TULSA, Okla. – Magellan Midstream Partners, L.P. (NYSE: MMP) announced today an extension of the open season for commitments on the proposed Saddlehorn Pipeline to transport various grades of crude oil from the Niobrara shale to the partnership’s storage facilities in Cushing, Oklahoma. Binding commitments are now due by 5:00 p.m. Central Time on Nov. 6, 2014.
The proposed Saddlehorn Pipeline includes construction of an approximate 600-mile, 20-inch diameter pipeline capable of transporting up to 400,000 barrels per day of crude oil from Platteville, Colorado to Magellan’s storage facilities in Cushing. Magellan expects to use its existing right-of-way for a significant portion of the pipeline route.
Subject to sufficient commitments from shippers and receipt of any necessary permits and regulatory approvals, the Saddlehorn Pipeline could be operational during the second quarter of 2016.
For customer inquiries about the open season, please contact Chris Nalley at (918) 574-7710 or chris.nalley@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 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.
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Portions of this document constitute forward-looking statements as defined by federal law. Although management 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 that may have a direct impact on the decision to proceed with the opportunity described in this news release are: (1) the ability to negotiate and sign definitive agreements with potential customers; (2) the ability to obtain required rights-of-way, permits and other governmental approvals on a timely basis; (3) the ability to justify the economics of this potential opportunity once the necessary engineering and commercial assessments are complete; (4) price fluctuations and overall demand for crude oil; (5) changes in the partnership’s tariff rates or other terms imposed by state or federal regulatory agencies; (6) the occurrence of an operational hazard or unforeseen interruption; (7) disruption in the debt and equity markets that negatively impacts the partnership’s ability to finance its capital spending and (8) failure of customers or vendors to meet or continue contractual obligations. 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. The partnership undertakes no obligation to revise these forward-looking statements to reflect events or circumstances occurring after today's date.
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