Magellan Midstream Extends Open Season for Crane-to-Houston Shipments to March 1
TULSA, Okla., Feb. 21, 2012 /PRNewswire/ — Magellan Midstream Partners, L.P. (NYSE: MMP) announced today a one-week extension of the binding open season to solicit capacity commitments from shippers to transport crude oil from Crane, Texas to the partnership’s East Houston terminal for further delivery to the Houston and Texas City-area refineries through Magellan’s distribution system. Binding commitments for the Crane-to-Houston crude oil pipeline are now due on March 1, 2012.
As previously announced, Magellan is in the process of reversing and converting its pipeline from Crane to Houston for crude oil service. The initial pipeline capacity will be 135,000 barrels per day (bpd) but can be expanded up to 225,000 bpd if warranted by committed capacity from this open season. Subject to receiving the necessary permits and regulatory approvals, the partnership expects the reversed pipeline to be operational by early 2013.
Further, the partnership previously announced it is considering the construction of a new pipeline segment or the use of existing third-party infrastructure to access crude oil from Midland, Texas to Crane for delivery to the Houston area and has been soliciting binding commitments to assess customer interest. The Midland-to-Houston open season also ends on March 1, 2012.
For customer inquiries regarding the open seasons, please contact Mark Daggett at (918) 574-7022 or firstname.lastname@example.org.
About Magellan Midstream Partners, L.P.
Magellan Midstream Partners, L.P. (NYSE: MMP) is a publicly traded partnership that primarily transports, stores and distributes petroleum products. The partnership owns the longest refined petroleum products pipeline system in the country, with access to more than 40% of the nation’s refining capacity, and can store 80 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 believes 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 the partnership’s results of operations and financial condition are: (1) its ability to obtain all required permits and regulatory approvals on time; (2) its ability to complete construction of the project on time and at expected costs; (3) price fluctuations and overall demand for crude oil in the United States; (4) changes in the partnership’s tariff rates or other terms imposed by state or federal regulatory agencies; (5) shut-downs or cutbacks at major refineries or other businesses that use or supply the partnership’s services; (6) the occurrence of an operational hazard or unforeseen interruption for which the partnership is not adequately insured; (7) disruption in the debt and equity markets that negatively impacts the partnership’s ability to finance its capital spending and (8) failure of customers to meet or continue contractual obligations to the partnership. 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, 2010 and subsequent reports on Forms 10-Q and 8-K. The partnership undertakes no obligation to revise its forward-looking statements to reflect events or circumstances occurring after today’s date.
Contact: Investors: Media: Paula Farrell Bruce Heine (918) 574-7650 (918) 574-7010 email@example.com firstname.lastname@example.org
SOURCE Magellan Midstream Partners, L.P.