Tulsa, OK, Houston,
TX and The Woodlands, TX – Magellan Midstream Partners, L.P. (NYSE: MMP)
(“Magellan”), Plains All American Pipeline, L.P. (NYSE: PAA) (“Plains”) and
Anadarko Petroleum Corporation (NYSE: APC) (“Anadarko”) announced today that Saddlehorn
Pipeline Company, LLC (“Saddlehorn”) has launched a supplemental open season to
seek additional transportation commitments for the Saddlehorn pipeline.
Interested customers must submit binding commitments by 5:00 p.m. Central Time
on Jan. 7, 2016.
The Saddlehorn
pipeline, which is currently under construction, will be capable of
transporting at least 190,000 barrels per day of crude oil from the DJ Basin,
and potentially the broader Rocky Mountain area resource plays, to storage
facilities in Cushing, Oklahoma owned by Magellan and Plains. The pipeline’s Platteville,
Colorado origin and Cushing destination will each include one million barrels
of storage. The pipeline is also being extended from Platteville to Carr,
Colorado.
The Platteville-to-Cushing
segment of the pipeline is expected to be operational during mid-2016, and the Carr-to-Platteville
segment is expected to be operational in the fourth quarter of 2016.
As previously announced, Saddlehorn
has already received binding commitments from a wholly owned subsidiary of
Anadarko and from Noble Energy, Inc.
For customer inquiries or
additional information about the open season, please contact Christina Payne of
Magellan at (918) 574-7881 or christina.payne@magellanlp.com.
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. Magellan 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 95 million barrels of petroleum
products such as gasoline, diesel fuel and crude oil. More information is
available at www.magellanlp.com.
About
Plains All American Pipeline, L.P.
Plains All American Pipeline, L.P. is
a publicly traded master limited partnership that owns and operates midstream
energy infrastructure and provides logistics services for crude oil, natural
gas liquids (“NGL”), natural gas and refined products. PAA owns an extensive
network of pipeline transportation, terminalling, storage and gathering assets
in key crude oil and NGL producing basins and transportation corridors and at
major market hubs in the United States and Canada. On average, PAA handles over
4.4 million barrels per day of crude oil and NGL on its pipelines. PAA is
headquartered in Houston, Texas. More information is available at www.plainsallamerican.com.
About
Anadarko Petroleum Corporation
Anadarko Petroleum
Corporation's mission is to deliver a competitive and sustainable rate of
return to shareholders by exploring for, acquiring and developing oil and
natural gas resources vital to the world's health and welfare. As of year-end
2014, the company had approximately 2.86 billion barrels-equivalent of proved
reserves, making it one of the world's largest independent exploration and
production companies. For more information about Anadarko and APC Flash Feed
updates, please visit www.anadarko.com.
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Portions of this document constitute
forward-looking statements as defined by federal law. Although management of
Anadarko Petroleum Corporation, Magellan Midstream Partners, L.P. and Plains
All American Pipeline, L.P. (the “companies”) 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 Saddlehorn’s and the companies’
results of operations and financial condition are: (1) the ability to obtain
all required rights-of-way, permits and other governmental approvals on a
timely basis; (2) the 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 Saddlehorn’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 Saddlehorn’s or the companies’ abilities to finance capital
spending and (7) willingness to incur or failure of customers or vendors to
meet or continue contractual obligations related to the project. Additional
information about issues that could lead to material changes in performance is
contained in filings with the Securities and Exchange Commission for all
companies. The companies undertake no obligation to revise these forward-looking
statements to reflect events or circumstances occurring after today's date.
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