Construction of the
BridgeTex Pipeline commenced in November 2012 following an initial successful
open season in which BridgeTex secured long-term transportation commitments
supporting the project. BridgeTex Pipeline is now in the final stages of construction
and will be capable of transporting up to 300,000 barrels per day of Permian
Basin crude oil from Colorado City, Texas to the Houston Gulf Coast area.
Initial linefill requirements are being received, and BridgeTex Pipeline expects
to begin pipeline movements by mid-third quarter to deliver crude oil to the
Houston Gulf Coast area.
For customer inquiries
about the open season, please contact Magellan’s crude oil business development
group at (918) 574-7022. 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 petroleum products. 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.
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, Middle East/North Africa and Latin America regions. Occidental is one
of the largest U.S. oil and gas companies, based on equity market
capitalization. Occidental’s wholly owned subsidiary OxyChem manufactures and
markets chlor-alkali products and vinyls. Occidental 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.
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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. 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 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 BridgeTex
Pipeline’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 companies’ abilities to finance capital spending and (7) failure of
customers to meet or continue contractual obligations to the companies or to
the BridgeTex Pipeline. 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.