NGL Energy Partners LP Announces the Commencement of Line Fill for Grand Mesa Pipeline; Commercial Operations to begin Novemb...
October 04 2016 - 5:00PM
Business Wire
NGL Energy Partners LP (NYSE:NGL) announced today that its
subsidiary, Grand Mesa Pipeline, LLC (“Grand Mesa”) has commenced
line fill for its newly-constructed crude oil pipeline system from
Weld County, Colorado to Cushing, Oklahoma. The pipeline is on
schedule to be in commercial service on November 1, 2016.
Construction of the Lucerne and Riverside origin stations in
Colorado and the connection to the mainline pipeline is complete
and expected to be approximately $18.0 million under budget.
“Our Grand Mesa pipeline project is on-time, under budget and
ready for commercial operations on November 1, 2016. We filed our
tariff last week, and the commissioning of our assets and initial
crude oil receipts began this week. We believe the start-up of this
project, and our long-term, fee-based contracts with many of the
best operators in the DJ Basin, serves as a major milestone in the
growth of our Partnership,” stated Mike Krimbill, CEO of NGL. “We
believe we have delivered an innovative, cost competitive,
long-term solution to the operators in the DJ Basin and we look
forward to working with our producer and shipper customers for many
years to come.”
The Grand Mesa Pipeline system includes an undivided joint
ownership interest with Saddlehorn Pipeline Company, LLC in a newly
constructed 20-inch crude oil transportation pipeline. The initial
capacity of the pipeline is 340,000 barrels per day, of which Grand
Mesa owns 150,000 barrels per day. The Saddlehorn portion of the
pipeline became operational in August 2016. Additionally, NGL
wholly owns the pipeline from its origin points into the mainline,
multiple truck injection bays, over one million barrels of
operational storage, and two collection points located near Lucerne
and Kersey (Riverside Station) in Weld County, Colorado. Grand Mesa
delivers crude oil to the destination point at NGL’s 4.6 million
barrel storage terminal in Cushing, Oklahoma.
About NGL Energy Partners LP
NGL Energy Partners LP is a Delaware limited partnership. NGL
owns and operates a vertically integrated energy business with five
primary businesses: water solutions, crude oil logistics, NGL
logistics, refined products/renewables and retail propane. For
further information, visit the Partnership’s website at
www.nglenergypartners.com.
This press release includes “forward-looking statements.” All
statements other than statements of historical facts included or
incorporated herein may constitute forward-looking statements.
Actual results could vary significantly from those expressed or
implied in such statements and are subject to a number of risks and
uncertainties. While NGL believes its expectations as reflected in
the forward-looking statements are reasonable, NGL can give no
assurance that such expectations will prove to be correct. The
forward-looking statements involve risks and uncertainties that
affect operations, financial performance, and other factors as
discussed in filings with the Securities and Exchange
Commission. Other factors that could impact any forward-looking
statements are those risks described in NGL’s annual report on Form
10-K, quarterly reports on Form 10-Q, and other filings with
the Securities and Exchange Commission. You are urged to
carefully review and consider the cautionary statements and other
disclosures made in those filings, specifically those under the
heading “Risk Factors.” NGL undertakes no obligation to publicly
update or revise any forward-looking statements except as required
by law.
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version on businesswire.com: http://www.businesswire.com/news/home/20161004006586/en/
NGL Energy Partners LPTodd Tanory, 713-496-3909Senior Vice
President – Asset ManagementTodd.Tanory@nglep.comorInvestor
Relations:Trey Karlovich, 918-481-1119Executive Vice President
and Chief Financial OfficerTrey.Karlovich@nglep.comorLinda Bridges,
918-481-1119Vice President – Finance and
TreasurerLinda.Bridges@nglep.com
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