Tulsa,
OK and Houston, TX – Magellan Midstream Partners, L.P. (NYSE: MMP) (“Magellan”)
and Occidental Petroleum Corporation (NYSE: OXY) announced today that BridgeTex
Pipeline began commercial service today, delivering crude oil from West Texas to
the Houston Gulf Coast area.
Construction of the
BridgeTex Pipeline commenced in Nov. 2012 following an initial successful open
season in which BridgeTex secured long-term transportation commitments
supporting the project. Initial flow rates are expected to ramp up over time, as
the BridgeTex Pipeline is capable of transporting up to 300,000 barrels per day
of Permian Basin crude oil.
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 is an international oil and gas
exploration and production company with operations in the United States, Middle
East/North Africa and Latin America regions. Headquartered in Houston, Occidental
is one of the largest U.S. oil and gas companies, based on equity market
capitalization. Occidental’s midstream and marketing segment gathers,
processes, transports, stores, purchases and markets hydrocarbons and other
commodities in support of Occidental’s businesses. 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.
###
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.
Contact Information: