Plains All American, Magellan Midstream & OMERS Infrastructure Announce Closing of BridgeTex Pipeline Company, LLC Joint Owne...
October 01 2018 - 8:00AM
Business Wire
Plains All American Pipeline, L.P. (NYSE: PAA) (“Plains”),
Magellan Midstream Partners, L.P. (NYSE: MMP) (“Magellan”), and
OMERS, the defined benefit pension plan for municipal employees in
Ontario, Canada (“OMERS”), along with OMERS Infrastructure
Management Inc. (“OMERS Infrastructure”), the infrastructure
investment manager of OMERS, today announced that certain of their
subsidiaries have closed the previously announced joint ownership
transaction in BridgeTex Pipeline Company, LLC (“BridgeTex”). As a
result, OMERS now owns a 50% interest in BridgeTex, Plains has
retained a 20% interest, and Magellan has retained a 30% interest
and will continue to operate the pipeline.
About Magellan Midstream Partners, L.P.
Magellan Midstream Partners, L.P. 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 nearly 50% of the nation’s refining capacity, and
can store more than 100 million barrels of petroleum products such
as gasoline, diesel fuel and crude oil. More information is
available at www.magellanlp.com.
About Plains All American Pipeline, L.P.
Plains All American Pipeline, L.P. is a publicly traded master
limited partnership that owns and operates midstream energy
infrastructure and provides logistics services for crude oil, NGLs
and natural gas. Plains owns an extensive network of pipeline
transportation, terminalling, storage and gathering assets in key
crude oil and NGL producing basins and transportation corridors and
at major market hubs in the United States and Canada. On average,
Plains handles more than 5 million barrels per day of crude oil and
NGL in its Transportation segment. Plains is headquartered in
Houston, Texas. More information is available at
www.plainsallamerican.com.
About OMERS and OMERS Infrastructure
OMERS Infrastructure invests globally in infrastructure assets
on behalf of OMERS, the defined benefit pension plan for Ontario’s
municipal employees. Investments are aimed at steady returns to
help deliver strong and sustainable pensions to OMERS members.
OMERS Infrastructure’s diversified portfolio of large-scale
infrastructure assets exhibits stability and strong cash flows, in
sectors including energy, transportation and government-regulated
services.
OMERS has employees in Toronto and other major cities across
North America, the U.K., Europe, Asia and Australia. OMERS is one
of Canada's largest defined benefit pension funds, with net assets
of more than C$95 billion. Visit www.omersprivatemarkets.com for
more information.
Forward Looking
Statements:
This press release includes certain statements concerning
expectations for the future that are forward-looking statements as
defined by federal law. Such forward-looking statements are subject
to a variety of known and unknown risks, uncertainties, and other
factors that could cause actual results or outcomes to differ
materially from results or outcomes anticipated in the
forward-looking statements. Important risks, uncertainties and
other factors that could affect future results or outcomes are
discussed in Plains’ and Magellan’s filings with the Securities and
Exchange Commission. Plains and Magellan undertake no obligation to
update or revise any forward-looking statement to reflect new
information or events occurring after today’s date.
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version on businesswire.com: https://www.businesswire.com/news/home/20181001005300/en/
Plains:Brett Magill, (866) 809-1291Investor
RelationsorBrad Leone, (866)
809-1290CommunicationsorMagellan:Paula Farrell, (918)
574-7650Investor Relationspaula.farrell@magellanlp.comorBruce
Heine, (918) 574-7010Media
Relationsbruce.heine@magellanlp.comorOMERS:Neil Hrab, (416)
369-2418Communications and Media Relationsnhrab@omers.com
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