TULSA, Okla., June 4, 2018
/PRNewswire/ -- Magellan Midstream Partners, L.P. (NYSE: MMP)
announced today a new open season to solicit additional commitments
from shippers to potentially further expand the western leg of its
refined petroleum products pipeline system in Texas. Binding commitments are due from
interested customers by 5:00 p.m. Central
Time on July 11, 2018.
Magellan previously announced it is expanding the capacity of
the western leg of its Texas
refined products pipeline system to approximately 150,000 barrels
per day (bpd) from its current capacity of 100,000 bpd.
Subject to the results of the supplemental open season launched
today, the partnership is considering the addition of another
35,000 bpd of capacity, for a total capacity up to 185,000 bpd. In
addition, construction of a new refined products terminal in
Midland remains under review.
All of the expanded capacity will handle incremental shipments
of gasoline and diesel fuel to demand centers in Abilene, Midland/Odessa and El Paso,
Texas and New Mexico. The
pipeline system can also access markets in Arizona and Mexico via connections to other pipelines.
Magellan currently expects the expanded capacity to be available
mid-2020, subject to receipt of all permits and approvals.
For customer inquiries about the open season, please contact
Tony Wysocki at (918) 574-7174 or
tony.wysocki@magellanlp.com. More information about the open season
is available at
www.magellanlp.com/whatwedo/liquidpipelinetariffs.aspx.
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. 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.
Portions of this document constitute forward-looking
statements as defined by federal law. Although management of
Magellan Midstream Partners, L.P. believes such statements are
based on reasonable assumptions, actual outcomes may be materially
different. Among the key risk factors that may have a direct impact
on the opportunity described in this news release are: (1) the
ability to negotiate and sign definitive agreements with potential
customers; (2) the ability to obtain all required rights-of-way,
permits and other governmental approvals on a timely basis; (3)
price fluctuations and overall demand for refined petroleum
products; (4) changes in the partnership's tariff rates or other
terms as required by state or federal regulatory authorities; (5)
the occurrence of an operational hazard or unforeseen interruption;
(6) disruption in the debt and equity markets that negatively
impacts the partnership's ability to finance its capital spending
and (7) willingness to incur or failure of customers or vendors to
meet or continue contractual obligations related to this potential
expansion. Additional information about issues that could
lead to material changes in performance is contained in the
partnership's filings with the Securities and Exchange Commission,
including the partnership's Annual Report on Form 10-K for the
fiscal year ended Dec. 31, 2017 and
subsequent reports on Forms 8-K and 10-Q. You are urged to
carefully review and consider the cautionary statements and other
disclosures made in those filings, especially under the heading
"Risk Factors." Forward-looking statements made by the partnership
in this release are based only on information currently known, and
the partnership undertakes no obligation to revise its
forward-looking statements to reflect events or circumstances
learned of or occurring after today's date.
Contact:
|
Investors:
|
Media:
|
|
Paula
Farrell
|
Bruce
Heine
|
|
(918)
574-7650
|
(918)
574-7010
|
|
paula.farrell@magellanlp.com
|
bruce.heine@magellanlp.com
|
View original
content:http://www.prnewswire.com/news-releases/magellan-midstream-launches-supplemental-open-season-for-possible-further-expansion-of-western-leg-of-texas-refined-petroleum-products-pipeline-system-300657861.html
SOURCE Magellan Midstream Partners, L.P.