TULSA, Okla., March 9, 2018 /PRNewswire/ -- Magellan
Midstream Partners, L.P. (NYSE: MMP) announced today that it is
considering an expansion of the western leg of its refined products
pipeline system in Texas and has
launched an open season to assess customer interest. Interested
customers must submit binding commitments by 5:00 p.m. Central Time on May 9, 2018.
The proposed expansion would increase Magellan's capability to
transport refined petroleum products, such as gasoline and diesel
fuel, from Gulf Coast refineries to demand centers in Abilene, Midland/Odessa and El Paso,
Texas, with further optionality to access markets in the
states of New Mexico and
Arizona, as well as international
markets in Mexico via connections
to other pipelines owned by Magellan and third parties. The
pipeline's current capacity of 100,000 barrels per day (bpd) could
increase to 140,000 bpd following the expansion.
Subject to the results of this open season and receipt of all
necessary permits and approvals, the expanded capacity could be
operational by mid-2020.
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 imposed by state or federal regulatory agencies; (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. 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:
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|
Paula
Farrell
|
Bruce
Heine
|
|
(918)
574-7650
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(918)
574-7010
|
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paula.farrell@magellanlp.com
|
bruce.heine@magellanlp.com
|
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content:http://www.prnewswire.com/news-releases/magellan-midstream-announces-open-season-for-potential-expansion-of-western-leg-of-texas-refined-products-pipeline-system-300611282.html
SOURCE Magellan Midstream Partners, L.P.