CORRECTION – Fortress Transportation and Infrastructure LLC Announces Jefferson Energy Companies’ Successful Completion o...
February 22 2021 - 5:19PM
In a release issued under the same headline on
Monday, February 22nd, 2021 by Fortress
Transportation and Infrastructure Investors LLC (NYSE:FTAI), please
note that the third paragraph including a quote has been
removed altogether. The corrected release follows:
Fortress Transportation and Infrastructure
Investors LLC (NYSE:FTAI) and Jefferson Energy Companies
(“Jefferson Energy”) are pleased to announce the successful
completion of its Cross Channel Pipelines project. This project
consists of six pipelines connecting the Jefferson Energy terminal
to the ExxonMobil (NYSE:XOM) Beaumont refinery and allows for
ratable and efficient pipeline movements of both refined products
and crude oil between the two locations. Barge traffic on the
Neches River and at the Jefferson Energy terminal will be reduced,
allowing for new, incremental marine opportunities to be developed.
Following the appropriate pipeline commissioning, safety, and
start-up protocols, two of the six pipelines will immediately be
placed into service and provide pipeline throughput capacity of
168,000 barrels per day of diesel and 150,000 barrels per day of
gasoline.
“The completion of the Cross Channel Pipelines
project is the result of long term, strategic hard work and
dedication by numerous Jefferson Energy employees, as well as
ExxonMobil and the Port of Beaumont. Through the addition of these
pipelines, Jefferson Energy has added increased optionality for its
customers and pipeline assets that improve ratability and lower
logistics costs for the customer,” said William Shea, President and
Chief Executive Officer of Jefferson Energy. “Additionally, the
vision and financial support from the FTAI management team has made
projects like this a reality and a true milestone for the Jefferson
Energy terminal.”
“The Port of Beaumont would like to congratulate
Jefferson Energy on this tremendous accomplishment,” said David C.
Fisher, Port Director and CEO of the Port of Beaumont. “We are
incredibly proud to have Jefferson Energy as a partner, and applaud
the vision, hard work, and commitment that it took to bring this
project to fruition. This achievement is only made better in our
eyes, as it also benefits the Port’s good neighbor, ExxonMobil. We
are honored to be a part of the region’s ever-growing energy
corridor.”
The Jefferson Energy terminal is located on the
Neches River in the heart of the Beaumont, Texas refining complex.
The Jefferson Energy terminal has been in operation since 2012 and
currently has over 4.3 million barrels of heated and unheated
storage servicing both crude oil and refined products. In addition
to the terminal’s storage and blending capabilities, the terminal
has six rail loop tracks, is triple served by the BNSF, KCS, and
Union Pacific railroads and utilizes two marine docks for regional
and global marine movements.
Following the completion of this project,
Jefferson Energy will continue to develop additional storage,
marine and rail capabilities, and pipeline connectivity. Jefferson
Energy is owned and funded by Fortress Transportation and
Infrastructure, which is a publicly traded entity specializing in
infrastructure investments globally and across North America.
Cautionary Note Regarding
Forward-Looking Statements
Certain statements in this press release may
constitute forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995, including, but
not limited to, statements regarding reduction of barge traffic on
the Neches River and at the Jefferson Energy terminal, allowing for
new, incremental marine opportunities to be developed, ability to
complete and obtain the appropriate pipeline commissioning, safety,
and start-up protocols, the addition of increased optionality for
Jefferson Energy’s customers and pipeline assets that improve
ratability and lower logistics costs for customers, and Jefferson
Energy’s ability to continue to develop additional storage, marine
and rail capabilities and pipeline connectivity. These statements
are based on management's current expectations and beliefs and are
subject to a number of trends and uncertainties that could cause
actual results to differ materially from those described in the
forward-looking statements, many of which are beyond the Company’s
control. The Company can give no assurance that its expectations
will be attained and such differences may be material. Accordingly,
you should not place undue reliance on any forward-looking
statements contained in this press release. For a discussion of
some of the risks and important factors that could affect such
forward-looking statements, see the sections entitled “Risk
Factors” and “Management’s Discussion and Analysis of Financial
Condition and Results of Operations” in the Company’s most recent
Annual Report on Form 10-K and Quarterly Reports on Form 10-Q,
which are available on the Company’s website (www.ftandi.com). In
addition, new risks and uncertainties emerge from time to time, and
it is not possible for the Company to predict or assess the impact
of every factor that may cause its actual results to differ from
those contained in any forward-looking statements. Such
forward-looking statements speak only as of the date of this press
release. The Company expressly disclaims any obligation to release
publicly any updates or revisions to any forward-looking statements
contained herein to reflect any change in the Company's
expectations with regard thereto or change in events, conditions or
circumstances on which any statement is based. This release shall
not constitute an offer to sell or the solicitation of an offer to
buy any securities.
About Fortress Transportation and
Infrastructure Investors LLC
Fortress Transportation and Infrastructure
Investors LLC owns and acquires high quality infrastructure and
equipment that is essential for the transportation of goods and
people globally. FTAI targets assets that, on a combined basis,
generate strong and stable cash flows with the potential for
earnings growth and asset appreciation. FTAI is externally managed
by an affiliate of Fortress Investment Group LLC, a leading,
diversified global investment firm.
For further information, please
contact:
Alan AndreiniInvestor RelationsFortress
Transportation and Infrastructure Investors LLC(212)
798-6128aandreini@fortress.com
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