TULSA, Okla. and HOUSTON, Jan. 13,
2016 /PRNewswire/ -- Magellan Midstream Partners, L.P.
(NYSE: MMP) ("Magellan") and TransCanada Corporation (TSX, NYSE:
TRP) ("TransCanada") announced today definitive plans to connect
TransCanada's Houston tank
terminal to Magellan's East
Houston terminal. HoustonLink Pipeline Company, LLC
("HoustonLink"), a new company owned 50/50 by Magellan and
TransCanada, will construct, own and operate a nine-mile, 24-inch
diameter crude oil pipeline connecting the terminals. The new
pipeline will provide TransCanada's Keystone and Marketlink
customers access to Magellan's Houston and Texas
City crude oil distribution system.
The joint project, first announced in April 2015, is estimated to cost approximately
US$50 million. In addition, Magellan
and TransCanada plan to develop additional infrastructure at their
respective Houston-area terminals
to accommodate shipments from the new pipeline. Magellan will serve
as construction manager and operator for HoustonLink.
The HoustonLink pipeline is expected to be operational during
the first half of 2017, subject to the receipt of all necessary
rights-of-way, permits and regulatory approvals.
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.
FORWARD-LOOKING INFORMATION
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
Magellan's results of operations and financial condition are: (1)
the ability to obtain all required rights-of-way, permits and
regulatory or other 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 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 Magellan's ability to finance
capital spending and (7) willingness to incur or failure of
customers or vendors to meet or continue contractual obligations
related to this project. Additional information about issues that
could lead to material changes in performance is contained in
Magellan'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.
About TransCanada Corporation
With more than 65 years' experience, TransCanada is a leader in
the responsible development and reliable operation of North
American energy infrastructure including natural gas and liquids
pipelines, power generation and gas storage facilities. TransCanada
operates a network of natural gas pipelines that extends more than
68,000 kilometres (42,100 miles), tapping into virtually all major
gas supply basins in North
America. TransCanada is one of the continent's largest
providers of gas storage and related services with 368 billion
cubic feet of storage capacity. A growing independent power
producer, TransCanada owns or has interests in over 11,500
megawatts of power generation in Canada and the
United States. TransCanada is developing one of North America's largest liquids delivery
systems. TransCanada's common shares trade on the Toronto and New
York stock exchanges under the symbol TRP. Visit
TransCanada.com and our blog to learn more, or connect with us on
social media and 3BL Media.
FORWARD-LOOKING INFORMATION
This publication contains certain information that is
forward-looking and is subject to important risks and uncertainties
(such statements are usually accompanied by words such as
"anticipate", "expect", "believe", "may", "will", "should",
"estimate", "intend" or other similar words). Forward-looking
statements in this document are intended to provide TransCanada
security holders and potential investors with information regarding
TransCanada and its subsidiaries, including management's assessment
of TransCanada's and its subsidiaries' future plans and financial
outlook. All forward-looking statements reflect TransCanada's
beliefs and assumptions based on information available at the time
the statements were made and as such are not guarantees of future
performance. Readers are cautioned not to place undue reliance on
this forward-looking information, which is given as of the date it
is expressed in this news release, and not to use future-oriented
information or financial outlooks for anything other than their
intended purpose. TransCanada undertakes no obligation to update or
revise any forward-looking information except as required by law.
For additional information on the assumptions made, and the risks
and uncertainties which could cause actual results to differ from
the anticipated results, refer to the Quarterly Report to
Shareholders dated November 2, 2015
and 2014 Annual Report filed under TransCanada's profile on SEDAR
at www.sedar.com and with the U.S. Securities and Exchange
Commission at www.sec.gov.
Contacts:
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Magellan:
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Paula Farrell,
Investor Relations (918) 574-7650,
paula.farrell@magellanlp.com
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Bruce Heine, Media
Relations (918) 574-7010, bruce.heine@magellanlp.com
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TransCanada:
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David Moneta / Stuart
Kampel, Investor Relations (403) 920-7911 or (800)
361-6522
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Mark Cooper / Terry
Cunha, Media Relations (403) 920-7859 or (800) 608-7859
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To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/magellan-midstream-and-transcanada-set-to-build-houston-pipeline-connection-300203511.html
SOURCE Magellan Midstream Partners, L.P.