Andeavor Announces Development of Conan Crude Oil Gathering Pipeline System in Delaware Basin
August 11 2017 - 8:00AM
SAN ANTONIO, TEXAS - August
11, 2017 - Andeavor (NYSE:ANDV) is pleased to announce
that it received sufficient commitments from third party shippers
to warrant construction of the Conan Crude Oil Gathering Pipeline
system in the Delaware Basin.
As previously announced, the Conan Crude Oil
Gathering Pipeline system will be approximately 130 miles in length
and transport crude oil from origins in Lea County, New Mexico and
Loving County, Texas to a terminal to be constructed in Loving
County, Texas, where the gathering system interconnects with
long-haul pipeline carriers. The first phase of the Conan Crude Oil
Gathering Pipeline system will provide capacity of approximately
250,000 barrels per day. Future phases of the system may expand
capacity up to 500,000 barrels per day.
The system is under construction and is expected
to begin commercial service in mid-2018. The estimated capital
investment for the first phase of the gathering system is
approximately $225 million of which $75 million is expected to be
spent in 2017.
ABOUT ANDEAVOR
Andeavor is a premier, highly integrated marketing, logistics and
refining company. Andeavor's retail-marketing system includes more
than 3,100 retail stations marketed under multiple well-known fuel
brands, including ARCO®, SUPERAMERICA®, Shell®, Exxon®, Mobil®,
Tesoro®, USA Gasoline(TM) and Giant®. It also has ownership in two
logistics businesses, which include Andeavor Logistics LP and
Western Refining Logistics, LP (NYSE: WNRL) and ownership of their
general partners. Andeavor operates 10 refineries with a combined
capacity of approximately 1.2 million barrels per day in the
mid-continent and western United States.
Contact:
Investors:
Brian Randecker, Investor Relations, (210) 626-4757
Media:
Andeavor Media Relations, media@andeavor.com, (210) 626-7702
FORWARD LOOKING
STATEMENTS
This release contains "forward-looking" statements
within the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934, including
without limitation statements concerning: the Companies'
operational, financial and growth strategies, the Company's ability
to successfully effect those strategies and the expected results
thereof; and statements regarding the Conan Crude Oil Gathering
Pipeline system, including expected capacity, timing and capital
investment. For more information concerning factors that could
affect these statements, see the Company's annual reports on Form
10-K, quarterly reports on Form 10-Q, and other public filings and
press releases, available at www.andeavor.com. The Company undertakes no
obligation to revise or update any forward-looking statements as a
result of new information, future events or otherwise.
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Tesoro Corporation via Globenewswire
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