects for this project. Binding commitments are now due by 5:00 p.m. Central Time on Nov. 20, 2013. The extension provides potential shippers additional time to make commitments.
As previously announced, Magellan is assessing customer interest to transport up to 75,000 barrels per day of gasoline, diesel fuel and jet fuel from the partnership's Ft. Smith, Arkansas terminal, providing the Little Rock market access to refined products from Mid-Continent and Gulf Coast refineries via Magellan's extensive refined petroleum products pipeline system. The potential project includes construction of an approximately 160-mile, 12-inch diameter pipeline from Magellan's Ft. Smith terminal to the Little Rock market.
Subject to the results of this open season and receipt of the necessary permits and regulatory approval, the potential pipeline could be operational in the third quarter of 2015.
For customer inquiries regarding the open season, please contact Fred Neeley at (918) 574-7441 or email@example.com. More information about the open season is available at www.magellanlp.com/tariffs.aspx.
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 more than 40% of the nation's refining capacity, and can store over 80 million barrels of petroleum products such as gasoline, diesel fuel and crude oil. More information is available at www.magellanlp.com.
Portions of this document constitute forward-looking statements as defined by federal law. Although management of Magellan Midstream Partners, L.P. believes 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 partnership's results of operations and financial condition are: (1) the ability to obtain all required customer commitments, permits and regulatory approvals on time; (2) the ability to complete construction of the project on time and at expected costs; (3) price fluctuations and overall demand for refined petroleum products; (4) changes in the company'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 company's ability to finance capital spending and (7) failure of customers to meet or continue contractual obligations to the company. Additional information about issues that could lead to material changes in performance is contained in the partnership's filings with the Securities and Exchange Commission. Magellan undertakes no obligation to revise these forward-looking statements to reflect events or circumstances occurring after today's date.
SOURCE Magellan Midstream Partners, L.P.