TULSA, Okla. – Magellan
Midstream Partners, L.P. (NYSE: MMP) announced today that it has launched an
open season to assess firm customer interest to transport refined petroleum products
to Little Rock, Arkansas. Interested customers must submit binding commitments
by 5:00 p.m. Central Time on Oct. 16, 2013.
The potential project
would include construction of an approximately 160-mile, 12-inch diameter
pipeline capable of transporting 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.
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 fred.neeley@magellanlp.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.
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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
for which the partnership is not adequately insured; (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.