TULSA, Okla. – 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. Management is currently in advanced
discussions with potential shippers and remains optimistic about the prospects
for this project. Binding commitments are now due by 5:00 p.m. Central Time on Dec.
13, 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 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.
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.
Contacts: