DALLAS and TULSA, Okla., and FINDLAY, Ohio, and BRENTWOOD,
Tenn., Sept. 4, 2018
/PRNewswire/ -- Energy Transfer Partners, L.P. (NYSE: ETP)
("Energy Transfer"), Magellan Midstream Partners, L.P. (NYSE: MMP)
("Magellan"), MPLX LP (NYSE: MPLX) ("MPLX") and Delek US Holdings,
Inc. (NYSE: DK) ("Delek") announced today that they have received
sufficient commitments to proceed with plans to construct a new
30-inch diameter common carrier pipeline to transport crude oil
from the Permian Basin to the Texas Gulf Coast region, with the
ability to increase the pipe diameter to expand the capacity based
upon additional commitments received during the upcoming open
season. An open season for additional shipper volume commitments on
the new pipeline system will be launched this week.
The 600-mile pipeline system is expected to be operational in
mid-2020 with multiple Texas
origins, including Wink, Crane and Midland. The pipeline system
will have the strategic capability to transport crude oil to both
Energy Transfer's Nederland, Texas
terminal and Magellan's East Houston,
Texas terminal for ultimate delivery through their
respective distribution systems.
The project is subject to receipt of customary regulatory and
Board approvals of the respective entities.
About Energy Transfer Partners, L.P.
Energy Transfer
Partners, L.P. (NYSE: ETP) is a master limited
partnership that owns and operates one of the largest and most
diversified portfolios of energy assets in the United States. Strategically positioned in all
of the major U.S. production basins, ETP owns and operates a
geographically diverse portfolio of complementary natural gas
midstream, intrastate and interstate transportation and storage
assets; crude oil, natural gas liquids (NGL) and refined product
transportation and terminalling assets; NGL fractionation; and
various acquisition and marketing assets. ETP's general partner is
owned by Energy Transfer Equity, L.P. (ETE). More
information is available at www.energytransfer.com.
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 100 million barrels of petroleum products such as
gasoline, diesel fuel and crude oil. More information is available
at www.magellanlp.com.
About MPLX LP
MPLX LP (NYSE: MPLX) is a diversified,
growth-oriented master limited partnership formed in 2012 by
Marathon Petroleum Corporation (MPC) to own, operate, develop and
acquire midstream energy infrastructure assets. MPLX is engaged in
the gathering, processing and transportation of natural gas; the
gathering, transportation, fractionation, storage and marketing of
NGLs; and the transportation, storage and distribution of crude oil
and refined petroleum products through a marine fleet and
approximately 10,000 miles of crude oil and light product
pipelines. Headquartered in Findlay,
Ohio, MPLX's assets consist of a network of crude oil and
products pipelines and supporting assets, including storage
facilities (tank farms) located in the Midwest and Gulf Coast
regions of the United States; 62
light-product terminals with approximately 24 million barrels of
storage capacity; storage caverns with approximately 2.8 million
barrels of storage capacity; a barge dock facility with
approximately 80,000 barrels per day of crude oil and product
throughput capacity; and gathering and processing assets that
include approximately 5.9 billion cubic feet per day of gathering
capacity, 8.7 billion cubic feet per day of natural gas processing
capacity and 610,000 barrels per day of fractionation capacity.
More information is available at www.mplx.com.
About Delek US Holdings, Inc.
Delek US Holdings, Inc. (NYSE: DK) is a diversified downstream
energy company with assets in petroleum refining, logistics,
renewable fuels and convenience store retailing. The refining
assets consist of refineries operated in Tyler and Big
Spring, Texas, El Dorado,
Arkansas and Krotz Springs,
Louisiana with a combined nameplate crude throughput
capacity of 302,000 barrels per day. The logistics operations
primarily consist of Delek Logistics Partners, LP. Delek US
Holdings, Inc. and its affiliates own approximately 63% (including
the 2 percent general partner interest) of Delek Logistics
Partners, LP. Delek Logistics Partners, LP (DKL) is a
growth-oriented master limited partnership focused on owning and
operating midstream energy infrastructure assets. The convenience
store retail business is the largest 7-Eleven licensee in
the United States and operates
approximately 300 convenience stores in central and west
Texas and New Mexico. More information is available at
www.delekus.com.
This press release contains forward-looking statements within
the meaning of the federal securities laws. These forward-looking
statements relate to, among other things, statements with respect
to forecasts regarding capacity and timing for becoming operational
for the opportunities discussed above. You can identify
forward-looking statements by words such as "anticipate,"
"believe," "design," "estimate," "expect," "forecast," "intend,"
"plan," "project," "potential," "could," "may," "should," "would,"
"will" or other similar expressions that convey the uncertainty of
future events or outcomes. Such forward-looking statements are not
guarantees of future performance and are subject to risks,
uncertainties and other factors, some of which are beyond the
control of the companies and are difficult to predict.
Although management of Energy Transfer Partners, L.P.,
Magellan Midstream Partners, L.P., MPLX LP and Delek US Holdings,
Inc. (the "companies") believe 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
completion of the project and construction of the pipeline
or the pipeline's and the companies' results of operations
and financial condition are: (1) the ability of the
companies to negotiate and enter into definitive agreements
and to obtain all required rights-of-way, permits and
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
the pipeline'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 companies'
abilities 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 filings with the Securities and Exchange Commission
for all companies. The companies undertake no obligation to revise
these forward-looking statements to reflect events or circumstances
occurring after today's date.
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SOURCE MPLX LP